After the Atlantis fork, the network performance of ETC will be comparable to that of ETH
In the midsummer of August, the temperature in Beijing remains high. But the high temperature can't stop the enthusiasm of blockchain enthusiasts, everyone gathered in Beijing New World Hotel.
Yesterday afternoon, the "2019·ETC China Tour Beijing Station" co-sponsored by Ethereum Classic (ETC), Odaily and Block Rhythm was successfully held here.
The event started, and Wang Mengdie, founder & CEO of Odaily, delivered a speech. She said that since The DAO attack in 2016, Ethereum has been divided into ethereum classic and ethereum. One way of saying - ETC is the crypto market against the trend, and ETC alone rises when the market plummets. "Today the ETC team came to China to meet with you, which will point out the direction for the future development of the project."
Anthony, the community manager of ETC China, added that after ETC parted ways with Ethereum, there were two forks: one was to remove the difficulty bomb, which made ETC different from Ethereum; the other was about the change of monetary policy, It has become a deflation model, and the total amount of ETC is set to 210 million.
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(Picture: Anthony, ETC China Community Manager)
Anthony also highlighted ETC's upcoming Atlantis hard fork. He said that the Atlantis (Atlantis) hard fork is a planned upgrade of the ETC protocol, which will be upgraded at a block height of 8,772,000, and the estimated time is September 13 this year; Test success. "The latest time should be September 13. If the mining speed continues to increase, it will continue to advance."
Regarding the main content of the Atlantis hard fork, Anthony explained that this hard fork will revolve around three parts:
Optimize mining difficulty algorithm (EIP-100)
Reduce the difficulty of DApp development
Opcodes (EIP-140, EIP-211, EIP-214)
Precompiled contracts (EIP-198)
Simplify implementation of zkSNARKS (EIP-196, EIP-197)
Improve blockchain network performance
State Clearing (EIP-161)
Contract code size limit (EIP-170)
Embed transaction status codes in receipts (EIP-658)
"After the fork of Atlantis, the network performance of ETC will be comparable to that of ETH. A second hard fork will be launched at the end of the year. The nature of the hard fork is the same as this hard fork, and it will also improve the ability and basic performance of the network. , but there will be differences in coverage. After this upgrade and the next upgrade are completed at the same time, the ETC network will be very robust.” Anthony said.
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(Picture: Stevan, Technical Coordinator of ETC Labs)
Stevan added that ETC Labs currently consists of three parts: 1. ETC Labs accelerator (Accelerate), which promotes the incubation of projects on the chain, provides funds, office space and technical support, and incubates two projects each year; 2. ETC Labs studio ( Studio), which is newly established recently, has functions similar to accelerators, provides technical and market support, and more importantly, helps mature projects to raise funds on the chain; 3. ETC Labs core (Core), is the largest and most important full-time ETC core development team.
Since ETC Labs core covers the very important content of ETC's underlying architecture and involves a very large scope, it is split into five different teams: protocol development team, client/node development team, DApp tool development team, compiler and virtual Machine development team, docking with other DApp projects to provide technical support and cooperation teams.
Stevan also explained why the ETC community attaches great importance to the Atlantis hard fork. He said that at present, many projects are based on the POW network of ETH. After ETH is transferred from POW to POS, these projects need the support of ETC very much, and ETH is also very satisfied with the upgrade of ETC. He also emphasized that he is looking forward to the pre-compiled contract after the upgrade-in fact, it is a privacy protection agreement. Due to the size of the contract, there is no way to implement it on ETH, but it can be implemented on ETC, and there is a pre-compilation function that does not require developers to recompile for development.
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(Picture: Du Chao, founder of ETC FANS)
The first is the belief in blockchain technology, which can solve many underlying problems of traditional finance.
The second is the belief in the PoW consensus. "In many application directions, especially for applications that are particularly important for the bottom layer of security, I believe that the future will definitely be based on PoW. For example, games or those with high TPS requirements must still be in the The underlying PoW goes up and runs."
The third is the value of the Ethereum era (Token pass). The bottom layer of the value needs to derive new value. The core point is circulation, and the cost of all value circulation methods in the real world will be higher than that of Token. Token allows the value of the real world to circulate Maximize.
Du Chao also pointed out that ETC is currently facing three major historical opportunities-Atlantis fork, ETH to PoS, and production reduction.
"I look forward to the formation of a new pattern when ETH is converted to PoS in the future, that is, the blockchain 2.0 era will evolve into two public chains, one is PoW represented by ETC, and the other is PoS represented by ETH. A good blockchain application landing ecology means that you choose the consensus mechanism according to your needs." Du Chao said.
During the event, two roundtable discussions were also held. In the theme of "The impact of changes in the king of public chains on the exchange", the guests expressed their views one after another.
Ren Zheng, partner of Consensus Lab, said that many public chains, including ETH, are undergoing transformation because of changing needs, and the current needs are multi-level, such as security, stability, scalability, cross-chain, gameplay It can be diverse; the newly born public chain needs to be settled, and the pattern formed by the head public chain is difficult to be completely subverted by the latecomers. We are optimistic about the development of ETC.
Dan Xiang, vice president of Bibox, believes that many problems will be encountered during the transition from PoW to PoS. Whether the transformation is good or not, no one knows. I think the process of trying is more important than the result. As an exchange, we will provide support for the transformation of the public chain, and we will also prepare in advance for some possible problems.
Jack Yang, chief analyst of TokenInsight, said that the public chain logic has gradually changed from pursuing performance priority to ecological priority. "In 2018, everyone pursued higher TPS, but this did not match the reality. Is such a high TPS really meaningful? We also saw that in 2019, many public chains introduced incentive mechanisms to attract developers to enter their own Ecology. At present, there are many competitors in the public chain, which is conducive to the diversity of the industry. At the same time, we must also pay attention to the outside world, such as Facebook’s Libra. Once the supervision is released and the giants enter the market, it will also have a negative impact on the ecology of the entire blockchain. Big impact and change.”
In the second roundtable, the topic was "Potential Risks in ETH to PoS", the guests mentioned some concerns and countermeasures.
Gao Ziyang, CMO of Chengdu Lianan Technology, said that the biggest problem in the transition of ETH to PoS is the consensus mechanism. POW is more stable and secure, and 51% double-spending attacks are difficult and costly in ETH mainstream currencies; but after switching to POS, there will be no problems with EOS without a large amount of computing power protection. Ethereum has faced many problems before and has gone through many pitfalls. I don’t know if there will be problems in the future.
Jessica, Director of Operations at F2Pool, believes that the conversion of ETH to PoS is completed gradually. During this process, the output of PoW will decrease, and graphics card absentees may choose new high-quality projects for mining. In addition, it is also reminded that those who are about to enter the market or have already laid out the graphics card market must consider mining equipment, input and output, payback cycle, mining time, etc. These risks must be prepared in advance.
Li Chengcai, head of Huobi Wallet Market Operations, said that it takes a process for ETH to transfer from PoW to PoS. The risk for retail investors is that if the invested project runs away due to migration costs and high technology, the invested currency may return to zero. up. For wallets and large exchanges, the risk lies in uncertainty. As a multi-chain wallet, we need to predict in advance what time nodes should do what, and we are also working hard to promote the development of some things.
Chloe Lee, head of BitKeep Wallet Asia Pacific, said that the length of time for ETH to PoS is unknown. As a decentralized public chain wallet, we will allow users to transfer assets to cloud wallets. In addition, PoW is relatively stable after several years of development, but the threshold of PoS is very high, and the nodes are in the hands of some people. If a group of people link up to manipulate and completely destroy the transaction history, trust problems will arise. Putting it aside, this in itself is a contradictory matter.
Time flies, three hours passed quickly, and the activity of "2019 · ETC National Tour Beijing Station" has also come to an end.
