OVERVIEW/INTRODUCTION
Due to the recent trend in the crypto currency market, there has been a steady declination in the price of ethereum and bitcoin these market trends has also affected transaction processing time, allowing for no means of implementing any solution. Expectation are been let down, blockchain enthusiasts have always hoped for a better means of transaction, were transaction can be conducted with assurance of yielding positive result. without the interference of third parties like banks or authorities, all of these can be achieved with blockchain but the recent market trend has been a constrain, creating two parallel timelines of what is expected to happen and what is happening in reality (expectation and reality).
Ethereum classic vision is a newly developed crypto currency intended to link the two timeline of what is expected and what is happening in reality, and these will be done by leveraging advanced solution proposed for the world’s second-largest digital currency, simultaneously preserving the ideal of decentralizing.
CHALLENGES FACED BY ETHEREUM AND POSSIBLE SOLUTIONS
Ongoing crisis of the ethereum network
This new crypto currency aspires to provide sustainable solutions to the ongoing problems that has lead to the fall in price of ethereum and bitcoin in recent time, although multiple solution have been proposed but none have been implemented till date. Trying to resolve present ethereum crisis would take a while, possibly years and yet there would be no assurance for the future, and the so called solution may even result to more problems along the line. Etherum classic vision proposes solution to some significant crisis of pressing urgency that needs quick attention to even have a grasp of optimism for the future market, they are as follows;
1. Scaling, presently etherum processes just 15 transactions per second, trying to increase the number of transaction wouldn’t help, we may think increasing the number of transaction would increase the transaction time but it would only push gas fee up. Ethereum classic vision proposes a switch from proof-of-work consensus algorithm to proof-of-stake, this transition is been held back and no specific time has indicated as to when it will eventually happen.
2. Difficulty bombing, due to the newly introduced code its quite difficult and less efficient to produce new blocks, this make miners gradually switch from ethereum to other cryto currencies because ethereum is steadily becoming non-profitable and less effective causing what is known as “ethereum ice age”
3. Declining rewards, the past few years have been exhausting for miners due to the decline in their rewards; ethereum leaders even anger them more with the decision to reduce block reward to 2ETH while trying to buy time for the transition to PoS.
4. Rental storage fees, Vitalik Buterin stated that a fee will soon be collected by ethereum for introducing smart contract on ethereum.
PROPOSED INNOVATIVE SOLUTIONS
As earlier discussed the transition from the use of proof-of-work consensus algorithm to proof-of-stake will help ease the crisis on the falling price of bitcoin and ethereum, crypto currency space has depended on the use of proof of work sourly because the two largest blockchain have used then over time even though it has proven to be the cause of the recent problem faced. But the transition if a complex process and it requires careful balance so as to solve rather than complicate the issue faced.
ADVANTAGES OF PROOF-OF-STAKE OVER PROOF-OF-WORK
1. Energy efficiency
2. Fair distribution of reward
3. Decentralization
4. Security is guaranteed
5. Stability if assured
TECHNICAL FEATURES OF THE PROJECT
Ethereum classic vision aims to put an end to issues being confronted by ethereum including the following; scaling, mining, inefficiency and high cost of data storage these solutions will be done with the adoption of proof-of-stake with addition of other modules and features.
ETHEREUM CLASSIC VISION ROAD MAP
CONCLUSION
Ethereum classic vision have come up with series of proposed solution to the recent market trend which has lead to declination of the price of ethereum by adapting the use of proof-of-stake which guarantees decentralization, security , stability fair distribution of reward and energy efficiency for miner and also profit is certain.
Official Contacts
Website: https://ethereumcv.io
Whitepaper: https://ethereumcv.io/whitepaper.pdf
Twitter: https://twitter.com/eth_cv
Telegram: https://t.me/ethereum_classic_vision
Github: https://github.com/ethereumclassicvision
ANN: https://bitcointalk.org/index.php?topic=5089443
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