Ethereum fission upgrade
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
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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
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!
to put it simply: if you are only the holder of eth, you don't need to make any preparation for this upgrade.
2. Mr. Buffett went from a 100000 dollar private placement supported by relatives and friends to a large financial group integrating banking and insurance. He is not so much an investor as a financial entrepreneur.
3 The second point is that China can't get Warren Buffett's investment performance, and it can't get Warren Buffett's financial management wisdom. There are policy reasons as well as personal reasons.
4. The name of Warren Buffett's company is Berkshire Hathaway. The stock price of his company is about 200000 US dollars per share. You can check it on your own network or financial website
The core of Ethereum 2.0 upgrade is Ethereum 2.0 fragmentation and POS consensus mechanism. The adoption of POS consensus mechanism is to improve the energy efficiency of Ethereum protocol and increase the security of Ethereum blockchain. Ethereum 2.0 is partitioned, so that the Ethereum chain no longer needs to process each transaction on the chain through each node
in the fragmentation system, each node only needs to process about 1% of the transactions or less, which greatly improves the efficiency of the blockchain. After the implementation of eth2.0, not only the network performance has been greatly improved, but also investors can rece the investment in heavy assets (+ slf0037). The implementation of consensus protocol Casper and fragmentation technology has made great changes to the underlying protocol of the network, and further promoted the development of blockchain expansion technology, and continuously reached the commercial standard. As of 16:00 on January 7, 2021, more than 2.3 million eth have been locked in the network, accounting for 2% of the total supply of Ethereum. However, this is still only the first phase of the update. According to official information, uniswap V3 has been deployed to the Ethereum main network. According to the official article, uniswap V3 is the most powerful version of the agreement so far. Centralized liquidity provides unprecedented capital efficiency for liquidity providers, better execution for traders, and the core infrastructure of decentralized finance. As far as Ethereum's roadmap is concerned, V Shen said that as the merger date approaches, many aspects of the roadmap are becoming more and more feasible. It is optimistic that the upgrade will be completed by the end of this year. After the merger, the execution chain will run within the consensus chain, and each beacon chain block will include a block from the execution chain. He also said that the merger requires a lot of complex technologies to make the whole process as simple as possible. For users, clients, developers and smart contracts, the merger will be smoother and users need not worry too much. At present, many centralized exchanges, decentralized exchanges, decentralized pledge agreements and basic service providers have entered the stacking track of Ethereum 2.0. It is not difficult to imagine that more service providers will emerge in the future, and the Ethereum 2.0 stacking plate will also become the standard configuration of exchanges and wallets. How long can we dig the pow chain of eth 1.0? There is no clear answer. But it is certain that before Ethereum is completely transformed from POW to POS, Ethereum foundation must take a long time to prove that the POS chain is safe. Only in this way can all developers and users safely complete the switch, so that the entire ecosystem worth more than 100 billion US dollars can truly and completely run on the beacon chain
no one knows how long it will take to complete the project, which is a big unknown, and these unknowns may be a great resistance to the transformation of Ethereum 2.0. Therefore, we are optimistic that the pow chain can continue to dig for at least two to three years
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