Total Ethereum
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
Ethereum is the next generation of cryptography ledger. It intends to support many advanced functions, including user issuing currency, intelligent protocol, decentralized transaction and what we think is the first fully decentralized autonomous organization (Daos) or decentralized autonomous company (DACS) application
Ethereum does not specifically support every single type of function as a feature. On the contrary, Ethereum includes a built-in Turing complete scripting language, which allows you to write code for the feature you want to implement through a mechanism called "contract". A contract is like an automatic agent. Every time a transaction is received, the contract will run a specific code, which can modify the data storage inside the contract or send the transaction. Advanced contracts can even modify their own code
Ethereum was launched on November 1, 2015, and launched on August 22, 2016 on bitcoin trading platform, a well-known domestic trading platform; 30-¥ About 60, current: ￥ 1259.97, the rise is amazing
Ethereum is an open source public blockchain platform with smart contract function. It provides decentralized virtual machine (Ethereum virtual machine) to process point-to-point contract through its special cryptocurrency ether (also known as "Ethereum")
The token on theblockchain is called ether, and the code is eth. It can be traded in many foreign exchange markets of cryptocurrency, and it is also the medium used to pay transaction fees and computing services on Ethereum
the concept of Ethereum was first proposed by vitalik buterin, a programmer, from 2013 to 2014, inspired by bitcoin, with the general meaning of "next generation cryptocurrency and decentralized application platform", and began to develop through ICO crowdfunding in 2014. As of February 2018, Ethernet is the second highest cryptocurrency in market value, second only to bitcoin
extended data:
Ethereum platform has no characteristics and value. Like programming languages, it's up to entrepreneurs and developers to decide what to use. However, it is clear that some application types benefit more from the functions of Ethereum than others. Ethereum is especially suitable for those applications that automatically interact directly between points or promote group coordination activities across networks
for example, coordinate the application of point-to-point market, or the automation of complex financial contracts. Bitcoin enables indivials to exchange money without the help of financial institutions, banks or governments. The impact of Ethereum may be more profound
in theory, any complex financial activities or transactions can be automatically and reliably carried out on Ethereum with coding. In addition to financial applications, any application scenario with high requirements for trust, security and persistence, such as asset registration, voting, management and Internet of things, will be affected by Ethereum platform on a large scale
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
if you want to understand the content of blockchain bitcoin, it is recommended to go to relevant websites to have a more comprehensive look, such as bitmaster and Babbitt forum.
2) in terms of algorithm, the core algorithm sha256 adopted by bed and BTC has the same value attributes, but bed has established a new economic model through new technology development; Eth uses ethash algorithm
3) from the perspective of mining cost: BTC mining is becoming more and more difficult and has become an arena for mining equipment. At present, the latest 110t ant S19 Pro mining machine has adopted the latest 7Nm chip, and the price of the machine is nearly 20000 yuan. Some low computing power machines, such as the former king ant S9, can only be eliminated, resulting in a huge waste of resources; Eth uses graphics card GPU to mine, and the cost is also quite high; And bed can dig directly with the existing bitcoin miner or the obsolete bitcoin miner with low computing power, so the cost of miner is very low and the waste of resources is reced
4) from the perspective of total amount and upgrade space: the total amount of BTC is 21 million, and the current price is about ￥ 76000; The total amount of eth will reach 113 million, and the current price is about 2500 yuan; The total amount of bed and BTC is 21 million, and there is a huge space for upgrading.