ETH rose 30% in half a month, what is the development of ETC living in its shadow?
Author丨Out of Shu
Edit丨Not bright
In just half a month, ETH rose by more than 30%.
In addition to the intuitive performance of the price, ETH has various positives. First of all, V God recently stated in public that the first phase of Ethereum 2.0 (phase 0) will be launched in the first quarter of 2020. This version will increase the frequency of blockchain technology transactions and be more secure.
In addition, according to Messari's data, the single-day transaction fee of the ETH network surpassed that of Bitcoin for the first time. Bitcoin's single-day transaction fee was 183,000 US dollars, while ETH reached 207,000 US dollars.
secondary title
ETC living in the shadow of ETH
Since the hard fork in 2016, ETC has been living in the shadow of ETH. Although ETC has the name of the original chain, it does not have the reality of the original chain. ETC performed the Atlantis hard fork last week, demonstrating its strategic planning and ambitions to users.
image description
ETC hard fork block
Atlantis first appeared in the "Dialogues" written by the ancient Greek philosopher Plato, indicating an ancient continent, country or city-state with a highly developed civilization in the legend.
After the successful hard fork of Atlantis, ETC’s engineering engineers plan to hold a conference call with core developers on October 24, 2019 to discuss the next hard fork upgrade, code-named Agharta.
Yagotai is a legendary kingdom located at the core of the earth, and implements a utopian co-rule.
From the point of view of naming, ETC is not small.
image description
ETC price changes before and after the hard fork
image description
ETC's improvement proposal
This upgrade is mainly reflected in the improvement of stability, the upgrade of the operation code, the pre-compiled contract, the improved pre-compiled contract of zk-Snarks, the delay of the difficulty bomb upgrade, and the enhanced security. A brief summary is that this hard fork has increased the functionality and stability of the network. These upgrades make ETC more like ETH.
Of course, this hard fork was not all smooth sailing, and it also experienced community quarrels and compromises, until finally most people agreed and upgraded.
Originally, Atlantis was planned to be completed this summer, but encountered difficulties in whether to add the EIP-170 scheme. EIP-170 was proposed by Vitalik Buterin, and its role is to set a fixed upper limit on the size of the smart contract code running in a single transaction.
In the end, according to the consensus of the community during the upgrade, the addition of the EIP-170 scheme was abandoned. This is one of the reasons why Atlantis gained 60% of the nodes and more than 75% of the computing power support within 4 hours after the upgrade.
ETC's major exchanges Coinbase, Poloniex, OKEx, and Binance have also confirmed with ETC Labs to support the Atlantis upgrade.
secondary title
The split and birth of ETH and ETC
If you want to trace the history of ETC, you have to go back to the end of 2013. At that time, there was no Ethereum Classic (ETC), only Ethereum.
Vitalik Buterin (V God) created Ethereum and added smart contracts to Ethereum, which allows people to conduct transactions in complex ways without trusting each other, and can understand how the transaction is realized through the code.
Because of smart contracts, Ethereum is called blockchain 2.0. At the same time, Code is Law (code is law) has also begun to be used to describe the writing of contracts. This advantage has also been magnified by blockchain believers. Fanatical fans once believed that the code is omnipotent, and Ethereum is a subversive design.
Thus, Ethereum managed to raise $18 million through an ICO.
The hard fork of Ethereum to become Ethereum and Ethereum Classic involved another organization "The DAO". The DAO is a DAO organization initiated by the German start-up company Slock.it. In just 28 days, it raised 150 million US dollars, raising about 14% of the total amount of Ethereum at that time.
The full name of DAO is Decentralized Autonomous Organization, which means a decentralized autonomous organization, and it was also proposed by Vitalik, the founder of Ethereum.
The success of The DAO lies in its application of smart contracts and promotion of concepts. During the 28 days of The DAO's crowdfunding, it attracted more than 11,000 people to participate, and it also attracted hackers.
Of course, some people were worried about whether The DAO code would be attacked, but under the heat, the voice of worry did not attract everyone's attention.
Less than a month after the crowdfunding of The DAO, one of the founders, Stephan Tual, stated that there was a "recursive call vulnerability" in the code.
After several days of review, Stephan Tual issued an official statement that The DAO has no financial risk. However, it was this imprecise review that almost brought disaster to Ethereum.
Subsequently, the hackers began to exploit the recursive loopholes in the code and took away 3.6 million Ethereum, worth $50 million, from The DAO's fund pool. And the hacker took advantage of the second loophole to keep the asset that might have been destroyed.
However, due to the code of the system, the stolen funds will also be locked in the system for 28 days before they can be withdrawn, giving the community valuable time.
The community is considering a variety of options to recover losses, including 51% attacks, soft forks, and hard forks.
In the end, less than 6% of Ethereum holders voted, and 85% of them supported the hard fork, which split Ethereum into two.
It is worth noting that this hard fork is not caused by the problem of Ethereum itself, but only a problem with the code of the application (The DAO) on Ethereum.
It’s just that some of the members of the organization happen to be members of the Ethereum Foundation, and the two share common interests.
The code is the law has become empty talk, and it is too big to fail again.
On July 20, 2016, the hard fork was successful. Vitalik chose to stand on the side of ETH, saying that he would devote all his energy and resources to ETH. But I am not against ETC either, and consider it an experiment.
Vitalik admitted frankly that the reason why he no longer devotes energy to ETC is that ETC's social contract, community, and reason for existence no longer excite and satisfy him.
Those who support ETC believe that the code is the law, and the interests of the public should not be bound by the minority.
The contradiction between ETC and ETH has gradually evolved into a moral and ideological confrontation. The ETH community believes that it has defeated the hackers through a hard fork, which is a revolutionary victory and is morally superior; the ETC community believes that the power of the community and developers should not be too large, otherwise there will be no corruption in the financial system. difference.
A few days later, Poloniex, the world's largest Ethereum exchange, launched ETC, and several exchanges followed suit.
image description
secondary title
How should ETC go?
After splitting into Ethereum (ETH) and Ethereum Classic (ETC), ETC decided to go its own way.
On February 20, 2017, Igor Artamonov founded a company called ETCDEV to help Ethereum Classic smart contracts develop tools used by developers. Charles Hoskinson, who used to work in Ethereum, also hired 7 developers from Poland to rewrite the ETC client.
Immediately afterwards, ETC began to change its monetary policy, using Matthew Mazur's ECIP-1017 proposal. This plan reduces the output of ETC by 20% every 5 million blocks, and the total issuance does not exceed 230 million.
The most important point is that the ETC community hesitated not to trust the PoS consensus mechanism, and believed that its algorithm was not safe enough, and disabled the difficulty bomb. In the near future, the ETH consensus mechanism will transition from PoW to PoS, and the two will be completely separated by then.
Later, ETC early supporter Barry Silbert established the ETC Cooperative to help the growth and development of the ETC protocol. DFG founder James Wo also bet on ETC and created ETC Labs to incubate innovative projects on the ETC chain.
This ETC Atlantis hard fork is compatible with the Spurious Dragon and Byzantium upgrades of the ETH network, and the performance and functions of ETC have also been greatly improved. DApps on the ETH chain can be seamlessly transplanted to ETC.
The hard fork of ETC to be "more like ETH" is not to admit defeat to ETH, nor to compromise to ETH, but to catch up. In particular, the ETC community began to encourage miners to transfer from ETH to ETC in terms of publicity.
ETH will start the Beacon chain (PoS chain) in 2019, and complete the startup of the virtual machine layer in 2021. Ethereum will completely transfer from the PoW chain to the PoS chain.
ETC was attacked by a "good faith" 51% computing power in early 2019, presumably it understands the importance of consensus mechanisms and algorithms better. After ETC suffered a 51% computing power attack, Vitalik said that it was the right choice for ETH to switch to PoS.
Both ETC and ETH currently use the same mining algorithm, and when ETH turns to PoS, most of the miners will be abandoned. Maybe at that time, it is the time for the two to decide the winner.
