A New Currency Blows Out and Breaks Acceptance Record
Ethereum is a platform that allows any developer the possibility of writing and distributing next-generation distributed applications. This is made through a complete language Turing and follows a design methodology to create Smart Contracts.
In this same context the ethereum project aims to decentralize the Web, four components are registered at it; it means that there is a plan of its Web 3.0. These are, publishing static content, dynamic messages, reliable transactions and an integrated and functional user interface. It is said that it can revolutionize the web that is now taken for granted, it is decentralized and anonymous. From this technology the cryptocurrency Ether is created (ETH) decentralized underlying used to execute contracts.
Subsequently DAO is created, a project based on ethereum to develop applications that run smart contracts in which interested investors placed a $ 150 million capital injection. The DAO project grew quickly and achieved a considerable success in a short time; however, in mid-June a vulnerability in their programming system was found; it ended in the theft of approximately 50 million dollars as a result of these events the community voted for the funds recovery with a Hard Fork application, decision that some disagreed, since that moment the governance system is unclear.
From this perspective, a group of developers created what is called “the Ethereum Classic” with its cryptocurrency the ETC also called “protest-coin” which has been supported by some members of the community and in which exchanges are currently made in. In the last 24 hours ETC prices rose by 115% to reach $ 1.39, its market capitalization is 115 million dollars so obvious is that it is already listed on the exchange houses such as; Altcoins, Poloniex.
The popularity reached in such a short time has made the Bitcoin investor Jason Maurice already use his great Hash potential for the ethereum classic network; he owns almost 50% of the hash power, it means that there is a lot of faith and acceptance for this new project and he dared to say, “I am nothing but a crypto-anarchist with a GPU full warehouse. I am in favor of the original block chain. Obviously, according to many followers of ethereum Classic”.
Another sign that the miners sent to this new network is that the blocks solution power increases it is announced that F2Pool will be integrated into ETC mining. Currently the classic hash rate stands at 278.8 Gh/s, a day before it was 173.7 Gh/s.
Also grabbing some story, there have been very heated discussions given their implications for the Blockchain industry, it was touched the issue, whether a Blockchain network can or should be “immutable” or provide unalterable history transactions. This has brought many disagreements and the passions of the bitcoin community rise up, for some it is a warning against the implementation of a Hard Fork on its network; however for others it is a technical feat that limited ramifications can be achieved.
In this sense, the Ethereum Classic project coordinator Mr. Arvicco reports that this project (if the vision is extended) can be more than a base point for discussions of a broader philosophy about how a developer community should be.
There are other ideas that should be taken into account by Arvicco, is that it is a referendum to the Ethereum project adding something else “the Ethereum structure and governance has created instability and its preconditions allowed the violation of its kind in the Blockchain, including Ethereum foundation, its corporate symbols and its system which is a serious error “. It is mentioned that it was a big mistake applying a Hard Fork to the DAO investor’s funds rescue.
As relevant information, if good developer support and add value in the long term want to be built, Classic Ethereum developers will have to establish its platform as it was initially made with the Ethereum and to offer advantages and build distributed applications.
In regard to this possibility the Project Coordinator Mr. Arvicco, Classic Ethereum plans to follow the original sheet route released by Ethereum developers, which would include the improvement of their block chain designed for additional applications that can add value to new services such as check transactions and more.
Finally, we can mention a character as it is Buterin Vitalik; Ethereum creator has indicated tacit support to the spin.of efforts which start outside the original project which start outside the original project. He said he is very happy to adopt a different approach; it is to follow another path that can lead a better destiny. From what has been said in this article it is evident that when a living community, with lots of energy and creativity, can disintegrate to follow a new path, while the original plans as it is to generate converging views and add value to this new group of developers the called Ethereum Classic, wait for new developments.
Disclaimer: This press release is for informational purposes only. Information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent infocoin views and should not be attributed to Infocoin.