ABOUT ETHEREUM CLASSIC VISION
The (ECV) "Ethereum Classic Vision" is a new cryptocurrency that intends to bridge this divide of expectations and reality. The ethereum vision will leverage most advanced solutions proposed for the world’s second-largest digital currency, at the same time preserving the ideal of decentralization. This platform will combine such technologies as sharding, P2P asset exchange, dApp development tools, and decentralized file storage using IPFS.Starting out as a PoW-based system, it will later offer a constant rewards to transaction validators thanks to the implementation of Proof-of-Stake, at the same time creating an optimal environment for deploying new assets.
FEATURES OF ETHEREUM CLASSIC VISION
The Ethereum Classic Vision aims to resolve the major issues facing Ethereum, including scaling, mining inefficiency, and high costs of data storage. The transition to Proof-of-Stake, described in Chapter one constitutes the key element of this plan, but a number of additional modules and features will also play an important role. This part introduces the solutions proposed by Ethereum Classic Vision, their advantages, and implementation plan.
CHALLENGES AND POTENTIAL SOLUTIONS
- Centralization. It is clear that Ethereum has failed its purpose as a truly decentralized network. The control exercised by the Ethereum Foundation and its disregard for the opinion of the community, as well as – perhaps mostdisturbingly–the growing concentration of mining resources in the hands of ASIC producers (upto seventy percent of the hashrate is controlled by just four or five pools) –testify to the fact that centralization in the Ethereum network is growing.
- Rental storage fees. The Vitalik Buterin currently stated that Ethereum will introduce fees for hosting smart contracts on Ethereum. There is just a one-time deployment fee; however, in the near future developers will have to keep paying for their dApps to stay online.
ADVANTAGES OF ETCV
Security. It is stated that PoW is safer than PoW, since it would require a successful attack on 51% of all nodes to hack a blockchain, which seems impossible (or at least economically unjustified). However, one needs to keep in mind that for small projects that have only just launched 51% of all nodes can be a small number. It can cost less than a thousand dollars to hack a smaller blockchain network (which was amply demonstrated by the 51% attack on Bitcoin Gold, when $18 million was stolen).In this context, PoS offers equal security to projects of all sizes, since block validators lose their deposits if they break the rules or act maliciously.
Stability The price of PoS-basedcryptocurrencies,includingEthereumClassicVision,willremain more stable in the longrunandexhibitasteadygrowthratherthanuncontrolledvolatility that can be seen with Bitcoin. Indeed, validators have no motivation to sell their ETCV coins, since they would lose their stake and the right tovalidatetransactions.Byholding coins one earns more than by speculating with them on an exchange. The PoS does have its challenges - for example, staked coins have to be stored in a secure offline location, which can lead to the emergence of powerful centralized on a cold storage “roof” that can become points of failure. Moreover, miner rewards with PoS may not be as high as they wereinthebestperiodsofPoWmining.However,thebenefitsofPoSfor the crypto community and for the environment easily outweigh these issues.
The objectives of Ethereum Classic Vision is to create a truly decentralized,trustless economy that can serve as a base for a wider adoption of cryptocurrency payments and real-life applications of blockchain.To make this a reality, the integrity and commitment will be combined to decentralization that is characteristic of Ethereum Classic with the power and variety of technological solutions developed for Ethereum.
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