What comes to your mind when you think of ETC (Ethereum Classic)?
Some people praise it as a strong proof of sticking to the blockchain spirit; others scorn it as a relic of the previous dynasty that should have been eliminated long ago.
Repeated double-flower attacks, ECC (Ethereum Classic Collective) board infighting, recent market cap breaking new all-time highs… These topical events have brought ETC into the public eye again and again. After shocking the audience, there is still controversy after controversy coming along with it.
Today, please follow my perspective to review the development history of ETC, think about the development dilemma and potential breakthrough point of ETC, and then start thinking about “Fork” in the blockchain world.
Crazy Train ETC: A Thrilling Journey between Hell and Heaven
For investors of ETC and participants of Ethereum Classic, it is difficult to find a word to describe the recent period of time. Not enough. Under the influence of many news, the recent ETC market value has shown huge shocks, which is a thrilling journey of “hell and heaven” for related investors.
Next, we will review the recent popular events related to ETC respectively.
Multiple double spend attacks
Double flower attack, also known as 51% attack, is a common challenge faced by almost all public chains that adopt PoW consensus algorithm.
The implementation of double-spend attack requires the attacker to have more than half or close to half of the blockchain network’s computing power resources, and the specific implementation method is that the attacker achieves tampering with the blockchain network through the large amount of computing power resources in his possession.
Since PoW public chains have great demand for arithmetic resources, a mature and stable public chain is often able to attract a large amount of arithmetic resources for its service. At this time, public chains that use the same or similar algorithms as that public chain become potentially vulnerable to attack.
Due to the high similarity between ETC and ETH in terms of core algorithms, ETC has become the most frequently attacked large public chain. At the beginning of its creation, ETC was subject to a large number of double-splash attacks every month, and the rights of miners and coin holders were greatly challenged. Even in recent times, ETC is still subject to double spend incidents from time to time.
ECC Board Infighting
ECC, known as Ethereum Classic Collective, is a non-profit organization dedicated to maintaining and promoting the development of ETC by receiving and managing funds provided by the Ether Classic Trust, a subsidiary of Grayscale. The ECC has helped in many ways in the development of the ETC.
ECC’s board of directors consists of three board members, James Wo (founder of ETC Labs), Barry silbert (CEO of Digital Currency Group) and Cody Burns (manager of blockchain architecture at Accenture). The protagonists of the infighting storm are the aforementioned James Wo and ECC Executive Director Bob Summerwill.
In his public statements, James Wo directly accused Bob Summerwill of numerous leadership and management issues, and the ensuing “lack of transparency in ECC’s budget, operations and projects”. Although James Wo emphasized in a subsequent statement that he would not leave ETC, the incident still reflects the problems in the operation of ETC’s ecological non-profit organization, ECC, and increases the uncertainty of ETC’s future development.
Creating and continuously setting new historical highs
After entering 2021, ETC’s coin price has entered a continuous upward sprint. It rose all the way from $5.6 at the beginning of the year to break through the $100 USD mark and briefly reached an all-time high of $180 (Firecoin price) on May 6. As of writing its total market cap firmly occupies the Top 20 crypto projects.
In less than half a year, more than 30 times of increase made many investors crazy, and some long-time believers also gained a considerable harvest, and investors began to have new thoughts and expectations about the future of ETC.
Parting of the ways after a storm: Who is on the right path?
When it comes to ETC, ETH must be mentioned, and although the two are different to a certain extent now, they originated from the same public chain in the beginning. It was a hacking incident called “TheDAO money theft” that caused a huge divergence among the original ethereum eco-players and eventually split them into ETC and ETH, which are “the same origin”.
In June 2016, 10 million ETH assets in the decentralized autonomous project “TheDAO” were attacked and successfully obtained by hackers. As one of the largest blockchain projects at the time, most of the participants of the ethereum ecosystem were affected by the attack. This also included a core group of Ether developers such as Vitalik Buterin.
As a result, one of the biggest debates since the creation of Ether has started within the community. Most members, including V-God, wanted a hard fork upgrade to achieve the recovery of stolen funds and eventually kept the Ethereum name. Some members who were obsessed with maintaining the original chain, on the other hand, acknowledged the theft and went independent with the name Ether Classic (Ethereum Classic).
ETC is both the original chain and the “failed version” that was abandoned. The new fork, on the other hand, with the support of many core members of the ecosystem, continues to explore the crypto world with its strong and continuous innovation, maintaining its position as the king of public chains in the crypto world.
Making a comparison between the two at this stage, ETC and ETH share a large number of similar underlying frameworks and designs, but the richness of the ecology differs too much.
If we were to analyze who is more successful between the two, from the current results, there is no doubt that ETH is the answer to that success. Its ecological development, value accumulation, influence on a global scale and financial thickness are unparalleled.
But on the other hand, ETC retains many classic settings of Ether, which is a good reflection of the blockchain spirit.
There are infinite possibilities for the future, and perhaps only time can tell us who is on the right path.
The road is bumpy for ETC, how can we get out of a future?
All along, ETC has been living under the shadow of ETH. Although it retains the same infrastructure as ETH, ETC has lost the most important ability of continuous innovation in public chain competition due to the shift of core developers within the ecology.
Meanwhile, due to the good development of ETH, a large amount of computing power resources are focused on the Ethernet network. Due to the high overlap between the two in core algorithms, ETH’s mammoth computing power has become a “sword” hanging over ETC’s head, which may pose a major threat to ETC’s network security at any time, and this is the biggest reason why ETC is vulnerable to double flower attacks.
“The world knows ETH, but few people know ETC.”
So, how should ETC come out of its own future?
The first scenario is to wait for ETH’s PoS conversion. Due to the current problems of on-chain congestion and high miner fees of ETH, the core development team has already made a plan to convert the PoS consensus mechanism. At that time, with the change of consensus mechanism, miners’ interests will definitely be affected, and ETC has a good chance to receive the arithmetic power, and the ensuing market attention and fund sinking have a chance to prompt ETC to achieve metamorphosis.
In the other case, it is necessary to rely on ETC’s own development force and make some differences in the focus of ecological development with ETH.
In my opinion, it is very important to create differences with ETH. However, if we do not seek to change, but just imitate, there is not no development to speak of. For example, BSC (Coin Smart Chain) and Heco (Firecoin Ecosystem Chain) are recent hot public chains. Although there is not much innovation in technology, they can still attract a large number of investors and ecological participants by virtue of their almost identical infrastructure with ETH. However, in this way, ETC has become the “subsidiary” of ETH forever, and there is almost no chance to surpass it.
Fork” at the drop of a hat, is it a driving force for progress or a resistance to development?
“Fork” is translated as “fork”, which refers to the different upgrade of old versions in the process of open source project development due to different development ideas.
In recent years, with the development of Github and the spirit of blockchain, the meaning and application of fork has become richer and richer, and with it, the controversy about fork.
Some believe Fork is the best proof of the blockchain spirit and the best way to choose the right path. When an organization is controversial, anyone can implement it as they see fit, and the market will eventually choose the right path.
Another part of people think that Fork is often a betrayal and bloodsucking of a project, and the effect produced is often negative. fork has many scenarios of use in a broad sense, and in the context of blockchain, it often represents a public chain consensus and development split in two, or a copy-paste of an old project by a new one. It is not difficult for us to see the turmoil of many projects after going through forks and the splitting and fragmentation of the original community.
Thinking from an objective standpoint, Fork is more beneficial than detrimental to the development of blockchain. With the existence of Fork, no organization or individual with the right to speak can completely manipulate the community; with the existence of Fork, the development of the project will be driven by internal innovation in addition to external competitive pressure, which is more conducive to the development of the project.
To this day, the view on ETC is still a very controversial part of the blockchain world. As one of the most informative Fork cases, perhaps only time, will tell us the final answer.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/is-etc-an-end-of-the-road-freak-or-a-renaissance/
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