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Ethereum classic use case

ethereum classic use case

ATLANTIS HARD FORK LAUNCH ON ETHEREUM CLASSIC MAINNET TO EXPAND infrastructure, and scalable use cases, Cohort II includes: ChainSafe, OS City, Pulse. However, the team behind Tezos attempt to take decentralisation to the next level blockchains, as happened in the case of Ethereum and Ethereum Classic. MIT курс Introduction to Computer Science and Programming Using Python Ethereum Classic (ETC). 24/07/ use cases. Страхование.

Ethereum classic use case

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Читать больше. CryptoBattles: Win rewards with a play-to-ear Bitdeer group contributes to local communitie Crypto community responds to Charlie Munger y ADA Pr В Everscale раздадут гранты стартапам на сумму око Майкл Сэйлор: биткоин — мировой резервный актив, н Пенсионерка из Салехарда растеряла наиболее 7 млн рубл Южноамериканский регулятор обратился в трибунал для предотв СМИ: Индия займется регулированием криптовалют вме Получите Информационный бюллетень Crypto. Our lower bound still contradicts our hypothesis, and you can call this one thoroughly disproved under the premises.

Ethereum would have maintained a larger community and higher price with no Ethereum Foundation support for a fork. This one cannot be directly disproved by our premises, and may actually be true! We leave it as an exercise to the reader. While this is generally orthogonal from the remainder of our argument that a fork was the best possible outcome for Ethereum , it is an interesting point that perhaps the Ethereum foundation should have offered both options which they did without placing one as a default which in many cases they did or coming out in public support of anything but giving the community full choice.

This is an interesting argument, and ties into a key use case of blockchains: value preservation and wealth storage. Would the holders of regular Ethereum before the fork have been better off in any alternate reality without the hack? Under our premises, the answer is no. Assuming no community members leave, the combined value of the new systems and thus the tokens that are held by all investors before the fork, who now hold coins on both sides would be proportional to.

We table questions of investor confidence. It is impossible to meaningfully argue about investor confidence in the abstract, or to form premises that are generally valid about investor confidence. We will instead analyze the effect of the fork on investor confidence empirically in the next section, as well as try to confirm our intuition here with hard data.

The empirical argument supporting the above argument focuses on the most common metric of cryptocurrency success and failure: price. Consider an Ethereum token holder before the fork. This token holder has financial buy-in to the overall ecosystem but not the DAO, and cares exclusively about Ethereum token price.

How was this holder affected by the DAO debacle, resulting fork, and chain split? For context, we will start analyzing a few months before the DAO launched, allowing us to put pre and post-DAO pricing in perspective. We will build our own graphs using the Poloniex historical pricing data API , and will finish our analysis with the latest data on the day this post was written, Feb 10 The code we used to build these visualizations is available for download and review here.

Please feel free to contribute improvements to the graphs. We will look first at BTC-denominated value, and then take a look at the same graphs denominated in a stable fiat adjusting for confounding effects of BTC price swings on Ether, which is primarily traded in BTC.

USD is chosen as the most popular fiat exchange in the crypto ecosystem, substantiated at the very least by its default position on CoinMarketCap and frequent mentions in news articles. The vertical lines correspond to important fork-related events in Ethereum green , Ethereum Classic red , or both blue. The graphs pretty clearly show a rally during the funding period of the DAO, with this bubble bursting immediately during the resulting attack.

The value of Ethereum Classic has also remained relatively constant, especially on a linear scale: any holder before the fork wishing to remain only in ETH would have enjoyed a relatively constant return rate on their ETC regardless of their conversion. The preservation of value for all potential investor classes is evident in the graph.

It is also worth noting that not all Ethereum forks represented in currency splits, as the above diagram indicates. It is certainly possible to have both contentious and non-contentious forks in a decentralized system. We have one here that, by observation, has exhibited one example of the former and numerous examples of the latter. The originally anti-fork reactionary currency ETC even underwent two hard forks, one of which had potentially politically charged changes including a removal of the difficulty bomb.

Curiously, the same DoS changes that were not contentious in forks of Ethereum were also not contentious as forks of Ethereum Classic. So, after the original fork, two similar hard forks executed non-contentiously on both systems, even when one of the two systems was originally created to protest the use of a hard fork for a protocol change! Claims that forks disturb investor confidence are also relatively easily dismissed based on the pricing data. No unusual drops in confidence are present either before or after any of the forks controversial or otherwise.

The analysis generally still applies, though a large upswing in the fiat-value of Bitcoin towards the end of this graph generally lower the Bitcoin-denominated price of Ether. The truth is probably somewhere between these two graphs, as my intuition is that Ether is valued in a combination of fiat and Bitcoin.

I personally believe the prevalence of fiat as the standard for unit of account even in cryptocurrencies makes market response more readable from the first graph, but you are welcome to draw your own conclusions here.

The following graph shows what your holding value would have been per Ether on a currency had you not invested in the DAO or taken any action in the fork continuing to hold both ETH and ETC. Before the fork, only ETH value is shown, and after the fork the combined value takes over:.

The performance of that cryptocurrency looks rather sound. This incredible observed market resilience in the price of what is still a small and experimental token can likely be thanked in part to the governance efficacy of a series of forks, allowing users to maintain political control over controversial issues while token investors retain stake and thus value on both sides of the coin.

What this fork has really given us is empirical support of the hypothesis that chain splits occur in hard forks if and only when fundamental community divisions occur on a controversial issue. With our earlier intuition as a guide, we arrive at the conclusion that such forks can even be a good thing for their underlying token, whether or not they are long living and contentious. A final note on scale. We chose a linear scale here because in my opinion this scale is more effective at suggesting the more nuanced analysis above.

Log scales are, however, very common in pricing applications. The same conclusions are even further enforced when you put the differences between the currency forks in context on a log scale:. Interestingly, all forks and their combination are also remarkably stable for cryptocurrencies.

This further degrades the folk argument that investor confidence is unable to survive a contentious forking event. There is no science without falsifiable hypotheses and analysis of empirical data, and it is very disappointing to me when I read arguments without such that are peddled as conclusive. An argument without data is just a hypothesis, and the community would do well to keep that in mind going forwards.

So to what extent is this discussion generalizable to Bitcoin fork politics? I do want to make the point that hard forks can be beneficial both logically and empirically when users have irreconcilable political differences that they are willing to leave the community over. Existing holders have nothing to fear from a split: their value will continue to exist on both sides of the chains, and remains protected regardless of outcome.

The loss of network effect between the two chains would, as we have argued for Ethereum, have occurred regardless of fork. That being said, this does not mean that a similarly contentious fork would have been successful in Bitcoin ; it is certainly possible that Bitcoin attracts a different class of investor whose confidence would be shaken by such forks, as well as that Bitcoiners are as a whole more resistant to such controversial chain splits.

There is also the question of difficulty mechanics making a minority fork impossible without a PoW or difficulty calculation modification, which means that any controversial forking event in Bitcoin leading to a long-term token split will create two new chains rather than a new chain and an old one.

Such a split may exhibit different market behavior than in the Ethereum case. There is also the matter of overall development philosophy, which in Bitcoin focuses on immutability as a far higher priority than in Ethereum.

Damage to immutability might then be hypothesized but certainly not proven to damage overall valuation. In this manner, the arguments we linked at the top of the post remain valid. And lastly, there is our final premise: that more radicals exist in either fork camp than users leaving the system. Anyone with experience on the platform knows that the EF is no more of a centralization vector than Bitcoin Core, and the existence of an allegedly unsanctioned fork on the market right now disproves those claims sufficiently].

So, the Ethereum hard fork that split Ethereum into ETH and ETC was an inevitable consequence of fundamental and irreconcilable differences among members of its community. In doing so, both sides were empowered to build systems and their supporting infrastructure that furthered their world views and political opinions. The fork was the optimal outcome of the situation as it existed in early July , and remains a good thing for the Ethereum ecosystem.

As all participants of this ecosystem are undoubtedly already aware. Forks therefore, even when contentious, can sometimes represent the optimal outcome of a divided community with nontrivial extremist factions unwilling to reach a compromise and therefore unable to exist on a single chain. Note that maintenance of the status quo is not sufficient here, as extreme factions unsatisfied with the status quo will often not indefinitely accept dissatisfaction.

See you in a few weeks or months… I am a student ;. I had already written them off before the hack, and the value I gained from reclaiming these tokens is insignificant in comparison to the effect of daily Bitcoin and Ethereum fluctuations on my portfolio. I actually have not yet taken possession of these tokens, which are still sitting in the withdraw contract it takes me at least a day or so to access cold storage, and the value has not as of yet been worth the time.

My current crypto holdings are approximately distributed as. Компания дает великий избрание самых различных документов относительный окончании высших учебных заведений. Тут реально обещать хоть какой акт, начиная от аттестата, свидетельства, заканчивая обыкновенной мед справкой. Благодаря ресурсу на данный момент мечта о неплохой работе стала реальностью. Круг пациент имеет приманка весомые предпосылки, почему у него перевелись высшего фабрикация либо оно не закончено. Кто-то обычной не сумел заплатить следовать учебу, беспричинно как немедля она дорогой стоит, кому-то не хватило проходного балла ради поступления и почти все другое.

Один быль того, который особенность не имеет диплома, уже понижает его шансы для престижную работу и высшую зарплату. Лишь в этом может посодействовать веб-сайт Благодаря компании , которая находится в Санкт-Петербурге, круг юзер может на бумаге получить доказательство о окончании учебы либо хоть какой иной требующийся бланк.

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Ethereum Classic is the continuation of the unaltered history of the original Ethereum chain. The group that championed the fork had as their intention to roll back the blockchain to a point prior to the hack, thus restoring the lost funds. Those championing Ethereum Classic, which is the original Ethereum blockchain all the way back to the genesis block, felt that while it initially seemed right to restore the stolen funds, there was a very good reason not to do so.

According to the ETC Declaration of Independence , there were several grievances held against the founding members of Ethereum, most of which revolved around actions taken that were against the principles of decentralization. Most importantly though they claimed that a hardfork to restore the lost DAO funds violated two key aspects of what gives peer-to-peer cash and smart contract-based systems value: fungibility and immutability.

Fungibility is the feature in any money whereby one unit of the currency is equal to any other unit of the currency. So, one dollar is equal to any other dollar, and one Bitcoin is equal to any other Bitcoin. Immutability means that a blockchain in unchanging and inviolable. The transactions that have been deemed valid are those which have been accepted by the network through the mathematical cryptographic protocol.

This allows transactions to be unquestioned, and if this is broken we have to consider that all transactions are now questionable, since a mutable blockchain means any transaction might be modified. This leaves the blockchain open to fraud, and calls into question all of the distributed applications running on top of the blockchain. Despite being overlooked by many, Ethereum Classic consistently has some of the largest blockchain network activity. The activity is on-par with that of Litecoin , and is greater than what we see from Bitcoin Cash.

In addition to the network activity, Ethereum Classic also has a large number of commited developers. In fact, there are three different developer teams committed to the long-term vision of Ethereum Classic. Added to all of this are numerous outside funding sources, and a commitment to creating a secure network anyone can use, which helps Ethereum Classic continue to grow a little more each day, each week, and each month. Ethereum classic is run on the principles of immutability, community, and technology.

As the longest running smart contract blockchain in existence, you can have confidence that the Ethereum Classic blockchain will continue to exist as a store of value, not be swept away by some errant developers vision. In addition, Ethereum Classic has several developer teams working on improving the technology and creating partnerships that will spread Ethereum Classic usage to every area where blockchain technology can be beneficial.

Any Ethereum Classic account cannot be modified by anyone but the owner. This is a philosophy shared by cryptocurrencies such as Bitcoin and Litecoin. Imagine if banks allowed account holders to vote on account changes based on how much money each person had in their account.

It means the richest account holders could vote for changes that effectively took the money from the smaller account holders. Governance is a system where the rich and powerful, those who have the most fame and notoriety, are the ones who have the final say over the monetary system.

Ethereum Classic has been designed so that this will never happen. Even though blockchains are predominantly known as decentralized ledgers, the truth is that many have centralized communities and leadership. This means there are a relatively few number of people making decisions for everyone.

Ethereum Classic has been purposefully structured so this cannot happen. Development responsibilities are spread out among many different parties, which avoids the hidden centralization that other blockchains fall victim to.

The reasoning was to provide protection from mining distribution centralization ad to ensure that tokens are fairly distributed. This has led to the growth of a large and diverse mining ecosystem. However in the Ethereum Classic developers found that the original set parameters for the DAG were too aggressive, which led to the obseleting support for GPU miners still in use.

The decision was made to recalibrate the parameters to better reflect the available hardware and Ethereum Classic mining ecosystem, thus bringing DAG growth back in-line with the most commonly used GPUs in mining. The problem was that the DAG size had reached 3. The Thanos hard fork reduced the DAG size to 2. The Thanos fork has allowed for dramatically increased hashrate. Image via 2Miners. As a result of the hard fork the hash rate on Ethereum Classic increased dramatically from 4 Th to 6 TH almost immediately following the fork.

Almost 6 months later the hash rate has climbed dramatically and is sitting near 25 TH. These proposals are discussed by the core and volunteer developers, as well as implementers and other users of the Ethereum Classic mainnet and if approved are then implemented into the protocol by the core developer team.

Each pull request can have input from anyone who has a well reasoned opinion. This process can be repeated ad infinitum until the developer community agrees to add the pull request. Ironically enough, as of early there are some members of the Ethereum Classic community who are looking to add a Treasury to the project. I call this ironic because of the circumstances that led to the creation of Ethereum Classic, and the possibility of a similar occurence if a Treasury is created.

Indeed there are some who are fighting against the implementation of a Treasury, claiming that it will only bring centralization to the project. The proponents of adding a Treasury do seem to be in the majority, and their proposal rests on the fact that Ethereum Classic has found increasingly difficult to continue development by relying on donations and volunteer developers.

They also claim that adding a Treasury will promote diversification in the network, which would certainly be welcome. In the case of critical consensus failures and bugs, a supermajority client can be a single point of failure that cannot be afforded. A treasury with multiple core development teams inclusive of community voting would make sure no single entity can have a monopoly or franchise over the ecosystem. Of course, the community should have the power to remove and add members from the treasury.

Eventually, the independent developers or anyone who has provided a successful proposal for that matter would be eligible to receive funding. The only security model possible is the maximum security possibly attainable by a blockchain. Nothing less. The only honest way to regard the treasury in ETC is to understand that, while the blockchain has that device to prop it up while it gains market share and liquidity, it is a centralized system under the guise of a blockchain.

A community fiat system like all the networks that use proof of stake, treasuries, and voting. Unlike many other blockchain projects, the development of Ethereum Classic is not under one single team. There is a core team under Ethereum Classic Labs, but there are other groups undertaking parts of the Ethereum Classic ecosystem.

All these groups work together to further the growth and adoption of the Ethereum Classic protocol. The team at ETC Labs is where the Core development team resides, and itprovieds the office space for projects as well as developing industry connections, and providing funding for the Ethereum Classic project.

The ETC Labs has office space in San Francisco and Singapore and operates with the long-term goal of accelerating the development of all Ethereum Classic projects as well as supporting the Ethereum Classic ecosystem and community. It is also involved in supporting the needs of the blockchain and providing the necessary tooling for dApp development, mining and blockchain services. The majority decision for a solution was that Ethereum needed to create a fork , or stop the blockchain entirely and create something new from scratch.

Ethereum Classic ETC is, as the name would suggest, the first Ethereum still using the original blockchain. Ethereum ETH functions on a brand new blockchain, and the vast majority of miners, users, and protocol from the previous version of Ethereum use this new version. Ethereum is actually a fork of Ethereum Classic. Ethereum Classic ETC runs on the same protocol doing a similar function, but it does have some distinct differences in its community.

ETC primarily has value because of the speculator market, much like many of the other alt-coins out there. Ethereum ETH , on the other hand, is more like a software company that wants to grow and could possibly have more hard forks in the future. ETH primarily has value due to a mix of the speculator market, but more so due to its use of case scenarios and community support.

By this point in our discussion, you should have a fairly in-depth understanding of the differences between Ethereum and Ethereum Classic. To explore further, we start to reveal some of the ideological differences between both communities. These ideological points are important to understand because ideologies attract communities, and the community support behind most cryptocurrencies is what ultimately determines their long-term value. Although a fork, Ethereum is now the more popular chain.

The Ethereum community had one of three options:. The way the hard fork worked is that the ETH we know today split off from the main blockchain at a particular point. This particular point was around block 1,, — right before the DAO hack.

The hard fork helped to refund everyone who had invested into the DAO, using what is referred to as a refund smart contract. By now, you should have some idea of how this event split up the Ethereum community. Ethereum was first created as a stance against financial corruption. The immutable blockchain was meant to be free from the human tendency to corrupt.

The DAO hack which had nothing to do with the integrity of the Ethereum platform split the Ethereum community because the decision to hard-fork — and essentially manipulate the blockchain — went against the original purpose of Ethereum in the first place.

Ideologists that were unshaken in their beliefs stuck with ETC, whereas others split off into Ethereum for the sake of the survival and flourishing of the community. There is a natural antagonism between the two groups for this reason. Additionally, many anti-Ethereum people jumped into the ETC camp to further cause disruption in the Ethereum community.

The biggest issues with ETH is that now that the hard fork seal has been broken, many are speculative that there could be more hard forks in the future. Since the Ethereum community could come together to make a substantial change in the price and future of the blockchain, something hailed for its ruthless mathematical objectivity. Some people have become rightfully speculative or downright conspiracy-driven that leaders in the Ethereum community could manipulate a hard fork in the future.

This risk adds some volatility to the long-term price. The above issues with ETH are only mentioned for the sake of fairness to both communities, but as a crypto enthusiast, you should be aware of all the available information.

While Ethereum ETH may be looked at as a mutation and violation of the principles of immutability behind Ethereum, it also serves as a landmark victory for the Ethereum community being able to come together and handle the worst hack in cryptocurrency history. An argument can be made that if not for the hard fork, Ethereum, the platform that allows countless innovative and spectacular Dapps to run, might not exist today. The power of Ethereum lies in its community since it is a platform that allows others to build projects that could revolutionize virtually any industry.

Ethereum Classic, however, is stained with the unfortunate history of the DAO. The core idea behind the DAO could have made a substantial impact on the future of technology, and the core flaws in its security gave birth to a stronger platform. The sheer market cap size and the strong community behind Ethereum ETH foreshadow a bright future. ETC, on the other hand, appears to be slowly shrinking in market cap comparison to the rest of the crypto world and consists more of a combination of immutable blockchain loyalists, ETH antagonists, and general market speculators.

Hodlnaut vs. Voyager Invest is a comparison worth making. While the mainstream has yet to…. Alex leans on his formal educational background BSBA with a Major in Finance from the University of Florida and his on-the-ground experiences with cryptocurrency starting in

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