Zak Cole, a leading Ethereum Core developer, has launched a new initiative to drive expansion of the Ethereum Network and increase market value.
In a speech at the Ethereum Community Conference on July 2, Cole introduced the Ethereum Community Foundation (ECF), an independent entity dedicated to supporting Ethereum as an asset and raising prices to $10,000.
What is Ethereum Community Foundation?
Cole stressed that the ECF’s mission is to fund projects aimed at strengthening the Ethereum ecosystem.
The ECF website states that the project distinguishes it from the Ethereum Foundation (EF) by focusing on initiatives that EF cannot or do not want to pursue.
According to the ECF website:
“ETH prices have been overlooked for too long. The ECF is here to change that. We are focused on increasing its value through education, funding, outreach and support for the ecosystem.”
To achieve its $10,000 ETH goal, Cole explained that ECF will take a more direct approach in supporting ETH owners and promoting ecosystem growth.
This includes funding projects aimed at strengthening Ethereum’s infrastructure, working with governments and agencies to prioritize actions that maximize ETH value and minimize the issuance of new tokens.
He also pointed out the importance of ETH’s value, saying that prices are more than just speculation and play an important role in actually supporting the Valitter, securing the network, and enabling ETH to handle global transactions.
According to him:
“ETH up to 10k is not a meme. It’s a requirement, a benchmark, a mission. A market capitalization of $1.2 trillion is the financial role of ETH and the financial role of gold. Price is not just speculation. It funds effective people. Secure a network.
Meanwhile, the creation of the ECF follows criticism from the Ethereum Foundation, particularly the decision to sell ETH earlier this year.
In response, EF has introduced a new leadership team and is currently using a more community-based approach, such as lending Stablecoin liquidity through platforms such as Aave to avoid further sales.