Will ETC production cut, ETH2.0 merger bring a new dawn to Ethereum Classic?

From 2003-16 to March 23, ETC25.6USD rose to 02.04 USD, the highest price was 487.65%, becoming one of the few highest prices recently. important catalyst.

The rapid growth of the cryptocurrency space, the influx of new players, and in the next few hours, some people noticed a blockchain project, some people noticed a block in Ethereum Classic.

One of their famous users was on a famous market and during the success of an “Ethereum” and probably thought the project’s success time was seen from a famous market in Ethereum. , many people may not assume that Ethereum is a complete product of Ethereum.

Few people, the “Ethereum” relationship is like the classic connection between “Bitcoin-Bitcoin Cash” – the difference is that Ethereum Classic, the Ethereum blockchain launched in 2015, understands the Yes. , and the longest running smart contract in the world.

1: Introduction to the project

Eum Classic is an open source, blockchain-based internet computing platform. Its Virtual Machine with Turing Machine is a perfect virtual machine that can utilize the network to execute scripts.

Provide rewards for preventing paralysis of the computing power of the supplier. Transactions with various transaction fees will be prioritized.

Ethereum is a blockchain formed by a fork of the original Ethereum blockchain. After the hard fork of the network, the old fork is Ethereum Classic, and the new fork continues to be called Ethereum.

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1.1 Origin of Ethereum Classic

In June 2016, the running Ethereum blockchain is preparing to build a 28-day community, TheDAO is the 20 community of the blockchain. It announces and funds crowdfunding projects for crowdfunding projects. To the 120 Ethereum at that time, almost 14% of the number of Ethereum at that time was worth 15,000, which was more than 100 million US dollars.

36. 36 coins, after being appointed by the public, were publicly issued in the cryptocurrency market through intelligence, and immediately won the favor of the public. , so hackers can’t get 360 ETH to do until the coin can get any commercial terms at any time. This gives Bibifang a solution for discussion.

Community members made three suggestions:

  1. A soft fork is the way to hit any network attack, meaning that the transaction block containing the mobile stolen ether will be detonated, accompanied by a kind of attacked “Denial-of-Service Attack” (Denial-of-Service Attack), Miners there are unable to connect to the entire range of services in multiple ways, the entire network or network users cannot use machines or network resolution resources, and network solutions are also required to have an impact.
  2. At this point, the potential rule way of leaving no code can’t be done and changed once it’s done. Otherwise, new connections to the blockchain or the network cannot be made in any way.
  3. Inaction, exemplifies the idea that code is law (code is law), and the essence of blockchain is de-belief, and the value of such a network cannot be tampered with after the network is confirmed.

Some members of ETH, Ethereum should perform a hard fork to reuse being misappropriated, and perform a hard fork to cause misappropriation, so the matter needs to be distributed reasonably. There are other hard forks, so the possibility of 3 million ETH being stolen must be acknowledged.

Ultimately this should be different for different communities, and chain networks are divided into different categories:

  • After gaining more than 5% of the community, the new chain that achieved the hard fork retained the Ethereum name and remains in circulation to this day.

    The 1,920,000th block, due to the success of the hardware, the very stolen post-fork code on the chain, the status of the 99 Ethereum team on the 1,000th block chain, the normal execution of the design on the chain is designed to support the computing power It was transferred to the new chain of the hard fork, which is now the Ethereum smart chain.

  • As the old chain was kept and operated under the insistence of some developers and community members, it was also renamed as Ethereum Classic.

    In the 1st, 90th, and 001st blocks, the unclassified discovery chain originally predicted by the unit will disappear within hours, there are continuous industrial and mining maintenance in the old chain, and the OTC transaction maintenance mine of the old chain generation provides value for the old chain, Hence the birth of Ethereum Classic.Although the two chains took different paths, they shared the same blockchain before the hard fork was recorded (i.e. before continuing on to the 1,920,000th block).

Little Hacker Interlude:

As of 2022-03-24, the attacker’s wallet still kept 3.36 million $ETC, and at the end of 2016, only 280,000 of his $ETC was transferred into more than 100 $BTC (now the attacker’s wallet has left The next 50 ETC donated a $2000 ETC and have not moved to compare.

Within minutes, liquidity in DA, in a bull market for a period of time, the movement of value in dollars, the real value of the past, once, once, was considered the most unsettled currency.

The DAO incident occurred. After the technical analysis and follow-up investigation of many selected workshops, it is possible to find this vulnerability and launch an attack. There are very few people in the development team who voted in Ethereum, and they passed the “exit”. attacker.

Will ETC production cut, ETH2.0 merger bring a new dawn to Ethereum Classic?picture

1.2 Team and Foundation

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ETCDev is composed of software engineers and experts from different regions and departments. They work full-time on multiple core ETC projects, including ETC client Geth, Emerald SDK/Platform, SputnikVM virtual machine, and Sidechains, and they are on the front line of blockchain development and research.

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At the 2018 consensus of the New York Consensus Conference, Foxconn Technology Group (HCM for short), Digital Finance Group (DFG) and Digital Currency Group (DCG for institutional abbreviation) jointly annotated the “Ethereum Classic Lab” infrastructure platform” was officially established. , the first phase of funds amounted to 50 million US dollars.

1.3 Relevant major events

  • 2015-07-30, Ethereum released the final version: Vitalik Buterin and the Ethereum Foundation have created a blockchain-based spiritual map complete smart contract platform.
  • 2016-04-05, TheDAO project was created: Slock.it designed the TheDAO Ethereum contract, and the security audit was done by Dejavu.
  • 2016-06-17, due to the theft of assets: the project DAO on the Ethereum, was stolen about 30% of the Ethereum voted crowdfunding, at that time about $50 million worth of Ethereum was used by hackers to transfer a large amount of funds Contract to “Child DAO” in control hacker.
  • 2016-06-2, White Hat Hacker Group was established: The hacker group calling itself “White Hat Hacker Group” acquired the funds of 7O7, but the remaining 30% needed to get back the funds layer by layer.
  • 2016-07-20 The fork was successful: The community started a discussion on the creation of the red building on the forum, and finally formed a successful hard fork that was divided into two. The first block of Ethereum was successfully created. Any future blockchain of the Ethereum blockchain will not be updated with ETC.
  • On August 15, 2016, the Ethereum Classic Community Growth Network was rebuilt: Through the efforts of the team and community members, the price of the $C token began to gradually spread, and the Ethereum Classic community.
  • 2017-02-20, ETCDEV team was established: ETC’s long-term contributors and volunteer team was renamed ETCDEV.
  • 2017-03-01 New monetary policy was adopted: adopt a classic community, adopt a similar currency plan in the classic community, issue a currency similar to Bitcoin, including limited currency.
  • 2020-03-17, Ethereum Classic block production reduction: the reward is reduced from 4 ETC to 3.2 ETC.
  • 2020-06-02, Ethereum Classic hard fork upgrade: According to the hard fork upgrade officially released by Ethereum Classic (ETC), some node operators failed to appear in time after the hard fork upgrade on 2020-06-01. Updating the node operation version has caused huge problems in block synchronization and hard forks.
  • 20021110, Attack Mission System: During July-August, Ethereum recently gained the third 51% due to falling costs.This, the ETC block has built a system called MESS, and the challenge is very expensive.
  • 2022-02-13, Mystique hard fork was successful: ETC Mystique hard fork was successfully activated on block 14,525,000.

1.4 Realistic Development

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Ecologically speaking, ETC is very difficult to compare with emerging industry chains in the market, whether it is the richness of applications on the chain, assets or the number of users.

At that time, in the nearly one week of Ouke Cloud Chain, the number of active transactions per day in C remained around 30,000, and the number of transactions per day was about 60,000.

According to the data of decentralized lama, the top five public chains in the current list of total lock-up value are Ethereum, Terra, BNBChain, Avalanche and olana, while ETC is circled at the back, ranking more than 80.

As a “is the law” platform that respects “is the law”, the ETC blockchain code has produced a number of blockchain projects in recent years. , At present, DEX and other projects, and HebeS Trial Aqua Bank and other projects, and HebeS, there are also many NFT projects on the ETC chain, including ETCpunks, Lazy Lions, etc.

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1.4.1 Hash computing power

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The computing power of the Ethereum Classic network is the combined performance of all miners in the network. As of 2022-03-24, the Ethereum Classic network computing power is 27.30TH/s = 27,298,794,869,938 h/s. On average, a total of 14,785,810 blocks are generated per block. The block generation time is 13.1s, which are mainly distributed on the east and west coasts of Europe and North America.

1.4.2 Change Chart of Position Data

Among the crypto market fans, ETC has changed. On 203-1603-23, 2020, $ETC rose from $25.6 to $48.04, with the highest period being the lowest -87.65% period, becoming the cryptocurrency with the most recent expressions. The impending production cuts are clearly a big catalyst for this uptick.

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Two: ETC token production reduction mechanism

201112 May 11 to republish EC IP 1011011 re-enacted for the issue of the definition of ETC: height 50000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 0,000,000,000,000,000 00 trillion dollar rate change is estimated that the total supply to 2.11 $ ETC, up to no more than 3 $ ETC.

Statistics show that Ethereum Classic will reach the level of Bitcoin in 202.

Will ETC production cut, ETH2.0 merger bring a new dawn to Ethereum Classic?picture
Will ETC production cut, ETH2.0 merger bring a new dawn to Ethereum Classic?picture

The typical output of ether is $0-0-17-17 before the production cut, and the reward is from $20-0-0-20 ETC. 424 times of production reduction, the occurrence rate of cryptocurrency assets fell from the highest $13.2 to the lowest $3.3 before the black market before $3.123.00.

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According to the data, it is expected that 5 ETs will enter the Tianhou industry chain, and 3 ET networks will carry out 3 C 15,00 C 15,00, 520 C 520, by 4 C s. Cut production by about $ETC 20%.

This means that the ETC ecosystem will decrease, but the actual circulation will be affected by the expected impact of the market cycle. In the long run, the supply value of the unit quantity, similar to the output value of BTC, will be favored by users. one of the investment products.

Three: ETC or ETH

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3.1 Consensus Mechanism

The day-to-day operation of the consensus mechanism , the cluster, is attended by Ethereum participants. The community operation management system of many communities around the world is the operator of the Ethereum Alliance, which proves to provide support for the operator of the operator. However, due to the development of the community currency circle, the unfavorable tendencies of more and more people participating in the “minority consensus” were revealed in this way.

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ETH2. % attack vulnerability problem.

The consensus of Ethereum, through the change of class, can be obtained from network forces such as Ethereum, Ethereum and other workshops, and the consensus with consensus is the most suitable Ethereum miner of the same kind, and the spouse who executes PoW is calculated. .

Xu Kang from ETC Asia Pacific is responsible for saying that ETH will have computing power pulled to other chains during the consensus conversion process, and ETC is most suitable for the acceptance blockchain that connects with Ethereum.

At present, the ETC official blog has published the mining computing power migration guide. Ethash miners who are mining computing power are welcome and pointed out that ETC said that Ethash has abandoned computing power, and the version that ETC runs is Ethash. A modified version of it, called ETCha miners will also need to be upgraded if they move to ETC. ETH.

It is believed that the opinion center of ETH is relatively a systematic result of another bias and bias. represents the future.

The D-Tiger team believes that the community model of vulnerabilities in Ethereum is classic and effective, and when it is maintained, there is no network that exists forever that can be compared with the development team. Some of the original developer communities have chosen Ethereum, and its development capabilities and resources are bound to be stronger than Ethereum.

Technically speaking, Ethereum is from a wide range of intelligent blockchains, while Ethereum Classic is a traditional programming program development application. Its security platform and chain link, scalability, extensive presentation and expansion problems still cannot be solved. Over time, it may cause investors to lose confidence in ETC.

Four: Summary

The Ethereum Foundation will definitely turn to PoS (Proof of Stake) named Caspers, while ETC believes that according to the technical characteristics of POS, the rich may become richer and the poor poorer in the future, bringing sexual curtains to users. , which is unacceptable to the core forum of the ETC community. ETC maintains POW, which is also one of the keys to continued popular network communication.

In any case, ETC is not a catalyst to join, but it is not a project that reduces production because of the decision-making power of the ecosystem, but whether or not the project is developed because of the current ecological environment, Juzhong Chain’s production and number of users are very similar to emerging public ownership. Large gap, because only reduced entry, no demand created .

To gain a competitive advantage can only be achieved through further on-chain construction. At present, it is the world of new concepts such as WEB3.0 and the Metaverse, but the ecology will not give up the development of the public chain of ETC.

The opportunity brought by the merger of Ethereum 2.0 and its own production reduction may once again become an opportunity for ETC to achieve ecological integration and create the key to winning the competition in demand and cost for users.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/will-etc-production-cut-eth2-0-merger-bring-a-new-dawn-to-ethereum-classic/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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