Etherum Classic Vision: A paradigm shift for the cryptocurrency world
In recent years cryptocurrencies powered by the revolutionary Blockchain technology have become increasingly popular as they offer relatively secure and quicker transactions. The core idea behind the development of cryptocurrencies has been security, anonymity, and fast and seamless transactions.
While Bitcoin was the first cryptocurrency that gained popularity, following the suit was Ethereum with its Ether token. Revolutionizing the entire crypto market Ethereum was developed to make the entire process of making transactions fully decentralized. It went beyond the popular function of existing cryptocurrencies which was limited to peer to peer transfer of digital tokens.
Moreover with smart contracts feature it created a wide range of opportunities for people to make use of alternative digital currencies. A smart contract is a special protocol intended to contribute, verify or implement the negotiation or performance of the contract. Smart contracts do perform credible transactions without third parties. These transactions can be tracked and are irreversible.
Challenges around the Ethereum project
The most important problem Ethereum has is the ability to scale. Scalability is a major problem with many other currencies as well. This means that the Ethereum network is capable to only handle about 5 transactions per second which are still relatively slow. The team is working non-stop to solve this problem and increase the transaction speed and capacity.
Another problem around Ethereum is the activities connected with money raising that every company is trying to do. It’s not so much of a problem but it can have a lot of negative consequences. These activities will lead to the liquidation of the amount of Ethereum that are raised and then just left all on the market. This way the price for Ethereum will drop. Ethereum also has no fixed maximum supply. This means that every time when a new coin is put in the circulation, the value of one ETH will lower. Ethereum will remain inflationary.
The main concern with scalability is trust. If only some entities can offer full nodes usage then these entities can work together and give additional coins to them and users won’t be able to see that. This can later be discovered, of course, but scalability will still remain of the biggest issues Ethereum has.
Introducing Ethereum Classic
Here is a new cryptocurrency that seeks to be a solution to the sticking issues identified with Ethreum. A hard fork of Ethreum, it will take advantage of most advanced solutions proposed for the world’s second-largest digital currency, at the same time maintaining the ideal of decentralization. Great to note, that the project will make use of many technologies like sharding, P2P asset exchange, dApp development tools, and decentralized file storage using IPFS. Starting out as a PoW-based system, it will later offer stable rewards to transaction validators courtesy of the execution of Proof-of-Stake, at the same time creating an optimal environment for releasing new assets.
Ethereum Classic vision represents a sophisticated, fast, easy-to-scale, and a very decentralized system, but then Proof-of-Stake as its obvious, doesn’t support these objectives. So, what will happen is that at the beginning the project will utilize PoW but eventually adopt PoS. This is a clear departure from Ethreum which normally undergoes a lengthy partial testing stage, this project will carry out a more decisive and stable transition.
The proof-of-stake idea is dependent on users staking a reasonable number of coins in order to be chose as block validators, for which they get a reward. This consensus algorithm has features that are of comparative advantage over Proof-of-Work such as energy efficiency, fair distribution of rewards, decentralization, security and stability.
It’s about tackling some of the main challenges facing Ethereum, such as scaling, mining inefficiency, and high costs of data storage.
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