Ethereum Classic is the original Ethereum block system that provides the ability to create decentralized applications and execute smart contracts. By his appearance, he owes unshakeable fidelity to the developers of the basic principles of blockade technology. The project symbolizes the importance of the interchangeability of the crypto-currencies and the invariability of their detachments. The blockers Ethereum and Ethereum Classic are identical to block number 1920000, when the infamous DAO hard fork was produced, as a result of which the block and the crypto currency have undergone irreversible changes. Hard Fork Ethereum platform has created a smart contract DAO (from the Decentralized Autonomous Organization, decentralized autonomous organization). In fact, the DAO was a venture fund whose funds were to be distributed by investor voting. He was extremely popular and attracted about 14% of all issued at that time tokens Ethereum (aether) worth more than $ 150 million. The main advantage and at the same time the lack of a smart contract was its autonomous execution. The flaw of the system allowed an unknown hacker to steal from the DAO 3.6 million ethers. Creator Ethereum Vitalik Buterin and most of the community wanted to conduct a hard fork, returning the block to the previous hacking state, block 1920000, to return funds to depositors. The block that remained after the fork is unchanged, is now known as Ethereum Classic, or ETC. Part of the community, continuing its mine and support, is sure that external forces should not influence the immutability of the detachment. From this moment, the Ethereum Classic project began to make its own way in the world of crypto currency. Members of the ETC community hope that fidelity to the principle of "code is the law" in the long term will justify itself and will contribute to the creation and growth of the value of the network. Smart contracts Smart contracts were invented by Nick Szabo back in 1994, but at that time there were no decentralized platforms that would allow them to be safely stored. Blocking became an ideal platform for smart contracts. Smart contracts are created on the basis of the blockbuster Ethereum Classic and the conditions contained in them are executed automatically. Someday, the development of this technology can lead to the disappearance of countless intermediaries in banking, file storage, insurance, identity, reputation services, etc. Executes contracts based on Ethereum Classic Turing-complete virtual machine Sputnik VM. Turing complete machine is able to simulate the operation of the Turing machine The principle of the Alan Turing hypothetical machine is to act with a string of zeros and ones that can simulate any computer algorithm. To prove that the computer can more than a Turing machine, so nobody has succeeded, which means that SputnikVM is able to execute any program coded in it. The idea of Ethereum Classic is not only to decentralize the currency, but also to create a global decentralized computer. Virtual machine support brings nodes (nodes of the network) ETC financial bonuses - they are rewarded for conducting transactions related to contracts. Smart contracts are able to make payments to ETC network participants. Emerald tools for developers The logical consequence of the uniqueness of developments based on Ethereum Classic was the emergence of an exclusive set of Emerald tools for creating decentralized applications. It includes the user interface, catalogs and build tools. Since Ethereum Classic is a platform, the main task of the project is to attract the maximum number of developers to create programs based on it. In the focus of attention among the developers of ETC - the so-called Internet of things (IoT). In a recent interview, one of the ETC developers, Igor Artamonov, said: "Smart contract based on blockbuster is ideal for simple agreements between machines operating in a distribution network and using an intercomputer protocol.From this point of view, the most obvious sphere for their practical application is the Internet of things. " Geth Geth is a client program written in Go and providing a "multi-purpose command-line tool that provides the full Ethereum Classic node". After the hard fork, the Geth code was updated almost 40%, which indicates the high level of activity of the developers of Ethereum Classic. The program allows you to clear the ETC, transfer funds between purses, create smart contracts and manage accounts. The history of Ethereum Classic, which separated from Ethereum in July 2016, continues its original blockade. In the Ethereum community, the prevailing view was that after the fork, another version of the chain would simply disappear, but with enthusiasts who disagreed with the decision on hard fork, the mining and trading on it continued. Later, ETC was placed on the Poloniex exchange, and its price rose to one-third the cost of ETH. After a flurry of attacks on several Ethereum forums in Reddit, ETC developers published an "Declaration of Independence" in which they declared their commitment to decentralized and uncensored open-ended blockade. "We share the original vision of Ethereum as a world computer that executes irreversible smart contracts, a computer that can not be turned off," the Fork supporters said at the time. The "Declaration of Independence" also sets out the basic principles of the project: "Code is the law. The Ethereum Classic code will not be modified to violate the immutability, interchangeability, or inviolability of the registry. Transactions and the history of the registry in no case can be canceled or changed. " Obviously, these principles no longer corresponded to the Ethereum philosophy, and the ways of the ETC and Ethereum Foundation developers differed. After some time, ETC tokens, stolen from DAO, were thrown onto the market, however, strangely enough, the value of the currency remained fairly stable. After all this confusion, the developers of Ethereum Classic managed to assemble the team and continue to move their own way. Team Ethereum Classic The team Ethereum Classic deliberately remains in the shadow: the absence of an explicit leader is in line with the core philosophy of ETC as a decentralized project, the development of which is not determined by one or several influential people. At the same time, many members of the team have more than a decade of experience in software development, and they all understand how to build a system that can function for many years. Their main task is to make Ethereum Classic a stable and practical technology that is directly opposite to the widespread mantra "act fast and sweep everything in its path."
Volume of coin emission and network stability From the point of view of mining and the volume of emission of coins, ETC is strikingly different from ETH. Block Ethereum includes a so-called complexity bomb - a mechanism that gradually complicates mining. Over time, he will force all the miners to switch to the Proof of Stake algorithm. Developers of ETC, in turn, suspended the "bomb complexity" and intend to continue to adhere to the protocol Proof of Work. On average, the processing time of the block takes from 10 to 14 seconds, and the reward for each of them is 5 ETC. Due to the high speed of the process, transaction fees remain rather low and amount to about 1 cents. The Ethereum Classic model will remain inflationary until 2025, when all the network tokens, whose number is limited to 210 million, will be released. Ethereum has no plans to limit the release of tokens, and currently the developers expect to continue to adhere to the inflation model. Representatives of ETC believe that such a monetary policy will make investments in Classic safer, as the cost of coins will not decline over time due to the infinite increase in supply. Future projects and development strategy Developers continue to work on the desktop purse Emerald, the first ETC-purse, which will confirm transactions in a non-credible manner. It is possible that this year will see the light of his mobile version. As Ethereum Classic's popularity grows, there will be a need for people who can help scale the network. Work on prototypes is also planned for the coming months. The full road map for 2018 is given below. February Presentation of the architecture of the sidecynes Support for SputnikVM in the Geth client March The first public release of the desktop purse Emerald Synchronization of the Warp in Geth April Beta version of the mobile purse Emerald Disabling the "complexity bomb" May Working on the sidcheon prototype Launching new operating codes to ensure compatibility with ETH June PoC of the new layer StateDB Mobile purse Emerald July Support for the sailors in the Emerald Project First release of the Emerald SDK August Compilation of JIT in SputnikVM September Integration of cross-transactions with external blockers New layer StateDB October P dderzhka IPFS in Emerald November Full compatibility with ETC infrastructure IoT December Update EVM Virtual Machine (new operating code and optimization) ETC competition, no doubt waiting for the rivalry with worthy opponents. They include not only an obvious opponent in the person of Ethereum, but also all other suppliers of smart contracts, including NEO, which has announced itself in this field in recent months. However, representatives of the ETC community say that they "are not focused on monitoring the development of competing technologies, but on partnerships and additional solutions." It is worth noting that ETC significantly outperforms some suppliers of smart contracts in terms of decentralization. The history of trading ETC invariably enters the first twenty of the world in terms of market capitalization. After the Hong Kong conference of developers, its value rose to $ 20, and the first stage of implementing a new monetary policy to eliminate inflation caused a new price jump to a mark above $ 30. While the general attention is focused on the development of Ethereum, it will be interesting to see how decentralization and inflation will affect its coins in the long run. trading volume etc Where to buy ETC? You can buy Ethereum Classic for BTC or ETH - for example, on Bittrex or Poloniex exchanges - or directly for dollars - for example, at the Bitfinex exchange. Where to store ETC? The Emerald Wallet wallet is still under development, but its latest version is available at this link. Jaxx is suitable for mobile devices, and the safest way to store it is the hardware wallet Ledger Nano S. Conclusion While investing in ETC, you know that you are investing in a project, one of the main values of which is the immutability of the block.Members of his team hope that in the long term, fidelity to the basic principles will prove to be a winning strategy. As for the ETH, there is already a precedent of hard fork in its history due to the decision of a minority of influential members of the community, and in the future this can happen again. It is important to remember that the crypto-currencies originated from the ashes of the failed banking system. Satoshi Nakamoto created decentralized blockades as a response to corruption in the financial sector, and "the permanent blockade was conceived as a technology free from human propensity for corruption." The theft of crypto currency has happened before and will probably happen again. Where is the line beyond which there is a real need for hard fork? Developers of ETH have erased this line, and the creators of ETC conducted it again.
source https://cryptocurrency.tech/rukovodstvo-ethereum-classic/
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