Ethereum classic event
a brief history of etheric Classics (etc)
etheric classics began with an unfortunate event
in May 2016, the decentralized autonomous organization (DAO) held a token sale with the goal of establishing a blockchain based venture capital to fund future decentralized applications (dapps) in the Ethereum ecosystem
basically, Dao is a complex smart contract that operates in a decentralized way - computer code that automatically performs tasks between multiple parties when conditions are met
despite its ambitious goals and successful token sales, Dao's code has a major vulnerability that allows attackers to steal eth from decentralized organizations
the attacker took advantage of this vulnerability in June 2016, triggering the infamous Dao hacking event, and maliciously stole eth worth about US $50 million
there is no doubt that Dao hacking has shocked Ethereum community and made eth price drop from $20 to $13
after the Dao hacking, the Ethereum community has to choose from three options
< UL >do nothing and try to bear the consequences of the attack
start soft bifurcation to recover funds
deploy a hard fork to recover the lost eth
both soft and hard bifurcations are significant network upgrades. However, soft fork allows users who are not upgraded to communicate with upgraded users, while hard fork is not backward compatible with previous versions
as developers realize that deploying soft forks will expose the network to distributed denial of service (DDoS) attacks, Ethereum community decides to initiate hard forks to recover the funds lost in Dao hacking attacks
although this scheme is supported by most people, a small number of people in Ethereum community oppose it. They think that "code is the law" and blockchain network should be unchangeable
the failure of both sides to reach an agreement on the solution eventually led to the fragmentation of Ethereum blockchain
those who tried to recover the lost eth chose the hard fork and opened the Ethereum (ETH) blockchain as we know it today, while another group stayed on the original Ethereum classic (etc) chain
what problems does ethereal classic solve
Ethernet classic (etc) is a blockchain platform that allows developers to deploy smart contracts and dapps
although this function is the same as Ethereum (ETH), etc blockchain has two main differences
first of all, Ethereum classic community opposes tampering with distributed ledger and supports the view that "blockchain network cannot and should not be modified"
secondly, although there is no rigid upper limit on the total supply of eth, it is allowed to create 230 million etc at most by adopting the monetary policy of constant supply
as a bonus item, ethereal classic launched Atlantis hard bifurcation last year to increase the interaction with Ethereum and improve the privacy protection of transactions through ZK snarks
the trading platforms recommended by ethereal classic etc are: Fire coin, okex, AAX, etc strong>
a brief history of etheric Classics (etc)
etheric classics began with an unfortunate event
in May 2016, the decentralized autonomous organization (DAO) held a token sale with the goal of establishing a blockchain based venture capital to fund future decentralized applications (dapps) in the Ethereum ecosystem
basically, Dao is a complex smart contract that operates in a decentralized way - computer code that automatically performs tasks between multiple parties when conditions are met
despite its ambitious goals and successful token sales, Dao's code has a major vulnerability that allows attackers to steal eth from decentralized organizations
the attacker took advantage of this vulnerability in June 2016, triggering the infamous Dao hacking event, and maliciously stole eth worth about US $50 million
there is no doubt that Dao hacking has shocked Ethereum community and made eth price drop from $20 to $13
after the Dao hacking, the Ethereum community has to choose from three options
< UL >do nothing and try to bear the consequences of the attack; Or
start soft bifurcation to recover funds; Or
deploy a hard fork to recover the lost eth
both soft and hard bifurcations are significant network upgrades. However, soft fork allows users who are not upgraded to communicate with upgraded users, while hard fork is not backward compatible with previous versions
as developers realize that deploying soft forks will expose the network to distributed denial of service (DDoS) attacks, Ethereum community decides to initiate hard forks to recover the funds lost in Dao hacking attacks
although this scheme is supported by most people, a small number of people in Ethereum community oppose it. They think that "code is the law" and blockchain network should be unchangeable
the failure of both sides to reach an agreement on the solution eventually led to the fragmentation of Ethereum blockchain
those who tried to recover the lost eth chose the hard fork and opened the Ethereum (ETH) blockchain as we know it today, while another group stayed on the original Ethereum classic (etc) chain
what problems does ethereal classic solve
Ethernet classic (etc) is a blockchain platform that allows developers to deploy smart contracts and dapps
although this function is the same as Ethereum (ETH), etc blockchain has two main differences
first of all, Ethereum classic community opposes tampering with distributed ledger and supports the view that "blockchain network cannot and should not be modified"
secondly, although there is no rigid upper limit on the total supply of eth, it is allowed to create 230 million etc at most by adopting the monetary policy of constant supply
as a bonus item, ethereal classic launched Atlantis hard bifurcation last year to increase the interaction with Ethereum and improve the privacy protection of transactions through ZK snarks
the trading platforms recommended by etc
hot money, okex, AAX, etc
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about the variability of blockchain
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eth, if most people agree to modify the chain, that is, variability, then they can modify the blockchain records and contracts
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etc, blockchain records and contracts can't be modified, that is, they can't be tampered with
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here are the advantages and disadvantages of the two methods
The advantage of -
variability is that people can make timely changes to make the right decisions. Therefore, modifying the specification is more practical than finding loopholes
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non modifiability means that no matter how smart people are at that time, it is impossible not to make mistakes. Therefore, when problems arise in this scheme, it is best to find and solve the loopholes through the existing legal framework
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differences in development
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eth, whether it is intentionally arranged or since its birth, the core decisions of blockchain are made by Ethereum foundation with the participation of the community and most of them are developed by it
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etc, the decision-making of blockchain is mainly decided by the feedback of three loose, collaborative teams with community participation
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in any case, anyone can put forward improvement suggestions for the two kinds of blockchains. This is the benefit of open source, and it is also very common. You will find that developers of the two chains communicate with each other through GitHub and reddit. I hope to improve the frequency of communication in order to achieve the common goal
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about compatibility
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at present, the two kinds of blockchains are compatible with each other. Contracts or applications written by eth can be applied on etc, and vice versa
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eth, focusing on ewasm, is committed to providing a platform for more and more developers, while the issue of contract security is secondary, such as viper
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etc focuses on making developers create more secure contracts, such as viper, iohk research, at the cost of consuming the number of potential developers
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it's obvious that both chains can accept each other, regardless of whether their wishes are the same or not. My view is that the number of developers is not necessarily related to the quality of the proct
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about the transaction speed
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eth, the average is 25 seconds, which will be shortened after upgrading
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etc, with an average time of 14 seconds, maintained at 10-14 seconds after upgrade, according to ecip-1010 and ecip-1036 protocols
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about the block capacity
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eth, with the daily trading volume of eth graally reaching 5 million, the block capacity is graally saturated. This situation is similar to the recent transaction cost of bitcoin. This problem can be solved by expanding the block capacity by increasing the default fuel limit
ETC, At present, there is still a lot of room for block capacity. As more and more people accept etc, the block capacity will also increase, just like eth
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about community
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eth, mainly discuss on reddit
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etc, mainly discuss on slack
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about monetary policy
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eth, the planned supply is growing steadily, resulting in an average inflation of 3% in eth blockchain in its life cycle
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etc, before 2025, inflation will reach 3%, and then the total supply will reach 200 million etc, and then there will be deflation
As for the regional distribution of trading volume, China accounts for 20%, South Korea 25% and the United States 25% In etc, China accounts for 50%, South Korea 25% and the United States 10% About securities, at present, investors do not have the option to trade securities. Recently, one of eth's ETFs, trading open-end index funds, was denied by the regulators -
etc owns etc trading trust, which allows investors to own etc instead of the asset itself
etc (Ethereum Classic) is a bifurcated currency that Ethereum hard bifurcates after 1920000 blocks, and its function is very similar to Ethereum. Etc adheres to the concept of decentralization and supports the consensus mechanism of blockchain guarantee. Etc firmly believes that once the blockchain starts to run, its development direction will not be controlled by any central team, but will be determined by the consensus of the people participating in the whole network and the consensus of the computing power of the whole network
the Ethereum blockchain hard branching in July 2016 aims to transfer the Dao funds stolen by hackers to an account controlled by investors, and let the old transaction records be forgotten by history. Most Ethereum developers are involved in the reversal, as are exchanges, startups and other members of the ecosystem. A few days later, the project returned to normal. But not everyone wants to forget the old record. As a result, a small number of miners continued to use the original blockchain as a protest. They described the hard fork as a capital withdrawal for the abandoned project of the Dao. So Ethereum classic (etc) was born
2. Detailed parameters
Chinese Name: Ethereum classic English Name: Ethereum classic English abbreviation: etc
developer: Ethereum Classic team core algorithm: ethash consensus proof: POW
release date: 2016 / 7 / 20 block time: About 15-17 seconds / block
total currency: fixed at 210 million, up to 230 million, Every 5 million blocks decelerate by 20%, and the first proction rection is expected to be in December 2017
main features: independent cryptocurrency
The idea of Ethereum was born in 2013. Vitalik buterin ˙ When he was a programmer in the bitcoin community, he suggested to the core developers of bitcoin to develop a language for application developers to facilitate the development of various applications. Bitcoin core developers disagree. So God V decided to develop a new platform for this purpose
V God wrote the white paper of etheric currency in 2013, in which he explained the goal of building a decentralized program. In 2014, we got development funds through crowdfunding, so we developed the Ethernet system< (better digital currency trading platform "currency exchange")
since its birth, it has carried out four hard bifurcations so far
for the first time, in order to adjust the difficulty
released a stable version of "homeland" for the second time
for the fourth time, in order to prevent DDoS and rece weight
there is only the third hard fork, because of the hacker attack, and forced to fork. This is the Dao event
On July 30, 2015, v-god and Ethereum Foundation created the first smart contract platform and designed the Dao Ethereum contracton April 30, 2016, the Dao smart contract was officially deployed, and the world's largest crowdfunding was completed, reaching an amazing $150 million As an aside, the biggest crowdfunding event in time is EOS crowdfunding, which has reached an even more amazing $5 billion!)
on June 17, 2016, the Dao was attacked by hackers, who stole about 50 million US dollars of Ethernet currency, and the price also plummeted from US $20 to US $15, causing great harm to Ethereum. In order to recover the loss of investors, the community finally decided to hard fork
therefore, on July 20, 2016, at the block height of 1920000, the hard branching was successful, and the new chain is called Ethereum eth, while the original chain is now Ethereum classic etc
central service contract number
The extension of the chain of etc was unexpected by the Ethereum community at that time. When 90% of the computing power was switched to the new chain eth, Ethereum classic with 10% of the computing power appeared in the Ethereum community. This 10% of the computing power is still reported in the short chain, until P network suddenly launched a digital asset called etc, and the token of Ethereum classic was officially born. At that time, the online P network of etc once caused the threat of replay attack. It was predicted that if etc could not solve this problem, etc, a short chain abandoned by most Ethereum communities, would not last. However, etc is still running today< a better digital currency trading platform "currency exchange"
compared with eth, led by vitalik, a computer genius and blockchain star, etc's development team is too quiet. In today's blockchain field, Ethereum has become the second largest cryptocurrency after bitcoin in terms of market value. At the same time, community members are all over the world. According to statistics, among the 100 blockchain projects, 94 are based on Ethereum platform. Such brilliant achievements, in addition to Ethereum development team's superb technology, of course, there is no lack of fierce marketing. Compared with other teams, God V's blessing is originally a big IP, although Ethereum has grown into the second largest cryptocurrency. Today's V God will still hold meetings all over the world, marketing itself as well as eth
on the other hand, etc has been lukewarm for many years. With the continuous development of the blockchain instry, etc, as an old currency, is about to be submerged in the long history. Is it true that, as the instry says, etc and dogcoin are guerrillas? Looking back on the development history of etc in recent years, in 2016, Ethereum classic (etc) was born in the Dao event, which was maintained by a new development team. P network is the first online exchange of etc. with the addition of more and more computing power, the trading volume of etc has graally increased
The first step of development: pioneer of proct outsourcing design. In August 1999, ether technology was established; In August 1999, Qing ether Technology Co., Ltd. was established as a software enterprise with independent legal personality. At the beginning of its establishment, it mainly provided embedded software, operating system plug-ins, middleware based on database management system and other services for the United States and Taiwan. At the same time, with its own technical advantages in the operating system, it began to develop its own proprietary operating system ETOs. In 2000, it became a well-known middleware service provider in China, providing services for many countries and regions around the world
in 2000, ethertech launched middleware service business with the United States, Germany, the United Kingdom, Australia, Japan, South Korea, Taiwan and other countries and regions. As one of the three main driver providers in Southern California, ethertech provided core technical support for peripheral drivers for international famous IT manufacturers. In 2002, the first domestic km knowledge management system was developed and designed; In 2002, the KM knowledge management system proct designed by aether technology for KM company of the United States became the first management software designed by Chinese R & D team in the outsourcing market of the United States, and was praised by peers at home and abroad. The second step of development: professional technology experts in 2003, "Ethernet protection" became the designated network security proct of Shandong ecation system; In 2003, Ethernet security, the first network security software proct with intelligent upgrade characteristics, was developed and became one of the network security procts designated by Shandong ecation system. In 2003, the Ethernet ETOs embedded operating system was shortlisted in the national "nuclear high base" project; At the beginning of 2003, ETOs embedded operating system with independent intellectual property rights was developed. In 2009, ETOs was shortlisted in the national "nuclear high base" project operating system project; As the first new operating system based on domestic CPU, ETOs has become the supporting operating system of Digital China network computer. In 2003, "network computer" based on domestic CPU was developed; In June 2003, it formed a strategic alliance with Fangzhou technology, a famous domestic CPU manufacturer in China, and developed the "network computer" (NC) based on the ETOs operating system, becoming the designated manufacturer of Digital China; In early 2004, the printer server system was jointly developed with hard link; In 2004, Ethernet technology reached a consensus with the internationally renowned hard link company to jointly develop a printer server system; At the end of 2004, through consensus, we started a comprehensive and in-depth cooperation with hard link in the field of technology R & D. hard link transferred all its R & D work to our company to realize the strong alliance. In June 2004, the first batch was awarded the certificate of "designated unit for the proction of commercial password procts"; As one of the first two units to obtain the qualification certification of "designated unit for commercial password proct proction" in 2004, Qing ether technology has become one of them by virtue of its special achievements in this field, which has established our leading position in this field. In 2005, the number of users of "Ethernet protection" and other procts in China exceeded 150000; In 2005, the company has researched and developed "Ethernet insurance" and "love children family network insurance" procts, and the number of users in the country exceeded 150000. "State owned assets management system", "income tax settlement system" and other procts have been widely used in Shandong ecation system, government agencies and tax system, and the procts have obtained good social benefits. In October 2005, the first national secure network resource manager was developed; In 2005, Ethernet technology developed the country's first secure network resource manager. The whole device has been localized in terms of hardware (CPU, network, motherboard, etc.), operating system (ETOs), network driver and top-level protocol analysis system, filling the gap in this direction in China's secret related field. In May 2006, the enterprise income tax settlement system of ether technology was launched; In 2006, after two years of development, the earliest domestic income tax settlement system based on the new tax law was launched, and the pilot project was first carried out in Jinan and Dongying, which provided a guarantee for Shandong Province to successfully complete the national task of strengthening income tax collection in 2009. The third step of development: the leader in the field of virtual social management. In 2007, the network audit system became the first batch of procts that passed the public security certification and testing and obtained the sales license. It is the only enterprise with this qualification in Shandong Province; In 2007, multilingual computer won the national patent; In 2007, the company launched multilingual computer procts, which won the national invention patent and became the core proct of the "Digital Hotel" project jointly launched by Haier and Huaqing. Meanwhile, the procts have been successfully promoted to the United States, France, Japan, South Korea and other countries and regions. In 2007, ether technology undertook the key projects of Qing ring the 11th Five Year Plan period; Ethernet technology began to undertake the research and development of 32-bit network chip "Anxin" project, a key project of Qing ring the 11th Five Year Plan period in 2007. This is one of the most important projects after the opening of Qing integrated circuit design instrialization base. According to the plan, the project will develop the first system level high-end chip with independent intellectual property rights in our province, and also the first 100 megabyte level 32-bit gateway SOC chip in China, which has strategic significance for the development of integrated circuit instry in our province“ The procts of the project are mainly used in home gateway, intelligent home appliances, security gateway, 3G communication equipment and other electronic procts. In August 2008, "Ethernet multilingual computer system" was successfully applied to Beijing Olympic Games; In June 2009, "network security guard" won the gold medal in the 13th soft Expo; In 2009, ether technology ranked among the top three in the audit field; In 2009, the application rate of audit procts in Shandong Province exceeded 80%, ranking among the top three in the audit field in China. Ether technology has become the main supplier of audit procts in the public security instry; In March 2010, ether technology won the title of "2010 Qing enterprise growth star"; In 2010, ether technology, together with Haier and Hisense, became one of the top ten technology platform support units in Qing, and was rated as the "annual enterprise growth star of Qing", becoming the most powerful and potential company in the instry; In March 2010, "key technology and application of very low power system chip design" was selected as the key project of national 863 program; In 2010, the overall solution of public opinion cloud was launched; In 2010, Ethernet technology integrated its proct technology and services in the fields of network audit, network security and public opinion monitoring, and launched the overall solution of public opinion cloud, which is committed to systematically solving the management problems of virtual society. Once the big public opinion solution is launched, it has been widely concerned and praised by users. The release of this solution has laid an important foundation for ether technology to become a leader in the field of virtual social management. In December 2010, it won the title of "2010 Qing excellent software enterprise"; In May 2011, he won the Gold Award and Innovation Award in the 15th soft ware fair; On May 12, 2011, at the 15th China International Software Expo, Ethernet technology network audit system won the "best technology innovation award"; Ethernet Internet public opinion analysis system won the gold medal. In 2011, ether technology was shortlisted as the central government procurement supplier; In 2011, Ethernet technology was shortlisted as the central government procurement supplier, and five categories of procts, namely "Internet behavior management system", "wireless bridge", "load balancing", "traffic analysis" and "anti DDoS attack hardware gateway system", became the designated procurement procts of the central government. In 2011, ethertech participated in the preparation of the national standard of the guide to the security deployment of domain name system; In October 2011, led by Shandong Institute of standardization, China Internet Network Information Center (CNNIC) and Ethernet Technology Co participated in the national standard development project of "guide to the security deployment of domain name system", a national standard preparation project team was formally established to start the preparation of the standard. In November 2011, ether technology led the establishment of China Virtual Society Special Committee and began to draft the national virtual society management standard; In November 2011, ether technology, Chinese Academy of Social Sciences and China Network Association jointly set up a virtual society management committee in Beijing, and started to formulate the instry standards. Lin Minggui, chairman of ether technology, became the proposer and drafter of the virtual society management standards. In January 2012, it won the title of "the second batch of innovative enterprises in Qing"; In the same month, Qing ether Technology Co., Ltd. was awarded "the second batch of innovative enterprises in Qing" by the Municipal Science and Technology Bureau, the Municipal State owned assets supervision and Administration Commission and the Municipal Federation of trade unions; In April 2012, it was selected into the list of top 100 growth enterprises in Qing; In April 2012, won the military information security proct certification certificate; In April 2012, ether technology won the military information security proct certification certificate again. Our procts can not only be widely used in the field of local information security, but also can be comprehensively promoted in the field of national defense information construction, providing security services and certification for the information construction of the army. It is a strong certification for the technical strength of our procts. In April 2012, it won the title of "Qing high growth software enterprise"; On April 28, 2012, ether technology was recognized as "Qing high growth software enterprise" by Qing municipal government, and will receive priority support from government policies in technological innovation, technology center and laboratory construction, talent training, enterprise listing, etc. On the same day, Lin Minggui, chairman of aether Technology Co., Ltd., was elected as the "leader of software and information service instry in Qing". The fourth step of development: smart city planning and design expert in October 2012, set up "Qing network information security technology expert workstation". On October 15, 2012, our company was approved by Qing human resources and Social Security Bureau to set up "Qing network information security technology expert workstation". In January 2013, it became the only high-tech enterprise with the strength to engage in smart city planning in Shandong Province
on January 7, 2013, in the bidding of "smart Qing" planning project, ether technology won the bid with absolute advantage! Relying on Information Science and technology, ether technology has created a new urban management mode, becoming the only high-tech enterprise with the strength to engage in smart city planning in Shandong Province and the first batch of smart city planners in China

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