Ethereum Classic (ETC)
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VIA – CoinBase Blog
On 17th June 2016, someone exploited this very loophole in the DAO and siphoned away one-third of the DAO’s funds (around $50 million dollars at that time). Funds were on a known account for 28 days and Ethereum developers started talking about possible solutions.
Three proposed solutions were:
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The third option, a hard fork, was chosen to recover stolen funds frozen on the account and that meant changing the original Ethereum code. Ethereum was split into two camps: one camp which claimed that code is immutable and should never be changed and a second camp which claimed that code needs to be made better and that funds have to be recovered. Hard fork team prevailed and they forked to ETH while the immutable code camp continued with old code and named it Ethereum Classic or ETC.
Some sources claim that holders of less than 6% of the ETH in circulation voted on the matter over a narrow 12-day period, raising questions about whether the decision was truly democratic.
The purpose of ETC is continue development on original Ethereum code.
Remove Difficulty Bomb
Emerald Wallet for Mobile
Release Dapp SDK (Emerald Project)
Enable new opcodes from ETH (compatibility)
SputnikVM optimizations and JIT Compilation
New improved state layer
Scalability improvement and sharding (towards to 1,000+ tx/sec)
Light client for IoT and Mobile
Interoperability with other blockchains
Improve cryptography on EVM (for zero knowledge proof, homomorphic encryption, etc)
Hybrid consensus research
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Creators / Founders
Founder & CTO
Core Development Team
Constantine Kryvomaz – Rust & Go Developer
Isaac Ardis – Go Developer
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As previously stated, their roadmap is ambitious and TCL does not see its current price action and chart as being worth much attention. If they manage to tick off their development “to-do list” and can actually increase the transactions to 1000+/sec in 2019 while also not compromising the goals of the original white/yellow paper, then price action should follow. Until then, we will monitor their developments and readdress Ethereum Classic when it’s proven it’s staying power.
Reference & Links