Beyond the tampering: ETC opened up a new road
The etheric Fang monetary policy, the unrestricted inflation is considered to be an important obstacle to the development of the etheric Fang, and even become an important reason for many related projects of inaction, therefore can learn bitcoin fixed circulation. From the bifurcation of the ETC Ethernet Fang although there is not a good management mechanism, which is still an important research object of reference for such projects diverge, so the test field is also a lot of system adjustment programs, such as the blockchain reward proportion as a community development fund. After the completion of the monetary policy and other basic elements of ETC, non repudiation of the commitment will continue to encourage community development.
“We think we are really the etheric fang”.
CoinDesk recently held a meeting of the Construct for developers, developers ElaineOu described ETC (ethereumclassic, Ethernet square before bifurcation version) and Ethernet (workshop last year due to ideological differences from the original developer community blockchain) what is the difference.
The original “non repudiation” (any entity or organization can not change the transaction records of the commitment to the creative) was derided as “protest chain”, said Ou ETC from the start from some of the key technology and Ethernet to distinguish fang.
Now, the organization is becoming another important difference: monetary policy.
In a statement released on Wednesday, ETC support various interest groups announced their support for a monetary policy initiative, or a series of management protocol for digital tokens (ETC) how to allocate the rules.
These terms include the total supply chain blocks, tokens of not more than 230 million ETC, and reduce the block chain defenders award.
The famous signer including IOHKCEO and Ethernet CEOCharlesHoskinson and Fang investment group DCG (DigitalCurrencyGroup) the founder and CEO of BarrySilbert.
The following statement:
“Our common goal is to make ETC successful, we believe that the community can unite cooperation, achieve sustainable global platform”.
Therefore, the news may marks an important step in project design.
So far, the core features of ETC is its non tampering. In fact, this is the ideological differences lead to ETC and Ethernet Fang division, the latter resumed trading last year after the “TheDAO” hacker attacks.
But the two agreement is still very similar. After the division of the ETC code and keep synchronous Ethernet square project, because the ETC team has been replicated many etheric Fang code changes.
As monetary policy news, ETC began to enter the stage of legalization. Until the split, many developers are expected to hard bifurcation situation, a few people like ETC support block chain will disappear.
ETC set up its own ambitious image in this way, although the long chain of encryption currency could not fulfill the commitments made by the founder, but it inspires their supporters.
However, for those who watched the people in the fields, the announcement is not surprising.
In January Ou Construct conference said, “ether Fang current monetary policy, in fact it has no monetary policy”.
“Solve” the problem of community plans have been on an official proposal (called ECIP1017) in the overview of the various stakeholders of the agreement on Wednesday officially this initiative.
Ou explained: “we want to modify the monetary policy, to make it look more like a hard limit bitcoin, about 200 million dollars every two and a half years about Ethernet; the reward will be reduced about 20% blocks”.
However, monetary policy is what the big deal?
Project Coordinator Arvicco ETC of anonymous, it is a help to the further development and growth of the property.
Fang “ether monetary policy, determined it is not restricted to inflation, are all positive development obstacles. To the fixed quantity issued like bitcoin is ETC many stakeholders that is a priority”.
One of the best examples of the progress of ETC and continuous disputes, the investment company DCG proposed the establishment of investment funds to support the ETC project.
However, monetary policy is so important, founder and CEO of DCG BarrySilbert said, plans to complete before do not intend to start the fund.
IOHK Project Manager CarloVicari said: “when things are clearly understood and defined, investors, developers, miners and other members of the community will be much easier for planning”.
ETC is the first step in this regard is performing hard bifurcation, delay the so-called difficult bomb code base (Embedded Ethernet workshop in order to encourage switching to another consensus mechanism and improve the difficulty).
But the fundamental change of monetary policy is not the agreement? Some people would say, because it needs another hard fork.
ETC is the bifurcation of the results, it can be other initiatives blockchain controversial precedent for a long time.
It can show if the ETC itself performs a controversial bifurcation what will happen. Although so far, the encrypted currency has carried out two bifurcation, but no classical ETCC (ethereumclassicclassic) such things.
A company’s influence
The community will adjust monetary policy as the highest priority changes, of course, in addition to other people involved in the project.
IOHK is an active in the areas of the company, so far is one of the largest participants.
Perhaps most importantly, IOHK invested a lot of resources, supported by seven full-time developers to develop a ETC protocol of Scala, is expected to release this summer beta version.
At present the encryption currency of two teams in the development of client ETC – SET protocol user operation.
In addition, IOHK will this relatively new currency as a research laboratory as well as encryption.
Hoskinson said: “we want to see if we can create a different route map, to see if it can take us where to go, look different from the etheric Square Foundation (EthereumFoundation) model is how successful”.
He pointed out that the use of different consensus algorithm (“proof of work” and “rights proof” mixture) and to the center of management as an option.
“Between Ethernet and ETC is one of the most controversy Fang who basically control system. Fang Fang is the foundation of Ethernet Ethernet control, they control the money, they are developers, they have to raise the public task”.
It is worth noting that Hoskinson is the former chief executive of the etheric Fang Foundation (before it is not a non-profit organization), he didn’t like the etheric Fang reconstruction.
Hoskinson believes that although there is no control over the ETC, but he thinks that the administration mechanism needs to have a better future to coordinate the allocation of funds to developers and bifurcation.
The company is developing a project is to provide funding for developers of the “Ministry of finance”, but not by any institution management.
The proposal has not yet been completed, but the idea is to develop a built-in “tax in the agreement”. Basically, if every time the miners found a block to get a block of reward, a certain proportion of block reward will be sent to the Ministry of finance, to provide the community selected developers or project.
Hoskinson the Ministry of finance structure compared to the traditional government, as public welfare tax to the participants. Although some participants may dislike tax, but he believes that mining is a kind of tax incentives, therefore may use the same way to finance the development of activities.
Despite these initiatives, ETC is still a small community. A criticism it received is unlike Ethernet square, there are not many to the center of the application (or dapps) is built on top of it.
Hoskinson thinks this is a good thing, before the deployment of smart contracts, researchers and developers need to further review its safety, and to lay a foundation in the protocol level.
But other people think that ETC dapps sooner rather than later.
Vicari said: “I expect after the formulation of monetary policy and other basic elements, the focus of the community some people will turn to the development of dapp”.
Ou said that around a large upgrade technology and many other problems, such as slice”. It can be said that the etheric Fang foundation did not fulfill its promise here, Ou said ETC may take different routes.
Nevertheless, the origin of the ETC is not tampered with the promise of this simple goal may continue to inspire the community.
“Now the main feature of ETC is our love can not be tampered with, I know that some people don’t care, maybe they don’t need a chain block”.