#ergos

Cardano’s Hoskinson calls Ethereum Classic ‘scam’ after Ergo’s exclusion from Proof-of-Work Summit

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Cardano (ADA) founder Charles Hoskinson described Ethereum Classic (ETC) as a scam project whose only purpose is for insiders to dump on recruits with false hopes.

Ergo not invited to proof-of-work summit

The statement was made in reaction to ETC Cooperative’s refusal to invite Ergo (ERG) to a Proof of Work summit organized by it and the Litecoin (LTC) Foundation.

ETC Cooperative Director Bob Summerville defended his network’s decision by citing the previous history between both blockchains.

The ETC community has maintained deep animosity for Ergo after Hoskinson repurposed its previous Twitter account — with more than 600,000 followers — for the rival proof-of-work network last year.

At the time, the Cardano founder described ETC as a dead project with no purpose and no other reason for existing except out of spite.

Hoskinson criticizes ETC

In a May 19 tweet, Hoskinson reacted to the news of the Ergo ban by describing ETC as a project with no “roadmap, innovation, team, or vision,” adding that its community operates with “just anger and toxicity.”

Hoskinson explained that his company — Input Output Global — was responsible for building ETC’s previous Twitter community and considered it unethical to leave the account with followers,  a project that has now become a scam.

According to Hoskinson, Ergo is what ETC should have been because it “continues to innovate, has a purpose, good ethical leadership, and funding for the future.”

Meanwhile, this is not the first time Hoskinson has heavily criticized a rival crypto project. The Cardano founder previously described the XRP community as toxic and petty and called Ethereum the “Hotel California of crypto.”

The post Cardano’s Hoskinson calls Ethereum Classic ‘scam’ after Ergo’s exclusion from Proof-of-Work Summit appeared first on CryptoSlate.

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Mumbai, 9th Sep:  Aavishkaar Capital Investee, grain bank startup, Ergos was featured in Forbes India in a story titled ‘Ergos: Grain as an asset and currency” which highlighted the journey of  Ergos in converting farmers harvest into a collateral which can be used to access finance. Ergos today operates out of 250 locations and works with 1, 50,000 farmers and 1,100 traders.

Ten years ago, Kishor Jha and Praveen Kumar decided to put their banking and corporate experience to use in the farming sector. Both came from a farming family background and had seen the problems faced by farmers when it came to selling their grain and raising working capital. Most marginal farmers—which form about 80 percent of the community—rush to sell foodgrain immediately after harvest to repay the money they would have borrowed from a moneylender, typically at a high interest rate.

“When the grain is ready, more than 80 to 90 percent farmers end up selling everything within 30 to 40 days,” says Jha on a call from Bengaluru. Even if they are not in debt, there is no place where they can store their grain since most commercial warehouses are not at village locations, but are situated closer to consumption centres. Jha and Kumar wanted to turn that grain into collateral, an asset that small farmers could pledge with a bank and access finance at a lower rate, as well as sell over a period of time according to their cash flow needs.

So they leased a warehouse in Bihar and asked small farmers to deposit their grain with them. After checking the quality of the grain, just like a bank, they issued a khata book and made entries in the passbook. Their startup, Ergos, founded in 2012, made the warehouse a grain bank, and grain a farmer’s currency.

And while a buyer might not go around buying 10 to 20 bags each from several farmers, integrating the stock meant a buyer could even buy a 100,000 bags belonging to several farmers from an area. “That’s the model that actually unlocks the value of selling even one bag to a buyer,” says Jha, founder and CEO of Ergos.