Ethereum Classic Vision: The perfect fusion of decentralization, scalability and security for a successful blockchain.
During my early times in cryptocurrency market way back the last quarter of 2016, I got interested first with Bitcoin obviously because it is the first cryptocurrency in the coin market space. Then here comes Ethereum. If Bitcoin was the diamond of crypto space, Ethereum is the gold standard. It is also called as smart contracts space wherein there are self-executing contracts and are being recorded on a public ledger. Another term for these contracts is 'trustless contracts'. Why? Because there is no third party that could interfere or tamper the transaction of the 2 or more contracts made with codes because it is protected by the miners and master nodes verifying the transactions in the Ethereum blockchain.
With so many issues about sustainability and scalability plus the other issues that Ethereum faces is a big struggle to the community, miners and developers alike. Waiting times are not just a problem in transactions for blockchain.
Here is where Ethereum Classic Vision comes in. As a reminder, the Ethereum Classic Vision hard fork snapshot or the distribution of it will happen on January 11, 2019 (20:00 GMT). That is why you guys still have chances to stack up some Ethereum to be able to get airdrop of this coin! Amazing right?
Now guys, let me tell you the features that Ethereum Classic Vision will give us in this upcoming hard fork update of the Ethereum ecosystem.
A. Proof-of-Stake--> Alright guys, when we say a coin will run in PoS after the initial PoW of ETCV, this is the transition wherein you won't need expensive mining rigs to be a validator of nodes and transactions in the Ethereum Classic vision blockchain. That means, as long as you have ample ETCV in your cold storage wallets, you could be able to validate blocks in the blockchain and earn a decent amount from all of the transactions that are occuring in the ETCV blockchain. It is not like Proof-of-Work type wherein there will be block rewards, but as a Staker, you will earn from transaction fees. This is more profitable in the long-term outlook and you will save more electricity bills. And as said from the whitepaper of ETCV, even just a $40 USD Raspberry Pi, you could be a validator. Now that's decentralization at your fingertips!
B. Sharding--> This is the 2nd feature of the ETCV ecosystem made by the ETCV developers as well that the Ethereum is taking so long to implement. To know what sharding is, let me explain about it first. When we say sharding for ETCV, instead of getting the whole copy of the blockchain and its transactions and get it on the public ledger with different validators that takes up the whole transaction speeds at getting compromised. That is why with sharding, there will be different parts of the blockchain and validators that will just get the most vital/important part of the transaction and hashes made in the ETCV blockchain that makes it more scaleable and with higher transaction speeds of up to 25,000 transactions per second. That is almost the same as centralized payment systems like VISA! Compared to 25 transactions per second of the original Ethereum.
C. Storage fee rental removal--> As I read the white paper of ETCV furthermore, With ETCV blockchain and all other blockchains, the developed dApps should be stored somewhere. Even though it is decentralized, there should be a node or master node for the storage of the apps being created by different developers under the Github. I saw that they will remove the rental fee each time a decentralized app or dApp is not in use. Instead, they will put it to sleep so that the unused and wasted resources will go to the ones that are in demand or needed for the ETCV ecosystem. With that said, it beats the proposal of Vitalik Buterin to have rental fees to make the dapps stay in there.
Now that's innovation from team ETCV. Way to go guys!
D. IPFS data storage integration--> With the IPFS or Interplanetary File System, if you are a developer and would want to store your decentralized applications, you just cannot store it in a blockchain, because it will congest easily the blockchain. What is needed was this integration wherein let us have sharding again that comes here. Those files that take up large storage will have to be sharded and will be stored using a cryptographic memory hash that will be distributed to other users or nodes.
For example, one of the users that has the sharded file in the IPFS is offline, there will be other users in the ETCV that will still validate the users crypto hash and authenticate it and 'function call' it. In simple terms, it will awaken that file. This is Computer Networking 101 also called as Redundancy. Wherein if one of the network pathways goes offline, others will try to catch and do the work instead. It is necessary to keep the network running smoothly and efficiently.
On the roadmap technical project:
I saw that the ETCV team will have this called VisionDEX.
It is a decentralized exchange wherein cryptocurrency enthusiasts will be able to be free and securely trade their coins and tokens of different types in this decentralized exchange. I myself is a believer of decentralized exchanges for a successful cryptocurrency adoption. Because in this type of exchange, you are the one who holds your balances, private keys and security. Unlike the centralized exchanges, they were the one who controls your private keys, WIF passwords, balances and even hardforked coins being left by non-aware crypto guy. That's not being free of control in my opinion. That is why with this another DEX of ETCV team, we should have a round of applause for them.
Ethereum Classic Vision's decentralized platform for application development.
Basically, this is like the Unity game engine, Epic Games development platform, Netbeans, etc. and other platforms that you would think of but in a decentralized manner. With Ethereum, only solidity programming language and the Ethereum VM is the only needed and can run on it.
The ETCV team is a team of experts in their field. That is why I know they will make projects that are beneficial for all of us here in the cryptocurrency space. More power to all of these persons.
This is their roadmap guys:
For more information about Ethereum Classic Vision, you may visit their website and their social media links below.
White paper: https://ethereumcv.io/whitepaper.pdf
ETCV Wallet: https://ethereumcv.io/#wallets
Hard fork Ethereum - Ethereum Classic Vision - 11.01.19
Your BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1165929
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