Production reduction of 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
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has a high market value, and ethereal classic is well-known in the top 15
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in the market value of digital currency market. As a forked currency of Ethereum, Ethereum has a certain reputation
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and relatively stable fluctuations. Compared with air currency, Ethereum classic is less volatile
a better digital currency trading platform "currency exchange"
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
ring this period, the return comparison between holding spot and ETF fund is as follows:
1. Holding spot makes 4 times of profit
2. Holding Ethereum ETF fund makes 12 times of profit, Up to 30 times (intelligent position adjustment + fund compound interest calculation)
there is no doubt that the Ethereum ETF launched by bitoffer is the best investment choice!
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2. The circulation of next year will decrease 10 times. In theory, X2
3. The current price of eth is 230x4 = 920 US dollars (upgrade + expected price after proction rection)
ring this period, the return comparison between holding spot and ETF fund is as follows:
1. Holding spot makes 4 times of profit
2. Holding Ethereum ETF fund launched by bitoffer, the income starts 12 times, Up to 30 times (intelligent position adjustment + fund compound interest calculation)
there is no doubt that Ethereum ETF is the best investment choice!
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
2. The circulation of next year will decrease 10 times. In theory, X2
3. The current price of eth is 260x4 = US $1040 (upgrade + expected price after proction rection)
ring this period, the return comparison between holding spot and ETF fund is as follows:
1. Holding spot makes 4 times of profit
2. Holding Ethereum ETF fund starts with 12 times of profit, Up to more than 30 times (intelligent position adjustment + fund compound interest calculation)
there is no doubt that the Ethereum ETF launched by bitoffer is the best investment choice!