What is the predecessor of Ethereal Classics (does Ethereal Classics have potential)

What is the predecessor of the Ether Classic The predecessor of the Ether Classic is the original version of the Bitcoin blockchain, also known as “Constantinople”, which is also one of the most popular Cryptocurrency projects at present According to CoinMarketCap data, Bitcoin has had a considerable market value and huge liquidity since its inception. Bitcoin Cash cash (BCH) began to appear around January 3, 2009. Subsequently, it did not stop developing and maintained a growth trend. After the end of 2017, Ethereum 2.0 and Ethereum improvement proposal EIP-1559 appeared. At the beginning of February 2020, a new block – Ethercoin was created in Ethereum network, and then the token was forked into six new Cryptocurrency, such as BCH, BSV, ETC. Due to the differences between these new hard drives and the previously released old computers, the revenue from Bitcoin transaction fees has increased. At the beginning of 2018, BTC prices reached a peak of nearly $40000, but within six months, they plummeted again to around $7000 or less

On May 19, 2018, the Ethereum Foundation published an article saying: “Ethereum developers decided to create a new smart contract technology, which will solve the main problems faced by the design of Bitcoin Core.” In addition, the author pointed out that although the original design idea of Ethereum was to simply use the POW mechanism to handle the computing tasks in the Proof of work system, But the final result is that the Ethereum community chooses to use PoS to run its nodes

The concept of Ethernet classic originated from the Bitcoin white paper proposed by Satoshi Nakamoto in 2008, when he proposed the first new protocol called “Byzantine Fault Tolerance” – Byzantine Fault Tolerance Algorithm. This means that anyone can write a Computer code that can verify the workload of transactions, thus achieving better decentralization than ever before. However, it was not until the end of 2015 that Bitcoin truly entered the public eye, and people’s impression of it changed from then on

Is Ethereum Classic Promising?

Editor’s Note: This article is from Xiaozha Chatting (ID: xiaonazha88) and is authorized for reprinting in Daily Planet

Ethereum Classic is one of the most promising projects in blockchain history. Since its launch in August 2015, the Ethereum Classic network has attracted much attention and will be officially launched in January 2020. Although the price of Ethereum ETC is at a high level in the year and still fails to break the historical high, it has shown quite good momentum in the recent market. 1. The prices of Bitcoin and Litecoin are highly correlated with market sentiment. With the popularity of the crypto asset market and the surge in demand for Ethernet classics, many people began to pay attention to the importance of Bitcoin and other Cryptocurrency as a means of value storage. But in reality, none of these are so important. 2. How is ETH2.0 progressing? If we look at the development of DeFi in 2019, we will find that the locked positions of Ethereum chain in the first half of 2020 have exceeded $20 billion, most of which are based on the smart contract platform developed by Ethereum. But the development speed of Ethereum Classics is far inferior to Bitcoin. 3. Since the beginning of this year, the number of pledges in the Ethereum Classic network has grown rapidly, and this part of the income has also been brought about by Ethereum Classic mining, and this return has surprised many investors. 2. The market value of Ethereum Classic accounts for a relatively low proportion of the entire digital currency trading volume, so many investment institutions believe that this indicator will become the main driving force for the next bull market. The active addresses in the Ethereum classic ecosystem have reached around 1 million, and according to CoinMarketCap data, as of June 17th, the closing price reached a historic high of $4.88, with a total circulation increase of nearly $2 billion within 24 hours. (Figure) 2. The EIP-1559 proposal was approved to reduce gas costs and increase scalability and security For some new users, due to network congestion and fee issues that cannot be effectively resolved, they are more willing to choose to use PoS algorithms for payment or offsetting gas expenses, rather than decentralized participation in transactions like Bitcoin. At the same time, as the implementation of this plan requires time to verify block information and prevent risks such as attacks, there may be more funds pouring into this ecosystem in the coming quarters, further promoting the implementation of Ethereum’s classic usage scenarios. In the first quarter of 2020, the computing power of Ethereum Classic soared to over 150TH/s; In the third quarter of 2021, the increase in computing power reached around 50%, approaching the high point at the end of 2017. 3. The Ethereum Foundation promises to the community that the Codebase supporting the upgrade of Eth2.0 test network will be updated by the end of this month. In addition, Ethereum Classic will also launch the main network online phase in the third quarter, and it is expected to launch the main network node client in the third quarter and release the main network node function in the fourth quarter.