A new way Ethereum Classic: the policy of a change in monetary policy
Created as a protest against the July hard forks Ethereum, Ethereum project Classic becoming more and more independent. Apparently, a sequel to the "original", pre-parkovogo blockchain Ethereum is out of control Ethereum Foundation, by its own path of development.
The development community a new platform of smart contracts is growing, the project has developed its own policy hardforce and, unlike Ethereum, in the near future Ethereum Classic is not going to switch to the model of PoS-mining.
Even more interesting, Ethereum Classic can take a course on carrying out radical economic change: create a new monetary policy.
New developments
When there Ethereum Classic, many felt that this project was a joke, a fraudulent scheme or, at best, a protest which eventually will come to naught. Now, however, Ethereum Classic feels even more confident than it was expected his followers.
Despite the significant decline in trading volume, the price of "classical" air (ETC) was kept relatively stable at around 0.90 dollars per token, and in recent days has crossed the level of$ 1 per ETC. Thus, the theoretical capitalization of Ethereum Classic 10% more than the capitalization of Ethereum, which provides alithinou sixth place in the statistics CoinMarketCap.
An important indicator is the successful development of the project. If in the beginning the team consisted of only one person, now has 34 participants.
Ethereum Classic enlisted the support of well-known figures and companies in the cryptocurrency space, especially in China. One of the major Chinese cryptocurrency exchanges BTCC recently announced the addition of ETC as a traded option. Another Chinese project – a decentralized cryptocurrency exchange ETCWin — is by far the largest market for ETC. A Chinese investor Chandler Guo (Guo Chandler) plans in the next three years to support the creation of 100 decentralized applications on the Ethereum Classic.
In technical terms, the community ETC has a more conservative approach than Ethereum, and still refuses to make direct changes to the registry. They didn't even go to implement the hard forks "false Dragon."
In January, the Ethereum community Classic is going to conduct its own hardwork aimed at dispersal "bombs of complexity". The bomb is eventually exponentially increase the difficulty of mining Ethereum. As a result, mining will become unprofitable, the Protocol PoW "freeze", and it will not be used anymore. The Ethereum community will have to upgrade to a newer version of the Protocol and may introduce PoS-mining: for this purpose, and developed the bomb.
However, since Ethereum Classic in no hurry to change the Protocol of PoS mining, to force the issue no need. On the contrary, the community believes the bomb ETC difficulty useless and even risky.
Monetary policy
Perhaps the biggest difference from Ethereum will be approaching a change in monetary policy Ethereum Classic. According to the schedule, every year Ethereum produces a certain amount of tokens. The project started with 72 million ETH, which were distributed among the primary investors, Fund Ethereum and developers. Since then, every year produces about 13 million. Theoretically, this situation will last forever.
Ethereum Classic has the same starting distribution of coins and release schedule. However, this may soon change.
One of the main proposals for replacing the current monetary policy is called ECIP-1017 (Ethereum Classic Improvement Proposal 1017). ECIP-1017 implies a strict limitation of the total number of produced tokens.
The change is in the approximation of the emission models ETC to be used in Bitcoins: it is proposed to introduce the reduction of the awards for the unit by 20% every two years, which will give the maximum number of tokens to about 210 million - exactly 10 times more than bitcoins, but almost zero emissions of tokens will occur much earlier, around 2070.
On the other hand, consensus ECIP-1017 has not been reached yet, and is still not clear whether it will be achieved at all.
Perhaps the situation will become clearer at the meeting, which is held in London Classic Ethereum community to discuss the monetary policy of the project. Among the participants of the meeting was the founding Director of the Bitcoin Foundation Jon Matonis (Jon Matonis), cryptocurrency angel investor Alistair Milne (Alistair Milne), head and founder of Epiphyte Edan Yago (Edan Yago) and Director of the Association of British bankers Matt Herbert (Matt Herbert).