Ethereum classic freezes
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
start soft bifurcation to recover funds
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 ethereal classic etc are: Fire coin, okex, AAX, etc
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
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
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