At the EthCC conference, a "competitor" to the Ethereum Foundation was presented.

• Zach Cole created the Ethereum Community Foundation, aimed at doing what the Ethereum Foundation "cannot or does not want to."
• Vitalik Buterin stated that cryptocurrency should liberate people, not be an esoteric technology.

Key Ethereum developer Zack Cole has created a new organization, the Ethereum Community Foundation (ECF). One of its goals is to raise the price of ETH to $10,000.

According to Cole, EFC intends to finance infrastructure projects that develop the ecosystem while simultaneously increasing the quotes of the native cryptocurrency.

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"Ethereum is the foundation of decentralized finance and stablecoins. It is the future of the monetary system. The vision of the Ethereum Foundation (EF) has brought us to this point. But strategically, economically, and culturally, [the fund] has strayed from the path," said the developer.

Cole added that EFC will fill the "gaps" left by the Ethereum Foundation and will do what the organization "does not want or cannot."

The main fund supporting the network ignores ETH as an asset class, says the founder of ECF. At the same time, the price of the cryptocurrency "directly provides a security function," so Ethereum should aim for a mark of $10,000.

The new organization will provide grants to projects that increase "the burning of the native coin, contribute to the creation of public goods, develop infrastructure, and scale the network." To receive support, applicants are required to use the main layer of the blockchain.

The ECF website hints that protocols without their own token and with an open structure are a priority.

Data: ETHCF.

"Ticker - ETH. We are a price-oriented organization supporting an institutional-level asset," says the fund's page.

During the presentation, Koul mentioned Uniswap, Ethereum Name Service, and Optimism, which received support from the EF but later launched their own coins backed by venture capital.

As one of the first recipients of a grant from ECF, the Ethereum Validator Association ( "Ethereum Validator Association" ) was mentioned. The project is dedicated to promoting the interests of operational participants in the ecosystem through voting and selecting priority EIPs.

Freedom Above Technology

Co-founder of Ethereum Vitalik Buterin urged blockchain developers to focus on "liberating humanity" with their inventions rather than creating more technically advanced tools.

He compared the ideals of individuality from the early internet era of the 1990s with the modern values of blockchain. At the same time, the developer noted that the original ideas of Web 2.0 have been lost.

"People working in cryptography really need to think more actively about cryptocurrency as something that has social and moral implications. […] If you are creating something, the first question to ask is: are you providing your users with freedom?" emphasized Buterin.

Let us remind you that in June, the co-founder of Ethereum introduced a digital "pluralistic" identification system aimed at enhancing privacy protection.