ETC Labs at the ETC Summit in Seoul

United by a firm belief in immutability and decentralization, the Ethereum Classic community is strong and growing, so it was exciting to see the group come together for the #ETCSummit2018 held in Seoul, Korea, from September 12th to September 13th. ETC Labs attended the two-day summit with CEO, Terry Culver, sharing their plans for growing the ETC ecosystem and Chairman, James Wo, highlighting the benefits of cryptocurrency versus traditional financial markets.

Key players in the industry, such as ETCDEV, IOHK, DCG, ETC Labs, Coinbase, Circle, Ethereum Foundation, and many others attended the event that covered a wide range of topics from ETC development, IoT, cross-chain interoperability, market dynamics, ASICs, and legal perspectives on smart contracts, to social issues surrounding blockchains, and much more.

On day one of the summit, Terry Culver took the participants through a presentation on growing the ETC ecosystem. He emphasized that ETC has a strong foundation and is still in its early stages of development, with enormous potential to grow further.

CEO Terry Culver

ETC Labs will offer startups in the ETC space access to great ideas, a strong developer team, and funding to take their ideas to the next level by making direct investments and connecting them to a network of collaborators, investors, and supporters. While plans are underway to host the first pilot project at their office in San Francisco starting October 1st, Terry also mentioned an upcoming office in Singapore for the incubator. ETC Labs will host quite a few startups every year starting January 2019, offering immense potential for collaboration and learning.

On day two of the event, James Wo presented an in-depth analysis on the advantages of cryptocurrencies compared to traditional financial instruments.

Chairman James Wo

He put forth his belief that cryptocurrency is the new economy for the future. Calling it smart money with the power of international currency, he pointed out the decentralized nature of digital assets worldwide compared to traditional money, which is limited in many geographical and geopolitical ways. The security and privacy offered by cryptocurrency through smart contracts give it more power than fiat, which is subject to numerous institutional restrictions.

The developer community was also active in an IOHK workshop and ETCDev DApp development that had lots of coding, collaboration, and sharing of ideas. In short, the summit was a meeting of like-minded individuals exchanging ideas and collaborating with one another to further one goal — the development of the ETC ecosystem. The opportunity we have is phenomenal, and we look forward to the road ahead for Ethereum Classic.