Hello everyone
Today I will introduce you to the project "Ethereum Classic Vision" - Hard fork of Ethereum.
Today's content includes the following sections
1/ What Ethereum Classic Vision?
2/ Review current challenges and potential solutions of Ethereum
3/ Advantages Proof-of-Stake consensus algorithm
4/ Technical features and solutions of the project "Ethereum Classic Vision"
5/ ETH network snapshot and distribution
6/ Project Roadmap
7/ Concluding comments
The following is the detailed content
1/ What Ethereum Classic Vision?
Ethereum Classic Vision is a new cryptocurrency that intends to bridge this divide of expectations and reality. A hard fork of Ethereum, it will leverage most advanced solutions proposed for the world’s second-largest digital currency, at the same time preserving the ideal of decentralization. The project 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 stable rewards to transaction validators thanks to the implementation of Proof-of-Stake, at the same time creating an optimal environment for deploying new assets
Ethereum Classic Vision is a hard fork of Ethereum that leverages the best of both worlds – true decentralization of Ethereum Classic and cutting-edge protocols developed for ETH, such as PoS mining and sharding. With its immense scaling potential, high speed, and great rewards for miners, Ethereum Classic Vision is the ultimate answer to the current challenges of the market. During the upcoming hard fork on January 11, 2019, all Ethereum holders will receive 3 ETCV for each ETH in their personal wallets.
2/ Review current challenges and potential solutions of Ethereum
Ethereum– the world’s leading platform for development and deployment of blockchain applications – currently finds itself in a deep crisis. Numerous solutions are proposed, yet none of them have been implemented so far – and the present course of Ethereum leadership does not instil much optimism for the future. Fixing existing problems will take years, and the solutions themselves can lead to even bigger issues down the line. The following list describes only some of the major difficulties that have to be resolved if the Ethereum community is to move forward:
Scaling. Ethereum currently processes only 15 transactions per second, and long backlogs of transactions often form in the network. Since the Ethereum blockchain can only process one payment at a time, its total capacity is only as large as that of each computer in the network. Increasing the number of nodes cannot solve the issue, and as the number of transactions increases, processing times will increase and gas fees will rise. The solution is to switch from the Proof-of-Work consensus algorithm to Proof-of-Stake (see below), but the transition is constantly being delayed, and there is no indication of when it will happen.
Difficulty bomb. A special piece of code has been introduced into Ethereum, making it progressively more difficult and less efficient to produce new blocks. Eventually it will become so inefficient and unprofitable that miners will abandon Ethereum and switch to other cryptocurrencies. At this point all operations within the Ethereum network will cease (this is known as the Ethereum ice age). The purpose of the difficulty bomb is to stimulate the transition to PoS; however, seeing as developers cannot reach an agreement on when and how to execute the switch, the “ice age” is becoming an ever more probable scenario.
Declining rewards. Miners’ rewards have been in decline for the past yeardue to rising complexity, a slump in cryptocurrency prices, and excessive control acquired by large mining pools. The leadership team of Ethereum has made the situation even worse: in an attempt to make the network more efficient and win some time for the transition to PoS, they made the decision to decrease block rewards to 2 ETH, provoking the anger of most miners.
Centralization. It is now 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 most disturbingly – the growing concentration of mining resources in the hands of ASIC producers (up to 70% 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. Vitalik Buterin recently stated that Ethereum will introduce fees for hosting smart contracts on Ethereum. At present, there is only a one-time deployment fee; however, in the near future developers will have to keep paying for their dApps to stay online.
3/ Advantages Proof-of-Stake consensus algorithm
Proof-of-Work remains the main consensus protocol utilized in the cryptocurrency space, mainly due to the fact that it is used by the two largest blockchains – Bitcoin and Ethereum. Yet, PoW is highly inefficient and lies at the root of many problems faced by these distributed networks. At the same time, switching from PoW to Proof-of-Stake is a complex undertaking that requires significant resources and careful balancing.
Ethereum Classic Vision is built as an advanced, fast, easy-to-scale, and highly decentralized system, and Proof-of-Stake clearly does not correspond to these objectives. Thus, after an initial period when the platform will use PoW, a switch to PoS will be carried out. Unlike Ethereum, which will most probably go through a lengthy partial testing stage (with one block out of 100 validated using PoS), Ethereum Classic Vision will execute a more decisive and confident transition. We firmly believe that introducing a revolutionary upgrade in a highly limited form can only destabilize the network, prolong discussions, create discord and ultimately make a full switch impossible.
The Proof-of-Stake concept is based on users staking a significant number of coins (“freezing” them, as it were, so that they cannot be spent) in order to be chosen as block validators, for which they get a reward. This consensus algorithm has a number of important advantages over Proof-of-Work:
*)Resource efficiency
Lower costs mean that ETCV mining will be profitable for individual miners with hardware as simple as Raspberry Pi
*)Stability
ETCV holders earn more coins by staking them, so there is no motive to sell – thus, the price of ETCV will rise steadily instead of plunging
*) Security
If a block validator breaks the rules or acts maliciously, they lose their staked deposit and status
*) Real decentralization
There is no risk that gigantic mining pools will take over the control of the ETCV blockchain – it will remain independent from any central authority.
*) Energy efficiency. PoW-based blockchains are notoriously inefficient when it comes to electricity. Bitcoin mining alone consumes 0.33% of the global energy usage - more than the whole country of Denmark (or any of other 150 countries, including most states of Africa). Electricity spent on just one BTC transaction could power an average household for a whole month. This inefficiency is caused by the fact that all validators (miners) in a PoW network work on solving each block simultaneously, looking for a solution to a cryptographic puzzle that changes every few seconds. By contrast, running a PoS node does not require much energy: it can be done using any computeror even mobile device.
4/ Technical features and solutions of the project "Ethereum Classic Vision"
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 1, constitutes the key element of this plan, but a number of additional modules and features will also play an important role. This section introduces the solutions proposed by Ethereum Classic Vision, their advantages, and implementation plan.
VisionDEX – a decentralized exchange
Ethereum Classic Vision follows the principles of true decentralization and independence promoted by Ethereum Classic and lost in Ethereum as we know it today. Therefore, one of the founding team’s priorities is to provide Ethereum Classic Vision users with a way to conduct market operations without relying on centralized exchanges. Integrating a decentralized P2P cryptocurrency exchange – named VisionDEX – will ensure that Ethereum Classic Vision holders will retain full control over their assets and will not lose them to hackers as it happened at such exchanges as Coincheck ($500 million stolen), Coinrail ($40 million) and even the supposedly decentralized (and actually hybrid) Bancor ($23 million). A P2P exchange like VisionDEX also protects its users from closure by the authorities (as happened to numerous centralized exchanges in China and Korea), bankruptcy, and malicious or incompetent actions of the organizers.Platform for decentralized application development
To provide an alternative environment for blockchain startups, Ethereum Classic Vision will introduce its own subplatform for developing new decentralized applications, with a range of tools, including a sidechain development kit and a vast database of pre-made smart contracts, plug-and-play applications, and modules created by the Ethereum Classic Vision community and provided both for free and for a fee in ETCV. The Ethereum Classic Vision dApp platform will feature both back-end and front-end development tools, allowing users to build a complete application with an attractive UI and added native apps for Android and iOS without recurring to third-party services. There will be no smart contract storage rental fee, only a one-time deployment fee. However, the Ethereum Classic Vision community will hold regular votes to place unused smart contracts in the sleep mode to free up resources. An app can be “woken up” from such sleep by a one-time payment of an additional fee. This will address an issue plaguing Ethereum:a large number of applications are eventually abandoned due to lack ofinterest or funding but are never removed from the network.Sharding
ETCV network will be able to process 25000+ transactions per second as compared to just 25 in ETHIPFS integration
Cheap decentralized file storage for your dApp.
It is important to note that IPFS itself is not a project or platform – it is an underlying protocol that can be easily integrated with any other system, including Ethereum Classic Vision. Our implementation of a decentralized data storage module will introduce monetary rewards for storing files (paid in ETCV coins). Prices for storage will be low compared to traditional cloud storage solutions like Amazon and Azure (and below the pricing levels of other decentralized storage platforms like Storj), while download speeds will be high enough even for such resource-hungry applications as design and rendering platforms.
Storage fees will contribute the necessary revenue to promote further development of the Ethereum Classic Vision network in its more advanced stages, including research into superquadratic sharding, second-layer payment protocols, and hardware-driven consensus protocols.
According to the Ethereum Classic Vision implementation plan, the introduction of our Vision Storage module will closely follow the launch of the dApp platform and is scheduled for July-August 2019. Full integration of the storage module and rewards system is expected in late 2019.
5/ ETH network snapshot and distribution
The initial distribution of free Ethereum Classic Vision coins will take place after a snapshot of the ETH network, which is scheduled for January 11, 2019 (20:00 GMT). Taking a network snapshot constitutes a standard practice for cryptocurrency hard forks and produces a list of all blockchain addresses containing a certain coin or token.
Any user who is found to hold Ethereum coins in their private wallet at the moment of the snapshot will receive free Ethereum Classic Vision coins at a 3:1 ratio. For example, a user who holds 100 ETH in a private wallet (such as Coinomi, Jaxx, or Ledger Nano) will be able to claim 300 ETCV for free. It is crucial to stress that only ETH stored in personal wallets (desktop, mobile, or cold storage) are eligible for free ETCV after the hard fork. Users who hold their ETH in exchange wallets cannot claim the reward.
Once the snapshot is completed, ETH holders will be able to dispose of their coins as they wish, including transferring them to an exchange, selling them, or exchanging them. The amount of free ETCV airdropped to ETH holders depends only on how many coins they own at the moment of the snapshot – not before or after it.
6/ Project Roadmap
Q3-4 2018 ETH hard fork ideation & development; formation of the team; negotiation with and signing up first advisors
Jan 11, 2019 Snapshot of the ETH network & distribution of Ethereum Classic Vision coins
Q1 2019 Introduction of the dApps platform (initially with new dApps residing on the mainchain and support for migration from Ethereum and Ethereum Classic virtual machines); establishment of key technological partnerships; listing Ethereum Classic Vision at a number of major digital exchanges; testing the P2P exchange module
VisionDEX; security audit of VisionDEX smart contracts; expanding the team and adding more developers; launch of a large-scale marketing campaign.
Q2 2019 Implementation of the P2P decentralized exchange module; onboarding of an advisory board specializing in sharding and decentralized storage technology; work on the sharding protocol; development of the decentralized storage system based on IPFS; testing the PoS consensus protocol; roadshow covering major coding events and hackathons in Europe and Asia.
Q3 2019 Switch to the PoS consensus protocol; integration of the dApp platform with VisionDEX; Sharding implementation; testing of the file storage module and the associated rewards system; attracting advisors from the field of the zero-code movement.
Q4 2019 IPFS integration with rewards for storage space providers, launch of a marketing campaign for the storage system; establishing partnerships with blockchain foundations in North America and East Asia; expanding the number of digital exchanges where Ethereum Classic Vision is listed.
Q1 Beta testing of additional features for VisionDEX (margin lending, limit orders, etc.)
Q2 2020 Integration of new exchange features: stop-loss, limit orders, margin trading; implementation of a Sidechain Development Kit for the dApp platform
Q3 2020 Implementation of cryptocurrency derivatives trading; introduction of a migration tool for dApps developed outside of EVM (NEO, EOS, Lisk, Stratis)
Q4 2020 Integration of a zero-code, drag-and-drop dApp development module
7/ Concluding comments
The main objective 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, we will combine the integrity and commitment to decentralization that is characteristic of Ethereum Classic with the power and variety of technological solutions developed for Ethereum. With its decentralized exchange, platform for dApps, and upcoming decentralized file storage and sharding features, Ethereum Classic Vision will be a fast, secure, cheap, and user-friendly environment. The implementation of a Proof-of-Stake consensus protocol will ensure energy efficiency, equal level of security for projects of all sizes and at all stages of development, and fair distribution of mining rewards.
ETCV coins will be distributed for free among ETH holders after a network snapshot on January 11, 2019. In the following several months, ETCV will be listed at a number of large cryptocurrency exchanges (the project team is currently conducting negotiations with several of them) and launch its dApp development framework, where blockchain startups will be able to create and deploy new services, adding their assets to a specially build P2P exchange – Vision DEX.
To get free ETCV, you can buy ETH and store it in MEW wallet today
More information in:
Hard fork Ethereum - Ethereum Classic Vision - 11.01.19
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Whitepaper: https://ethereumcv.io/whitepaper.pdf
Website: https://ethereumcv.io/#subscribe
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My ETH: 0x282637C2fc34b86DF9CF26b42A533d5e93Abb703