Ethereum classic community
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
in this process, bitcoin cash also tries its best to ride a roller coaster, which reminds people of Ethereum classic. Comparing bitcoin cash with Ethereum classic, will bitcoin cash become the next bitcoin classic
their similarities are all e to different concepts. A new type of blockchain asset, which is proced by a hard fork, has been separated from the main chain and has gone to an independent development path. They have also experienced price roller coaster fluctuations. They have inherited the mantle of the original chain and changed little. But there are also many differences:
1. Different backgrounds:
in June 2016, the Dao, the world's largest Ethereum project, was stolen from 3.6 million ethereums, with the direct market value as high as US $60 million, which was fatal to the Ethereum community just starting at that time. Vitalik buterin, the founder, and most of the community think that this can't be done. The community decided to roll back the Ethereum transaction through online voting. A small number of people in the Ethereum community think that this violates the irreversible principle of the blockchain and is a violation of the rules. They continue to adhere to the development of the original Ethereum chain, and the Ethereum classic is born and goes to the road of independent development<
bitcoin cash is the proct of the three-year debate over bitcoin expansion. On the one hand, some community members and developers who insist on large blocks are tired of endless debates. Although the New York consensus on community consensus scheme has won a phased victory, the future is still uncertain, and supporters of large blocks hope to move towards an independent development path; On the other hand, the community support rate of large blocks is also very high. Although the Bu expansion scheme often appears bugs, it still gets 40% of the computing power support of the whole network. Bitcoin cash is born out of the Bu expansion scheme, which continues the original intention of Nakamoto's design of bitcoin and makes certain changes in technology. It is a new technology attempt. In this context, bitcoin cash came into being to adapt to the development trend of the times
2. Different attention and influence
the predecessor of bitcoin cash is bitcoin, the Ruan Sheng brothers of bitcoin, and bitcoin is the global digital currency hegemony. After the separation of bitcoin from cash and main chain, bitcoin and bitcoin have taken different development paths. Bitcoin cash can be said to be born with the golden key. As soon as it comes out, it has won extensive attention from the community and become the focus of community discussion. News is flying all over the world, and many mainstream trading platforms at home and abroad also choose to support it. After a short period of adjustment, the price graally returned to rationality. The municipal government once ranked in the top three and still ranks in the fourth
Ethereum is the predecessor of Ethereum classic. Ethereum only ranked second in the global digital currency this year. In 2016, its popularity and community influence were not too high. The Ethereum classic split out is not optimistic by the community. There are few online platforms, and the price is plummeting all the way. The attention and influence of Ethereum classic in the community has not been high. The Municipal People's government has been unable to enter the top ten. There are no opportunities for community discussion and media attention. After several rounds of outbreak, the Municipal People's government has only ranked ninth
to sum up, bitcoin cash and Ethereum classics are different in terms of attention, community influence and historical background. The future development of bitcoin cash will be better. If the bitcoin community is still in constant infighting, does not want to make progress and refuses to change, bitcoin cash will have a chance to shake the dominant position of bitcoin, Instead.
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
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