Ethereum Classic Vision: The Answer of Cryptocurrency Industry

Offering convenience from blockchain technology currently has been tempting the public. Blockchain which declared itself to be the most significant discovery in the history of the internet provides a system that is more instant, efficient and transparent with a decentralized system. Indeed, this is a good signal for the world that there are no boundaries for all business transactions that occur. Running a business without an intermediary when a transaction occurs is a tempting offer — transactions that occur instantaneously and for free where there is no need for banks and other authorities as intermediaries and are carried out based on an agreement by both parties. There is no need to be afraid of fraud, and the account is hacked or modified because the transaction does not depend on one server. Moreover, all transactions that have been recorded and stored cannot be replaced or falsified.

Cryptocurrency is one of the results of a blockchain representation known to the public whose effects can be directly felt by humans. Two thousand seventeen is the year when ordinary people are aware of the term cryptocurrency because of Ramsonware wanna cry hacking cases that attack computer systems, lock all data in the computer and request ransom in the form of cryptocurrency. However, many people also have begun to be aware and interested in cryptocurrency because it was used as an investment tool and even payment. Moreover, cryptocurrency security technology cannot be falsified because it is a development of information and financial exchanges online. Digital currencies differ from conventional currencies. Conventional currencies use a centralized system, and there are intermediaries when transactions while digital currencies use a decentralized system. Currently, there is more than 500 cryptocurrency present in the world.

Two thousand eighteen became a year that was very unwanted by cryptocurrency market players. It could be that the year was the most challenging year as long as they struggled with the world of cryptocurrency. The price of Ethereum and bitcoin reached its weakest point during their journey. In September 2017 the price of 1 bitcoin touched the cost of 55 million. It indeed becomes a warning for cryptocurrency actors considering the weak prices caused by unbalanced supply and demand. Low transaction processing times, rewards for falling miners, and suggested solutions for changing difficult situations are far from being implemented. Though blockchain technology itself has become a hope for many people to help make the world a more efficient, borderless cross-border and world transaction.

Ethereum Classic Vision is the answer to the current cryptocurrency world problem. Ethereum Classic Vision is a new cryptocurrency intended to realize the benefits of using the blockchain system. Utilizing the second best in the world is true decentralization of Ethereum Classis and the advanced protocol developed by ETH. With the aim of becoming a connector of hope and reality. Ethereum Classic Vision is the right choice because it combines three features that must exist in blockchain technology, namely decentralization, scalability, and security. Hard-fork Ethereum also safeguards the ideals of decentralization and utilizes the most advanced solutions. Decentralized storage using IPFS, the dApp development tool, sharding, and P2P asset exchange will be combined and used in this project.

Ethereum Classic Vision offers the advantage of more efficient, safe and profitable mining proof-of-stake that will make all networks decentralized. Sharding ETCV network that can process 25000 more transactions per second when compared to 25 at ETH. ETCV stands for Ethereum and tickers from new digital assets that will be created and are planned hard-fork results. The miners will be given rewards, and the prize will be handed down to the system. Traders and miners will be balanced. The launch of a smart contract is subject to a minimal fee at all, and a deal that is not used can be placed in a temporary sleep state. Then the last advantage is that decentralized storage IPFS is cheap for you.

Ethereum itself is the second largest digital currency in the world similar to Bitcoin, but Ethereum is designed to store databases. Ethereum was created with the aim of being a container where the smart contract can be run. Ethereum was built by Vitalik Buterin in 2014 and was first mentioned on a white paper. His desire to make adjustments to what already exists in Bitcoin led to this project. Ethereum wants to make your daily life more efficient and efficient. All processes that occur are carried out automatically without any intermediaries.

ETH proof-of-stake has three advantages, namely a source of efficiency, stability, security, and real decentralization. ETH is a source of energy that active miners will benefit individual miners. Its durability is maintained because the ETCV holder gets more coins by risking it not with the motive of the sale and because of this the ETH value increases. Guaranteed security because if there are validator blocks that violate or commit status crimes and their deposits will be lost. Real decentralization that giant miners will not carry the risk because ETCV will remain independent and there is no central authority from anywhere.

However, Ethereum Classic Vision offers a complete transition to mining PoS and validation compared to what happened on the Ethereum Network. It is ensured that the owner of the smart contract will still pay once for the installation fee and be given the freedom to pay the rent for the storage space or not. The statement was announced by the inventor of Ethereum Vitalik Buterin lately. So it was planned to integrate with the storage system and exchange of decentralized IPFS to turn Ethereum Classic Vision into a full-scale environment for the use of new digital assets and development.

ETH snapshot collection will be held on 11 January 2019, and all ETH holders on their wallets will get three ETCV on each ETH after the fork. Motivation from the existence of this fork to store the Ethereum blockchain that is original because of the update Ethereum 1 x can change the original Ethereum, it is necessary to guard for the original before updating. To be able to get 3 ETCV each ETH you need to have ETH in your wallet, and you will get it with a ratio of 1: 3.

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Ethereum Challenges

The decline in Ethereum and bitcoin values throughout 2018 caused unrest not only for miners, traders but also the developers themselves. It will take a long time and many years to fix the problems that arise one by one and the solutions offered are mostly none of them implement it. Even the solutions offered themselves have the risk of leading to a broader scope of problems so that a real step is needed to improve them.

Several challenges must be faced to realize Ethereum that moves forward. One of them is scaling. One of the solutions offered is the transition of algorithms from Proof-Of-Work to PoS because transactions that occur on Ethereum currently only reach 15 transactions per second, so the number of nodes is needed. Unfortunately, this doesn’t solve the problem. Its capacity that depends on each of the large computer networks makes transactions that can only be done for one process which should be done for several payment processes.

Ethereum Ice Age or is a piece of ETH code embedded in a hard bomb implanted system that can reduce the latest mining block efficiency until it has validated the code. This situation makes it difficult to create new blocks and become inefficient. It causes the miner left Ethereum and switched to another cryptocurrency. This code has a useful purpose, which is stimulating PoS, but because there is no agreement reached between the two, this only becomes a scenario.

For miners, rewards are things that can be said to be their rights. However, in the past year due to the decline in the value of Ethereum and other digital currencies, the rewards given to miners declined. Another reason for the decrease in rewards for miners is due to the complexity of the large miners who acquire and control excessively. As a result, this has angered small miners. Not to mention Ethereum’s leadership team is confusing the atmosphere by reducing block rewards to 2 ETH due to their efforts to network more efficiently.

Since the beginning of the creation of Ethereum, it introduced itself as a blockchain network whose data can be accessed with programs that have decentralized applications or dapps. However, the fact is that Ethereum has failed to achieve its goal of being a decentralized network. It is due to the superior control of the Ethereum Foundation without heeding the opinions of the community. Moreover, ASIC producers control 70% of the hashrate, which has 4 to 5 groups.

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Potential Answer for Ethereum Classic Vision

So far, proof-of-work is used as the main consensus in cryptocurrency. However, proof-of-work does not have efficiency as expected and is a source of problems experienced by this distributed network. Ethereum Classic Vision is made to be more sophisticated, easy to scale, fast, and a very decentralized system, very incompatible with proof-of-stake. Later in the initial period, the use of the PoW platform will be used in the hope that it will be transmitted to a full PoS that is more confident and firm.

If it is seen from the above explanation about proof-of-work, Proof-of-stake is expected to be able to solve problems that will arise later. The selection of block validators based on the number of coins that users put is the basic concept of proof-of-stake. If you look at the advantages of this consensus algorithm, five pros can solve the solution on Ethereum Classic Vision later. The benefits are energy efficiency, fair distribution of gifts, decentralization, security, and stability.

The problem that arises when proof-of-work applied is the need for gas costs will increase if the transaction process increases and can only process 15 transactions per second. The massive electricity consumption if implementing proof-of-work is also a consideration. One BTC transaction requires electricity that can supply a month’s full household needs. It is inversely proportional to proof-of-stake who can use your personal computer or cell phone without consuming significant power.

If PoW offers prizes in return, the PoS does not have awards for miners but submits transaction fees to the validator. Even if it is seen from the benefits, it is far less compared to PoW, but in the long run, this is promising considering the operational costs incurred are also meager compared to PoW.

All claims from Ethereum and Bitcoin about their decentralized system are only small claims. It is because the creation of their new coins is centered solely on large miners. Based on the data, it was noted that pools controlled 51% of Bitcoin hashrates, while more than 40% were owned by Bitmains only. It is enough to make the independent miners get rid of because in their access and economy they are far outweighed, which ultimately eliminates their hopes. Surely this is very far from what they have claimed. However, the application of the PoS system is the opposite, and there are no economies of scale, there is no mining agriculture, even risking more coins does not mean that the validator can take over. So the PoS system allows validators who are still on a small scale to have the same opportunity.

When talking about security, there are many statements that PoW is safer than PoS because security attacks will succeed in penetrating the blockchain if it reaches 51% of some nodes. It seems challenging to happen at least economically. PoW also has a security system where if there are hackers the system will issue it with the help of technological and economic disincentives whereas post-of-stakes of all sizes offer projects the same security. Any crime and violation of the rules that occur will result in the loss of a deposit in the wallet of the validator block. In other words, the validator is asked to give and take their deposit if evidence of a violation is found.

Stability is one of the factors that significantly influence the survival of a cryptocurrency. The weakening of the digital currency throughout 2018 has raised questions about whether this business can last long. However, the Post-of-Stake answers these doubts. All digital currencies based on post-of-stake such as Ethereum Classic Visual experience stability. It is because the growth is stable now and in the long term. Unlike bitcoin, the value is volatile. Bitcoin value can be very high for now but can decline dramatically in just a short period. If the bitcoin validator after mining will be sold to get a reward, different from the ETC validator they have no motivation to sell ETCH because it will cause the validator to lose the right to validate the transaction. Instead of speculating to exchange, they are better off storing one coin to get more. Although actually, the post-of-stake also has its challenges to become stable. As one holding currency is required to be stored in an offline place which can lead them to the point of failure because it can bring up a secure and centralized cold storage space. PoW is the best when it comes to rewards and is not as high as it is. However, for the stability and benefits for the environment and the community is better and more comfortable than the PoW.

Hard fork Ethereum – Ethereum Classic Vision – 11.01.19
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