Ethereum Classic [ETC]:
About:
Ethereum Classic is an attempt at keeping the Ethereum blockchain unaltered by the part of the community that opposed the hard fork and the return of The DAO funds. It started trading on Poloniex and is getting more and more traction.
The Ethereum Classic mission statement is:
"We believe in decentralized, censorship-resistant, permissionless blockchains.We believe in the original vision of Ethereum as a world computer you can't shut down, running irreversible smart contracts.
We believe in a strong separation of concerns, where system forks are only possible in order to correct actual platform bugs, not to bail out failed contracts and special interests.
We believe in censorship-resistant platform that can be actually trusted - by anyone."
Our block explorer data by Gas-Tracker:
Total coins supply, total network hash rate, last block number and total difficulty are freely provided by Gas-Tracker.In 2017, the Die Hard fork was implemented in ETC, removing the Ethereum difficulty bomb.
Currently, there are no plans to move to Proof of Stake like Ethereum, although developers at the IOHK institute are developing a new PoS protocol for Ethereum Classic.
Introduction:
In massively increasing crypto words “Ethereum” is a well-known name after Bitcoin. Ethereum classic is certainly not a totally new cryptocurrency but a modified form of the existing Ethereum.Both “Ethereum” & “Ethereum classic” hold the same list of features i.e. smart contracts, decentralized applications, and rewards.
In mid 2016, the hacker(s) found a place in the DAO (Decentralized Autonomous Organization) token and sneaked out $50 million dollars out Ether worth.
After this attack, the community took action where some of them moved to Soft Fork and some towards Hard Fork.
The soft fork is where after the update software can be downgraded again to the previous version, whereas in Hard fork backward compatibility is not available.
Influencers:
[Twitter] - Vitalik Buterin: Vitalik is a programmer based in Toronto; who first dreamed of developing a platform inspired by bitcoin. He is also the co-founder of the Bitcoin Magazine.He first started writing a huge list of blogs about blockchain technology and cryptocurrencies but later presented his own idea of the Ethereum platform.
[Twitter] - Dr. Gavin Wood:
Gavin is the co-founder of the Ethereum platform, he also contributed by writing yellow papers which specially described the technical depth including the Ethereum Virtual Machine (EVM), smart contracts, and the Ledger and etc.
[Twitter] - Joseph Lubin:
He is the co-founder of Ethereum and has also initiated a startup CONSENSYS which is purely working on building smarter decentralized apps (DApps).
Technology:
Same as other crypto platforms; the Ethereum ecosystem is also based on smart contracts which are automated and speed up the transaction time.
Despite bitcoin, Ethereum is programmable which provides its users to play how they want to.
Users are not obliged to use the pre-defined set of operations, but they can create and use their own operations at any level of complexity and integrity they want.
EVM is being used to execute code and logic of decentralized apps in a more-friendly programming language. Most market-present languages are supported, i.e. JavaScript & python. Ethereum is said to be a blank canvas ready to be used by anyone for their desired operation.
DAO was aimed to be used so that all future decentralized apps are developed on the Ethereum ecosystem. It was considered to be a complex smart contract which remains in the line of revolution.
Advantages:
- A promising future in terms of new evolution in the overall Ethereum eco-system.
- Back on feet with smarter teams.
- A dedicated team of young people has the vision to pursue.
- Closely follows the immutability philosophy of blockchain network.
- Has recently got the backing of a few big players.
- Recently announced great investments are raising high hopes.
- Fast transactions confirmed in max. 30 seconds.
- High level of transactions security.
- Smart contracts.
- DAPPS Framework for development upon Ethereum Virtual Machine the original Ethereum PoW technology.
Disadvantages:
- Lesser trust because of the 2016 DAO attack.
- A large group shifted to other platforms; faced a sudden drop.
- Communities called it scammers hub.
- The lack of backward compatibility.
- Not as popular and widespread compared to ETH.
- Not backwards compatible with ETH
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