Colony, originally opponents of the hard fork decision, released a statement as to why they are now 100% working on ETH.
While they felt that the Ethereum Foundation’s decision was “the best solution to an awful situation,” after the fork was implemented, they made their choice. Colony brings up four aspects to their reasoning and breaks them down to, Team, Funding, Utility and Culture.
Colony feels the best teams working on technology, which are far from completion, are the Ethereum Foundation and Ethcore.
“Talent attracts talent.”
They certainly feel that whoever is representing the technology Colony is built upon is crucial to their allegiances; ETC simply does not have that same arsenal of talent at their helm.
ETH has a solid amount of funding under its belt and the Ethereum development roadmap still has a long way to go. A lot of development requires a lot of funding. Where ETC will gather their funds is unknown, and if most of the work on ETC are from unpaid efforts, this will pale in comparison to the progress of a well-funded project.
Hashing power on the ETC chain may seem more attractive at the moment, but Colony believes this is a red herring as to which is the ‘dominant chain.’ Miners may be moving to ETC because there is a marginal short term economic benefit, but that may change with time as the network changes. ETH has a large amount of support from major teams that are building Dapps. And Ether, a currency that was not originally intended to work the same way as Bitcoin, is more of a payment doled out to miners who are running those Dapps. Without Dapps running on the ETC network, there will be little to pay miners for. Work begets payment.
“Without utility, the market will wither.”
Colony has expressed that the behavior exhibited on Reddit within the ETH community has been of positive growth, adaptation, and support. These attractive traits drew Colony in with the promise of a community that wants to deliver successful technological change.
To read their full blog, click here.