Ethereum Classic (ETC) is a fork of Ethereum. Or perhaps Ethereum is a fork of Ethereum Classic… It depends on who you ask and can be a little …
Ethereum Classic (ETC) is a fork of Ethereum. Or perhaps Ethereum is a fork of Ethereum Classic… It depends on who you ask and can be a little confusing.
Either way, the original Ethereum blockchain is now split into two competing versions. One is sitting pretty as the second-largest cryptocurrency by market cap – namely Ethereum. Ethereum Classic has been having a rougher time of it and is currently 18th in the market cap rankings.
Let’s dive a little deeper into what Ethereum Classic is and how it came about.
The creation of Ethereum Classic
Soon after the birth of Ethereum, a new concept was invented. The Decentralised Autonomous Organisation (DAO) was a smashing idea in theory that generated a lot of hype. However, in reality, things did not go to plan.
The DAO was supposed to be used as a fundraising tool for various projects built on Ethereum and was crowdfunded itself in 2016. This was the largest crowdfunding campaign in history at the time.
However, disaster struck the project soon after its release. The open source code had a major bug in the system which a hacker exploited. This resulted in 3.6 million ETH being stolen, equivalent to $50 million at the time. The DAO contained 14% of all circulating Ethereum upon its creation.
The hack caused much debate within the Ethereum community about how to proceed. Should they continue on and learn from their mistakes? Or should they roll back the blockchain, returning the money to the investors whilst also harming the supposed immutability of the blockchain?
Eventually it was decided to roll back the blockchain. However, this decision wasn’t without controversy and did not achieve consensus. Therefore, when the roll back was initiated, several miners continued to mine the original chain, causing a split. This resulted in the creation of two Ethereums: Ethereum and Ethereum Classic.
Unlike the split between Bitcoin and Bitcoin Cash, the fork for Ethereum has been a lot more civil. They have now co-existed together for a few years without the vitriol and competitiveness we have seen from the Bitcoin split.
Backers of Ethereum Classic
There are currently three separate teams supporting ETC. The first and most commonly cited is Ethereum Classic Cooperative. This is a project run by investor and Greyscale CEO Barry Silbert. There have been comments that Ethereum Classic is now Barry Silbert’s cryptocurrency in much the same way Ethereum relies on Vitalik Buterin. However, Silbert claims to have taken a “very hands-off approach”.
The two other teams working on Ethereum Classic are Ethereum Classic Labs and IOHK Ethereum Classic. IOHK is a technology company founded by Cardano creator Charles Hoskinson, so its time is split between the two cryptocurrencies (although it is likely that much of its focus is now on Cardano).
Ethereum Classic Labs is partnered with Barry Silbert’s Digital Currency Group and helps fundraise start-ups and projects on the Ethereum Classic blockchain.
Attack on Ethereum Classic
Earlier in 2019, Coin Rivet reported that ETC was suffering from a 51% attack. Coinbase was the first to spot the attack, stating on its blog: “We detected 12 additional reorganisations that included double spends, totaling 219,500 ETC ($1.1 million).”
Whilst this could have been a disaster from both a PR and security perspective, the reaction was subdued. This was either due to a lack of interest from the market as a whole or a strong belief from the Ethereum Classic community that they would survive and return stronger.
Ethereum Classic began trading at just under $1 and soon rose to $2.70 in early 2016, before ending the year at $1.60. Like every other cryptocurrency during 2017, the price of Ethereum Classic rose with the rest of the market.
The coin peaked at $47.77 in December 2017, and in January 2018, Barry Silbert released his tweet below when the price was $28.13. Unfortunately for anyone that might have listened to Silbert’s advice, they will have seen ETC succumb to the grip of the bear market as the cryptocurrency now rests at $5.68.
At the same time, Ethereum continues to plug away at a much higher value. ETC never managed to attract the ICO platforms that allowed the Ethereum chain to pump so massively in price, and with the days of ICOs seemingly over, it appears to have missed the boat on this price boosting tactic.
If you’re not watching Ethereum Classic ($ETC), you’re doing it wrong
Ethereum Classic has struggled to compete with Ethereum since their split. With continued progress being made on Ethereum as well as the rise of other competing blockchains such as Cardano or EOS, the future of ETC appears to be one of struggle.
Should another bull run occur soon though, ETC may cling on and survive a little longer, but it is unlikely to reach mainstream attention.
HTC, a leading smartphone manufacturer, recently introduced Exodus 1, a blockchain-based phone with an integrated cryptocurrency wallet, which …
Bitcoin (btc) is the first cryptocurrency, and certainly the most popular. The rapid rise of its valuation in 2018 urged many investors to invest in the cryptocurrency, with hundreds of users joining exchange websites every week. Based on the recent cryptocurrency trends, it is likely 2019 will be dominated by btc.
Several major cities in the U.S. are preparing for the launch of btc compatible ATMs. Chicago and Philadelphia have already launched as much as 100 machines, deployed solely for btc transactions. Many traditional ATMs in New York are also compatible with btc, enabling users to create accounts with Liberty X, a btc payment provider. Users can utilize their debit cards to buy btcs up to the value of $3,000 per day. Introduction of btc compatible ATMs will promote people to carry out their transactions through btc, thus popularizing the use of cryptocurrency.
Btc eliminates the need for possessing a bank account. As a result, many of the central banks are likely to endorse cryptocurrencies, especially in countries which are rife with conflict and financial crises. Central banks cannot always entrust their bonds to foreign banks or government bodies, which are subject to political pressure. Leveraging cryptocurrency will minimize the involvement of third parties.
Recent trends show an increase in companies endorsing the use of btc by tourists and travelers. People often visit currency exchange centers when traveling to different countries. This arduous necessity can be eliminated with the introduction of btc payments. With regard to the convenience of using cryptocurrency, the tourism board of Germany has already adopted btc as a payment method for its services. Even in Australia, a beach town in Central Queensland was named the first digital currency-friendly tourist town.
The smartphone industry is also experiencing a btc trend. Several tech companies are already pushing the introduction of smartphones with integrated wallets for storing cryptocurrencies. HTC, a leading smartphone manufacturer, recently introduced Exodus 1, a blockchain-based phone with an integrated cryptocurrency wallet, which facilitates quick and easy cryptocurrency transactions between users. Whether these trends will lead to the global acceptance of btc is subject to speculation, but the user base of cryptocurrencies is steadily growing.
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Bitcoin is a digital currency middleware. Satoshi Nakamoto stated in his white paper that: “The root problem with conventional currencies is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”
+10 years without interruption or incident
Bitcoin does not have a central authority and the bitcoin network is decentralized (Wikipedia):
There is no central server; the bitcoin network is peer-to-peer.
There is no central storage; the bitcoin ledger is distributed.
The ledger is public; anybody can store it on their computer.
There is no single administrator; the ledger is maintained by a network of equally privileged miners.
Anybody can become a miner.
The additions to the ledger are maintained through competition. Until a new block is added to the ledger, it is not known which miner will create the block.
The issuance of bitcoins is decentralized. They are issued as a reward for the creation of a new block.
Anybody can create a new bitcoin address (a bitcoin counterpart of a bank account) without needing any approval.
Anybody can send a transaction to the network without needing any approval; the network merely confirms that the transaction is legitimate.
Privacy: Bitcoin is pseudonymous, meaning that funds are not tied to real-world entities but rather bitcoin addresses. Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain are public.
The proof of work allows to create an energetic cost and in time to the fraud. This cost is also the security value shared across the contributor network. This makes it possible to decentralize, on a single neutral ground, conventionally banking operations historically duplicated in banks’ data centers, offices and administrations.
Value register use a blockchain system
A blockchain makes it possible to keep up to date the register of the inputs and outputs on the Bitcoin addresses.
Under the continuous exploration of blockchain believers all over the world, it has covered a large number of industries. Among them, the most …
NEW YORK, NY / ACCESSWIRE / May 10, 2019 / In recent years, with the in-depth development of blockchain technology, its scenario application has become more and more diversified. Under the continuous exploration of blockchain believers all over the world, it has covered a large number of industries. Among them, the most far-reaching impact on the game industry is considered to be the most likely technology to subvert the development model of the industry. This makes many investors focus on the blockchain game.
At present, there are many game service platforms packaged with the concept of blockchain, however, the platforms that really achieve the ultimate goal have not yet appeared. Explorers, represented by Hunt down foxes Fox Hunting platform, are responding to the future with a more active attitude, focusing on building an ecosphere with a high degree of systematization and quality experience.
Hunt down foxes is the first game platform in the world to adopt the mode of combining public chain and private chain. It is dedicated to the professional services of blockchain games and assets, driving the core assets of the game economy system and incentive system to link all participants in the industrial chain into the commercial wealth system, thus forming a closed-loop interest community. Hunt down foxes headquarters in Manhattan Central Business District, New York, USA, and it has established offices in Hong Kong, Macao, Tokyo, Southeast Asia and other countries, bringing more valuable services to global users and investors.
Hunt down foxes public chain FOX circulates in major exchanges and its private chain FOXT is used in platform games. FOX and FOXS can be converted in real time. Global users can be rewarded by playing and sharing games. Global game developers can also use Hunt down foxes as a marketing platform to deeply bind customers.
In addition, the innovation of Hunt down foxes platform lies in the deep integration of its blockchain technology application, token economy and game, which creates a new mode of game experience and value realization, not only limits to sensory changes, but also changes in economic forms and production relations. The goal of Hunt down foxes platform is to create a brand new game ecology. Because in the new economic cycle, the intrinsic value represented by rights and interests, the income value represented by tokens, and the subjective value brought by decision-making power interact with each other, cooperate with rich game playing methods, and form a large industrial ecology pattern closely related to the upstream and downstream industry chains of the game.
“Smart contract subversively solve the problem of non-transparent and unfair access to game resources, and reach a value consensus in the virtual world. It can reduce the transmission of benefits in related operations, and enable users, communities and value creators to get the most efficient benefits.” Hunt down foxes platform officials said that in this ecosystem, players’ acquisition of goods, digital assets, can circulate in the virtual world, and get value continuity at the same time, players can create their own values. In such a brand new game experience, global gamers will bring huge traffic and high value to the platform.
The operation logic of Hunt down foxes platform is based on the “Nash equilibrium” win-win concept, so that both of the project and investors can reach a consensus to achieve common profits. The projects can be operated successfully, and the investments will be rewarded with profits. Meanwhile, FOX, the basic circulation medium of the platform, will also usher in increasing value. All FOX will not be ICO, but will be mined out, and the platform will continue to buy back FOX and destroy it permanently. So, the scarcity will lead to a sharp rise in FOX’s value and price.
At present, Hunt down foxes platform has been officially launched in mid-April, and a global launching ceremony will be held in Hong Kong in May. It is expected that in late June, it will be able to realize on-chain trading on major global exchanges. High-speed development is a performance of the urgent needs of industry and users for core values. Driven by this trend, Hunt down foxes platform will continue to devote itself to the ecological construction of the game industry, promote industrial change with blockchain technology, and strive to create more opportunities for the development of the whole game industry.