Known as Bitcoin 2.0, it almost died? A quick glance at the past and present of ETC

 

March wind April rain

The sun that doesn't set and the best star / shame /

Eyes narrowed in March getting closer

Have you heard the rattling horseshoe

Wake up , that's not your beautiful mistake

That is-the upcoming half-day group

 

 

The first thing that came to us was ETC

Chinese name Ethereum Classic

ETC is expected to be in late March

Complete your own production cuts

To introduce ETC, get rid of a bat

I have to start with an unusual post-90s

 

 

Vitalik Buterin , people in the circle called V god

Speaking of Vitalik and his blockchain life

There is actually a plot of the magical Mary Sue

Vitalik in childhood was actually an internet addicted teenager

Because of excessive addiction to playing games

At the age of 12 , he started using C ++

Write mini games for your own entertainment

 

 

But in the year of little V16

Blizzard on his favorite World of Warcraft

Favorite character hands up

Removed Warlock Gul'dan's Life Siphon ability

For Little V who has already played "Wrath of the Lich King"

This operation is simply a mystery of Fxxk

Young V contacted Blizzard engineers many times

The replies received are

In order to balance the game characters, they cannot be restored

That night, Vitalik fell asleep with tears

Experienced such a sad thing

Vitalik wants to understand one thing

Centralized services must be

And at 17, he met Bitcoin

Love at first sight

 

 

After an understanding of Bitcoin

Vitalik, 19, 2014

Edited by myself

Published in Bitcoin Magazine

Ethereum: A Next Generation Cryptocurrency

And decentralized application platform》

Ethereum ETH is on the stage of history

Unveiling the Era of Blockchain 2.0

 

After talking about Wonder Boy, let ’s see his Wonder Project

We fast forward the time to mid 2016

Some core members of the former Ethereum team

Put together a project THE DAO

Crowdfunding with Ethereum

But because of the DAO project

Vulnerability in itself

Theft of more than $ 60 million in ether

 

Although the project team wants to use various methods

Try to stop and make up

But the results are not satisfactory

So at the end of June 16

Vitalik proposes a hard fork of Ethereum

Story here

Let's pause for a moment

 

Bifurcation

(Fork)

In fact, bifurcation is a word with its own sense of picture

Fork of the blockchain

Also the difference is not much is a similar picture

After a block on the chain

Generated two blocks at the same time

 

After new blocks 4 and 5 are generated

He will shout to the surrounding area at the same time

 

Blocks 1, 2, 3 that have been generated at this time

You'll get a headache

You have to judge if it is the real new block

 

Decontamination powder

The criterion here is the length of the chain

For example on the basis of block 4

2 new blocks have been generated

And on block 5

Only 1 new block was generated

Then everyone assumes that block 4 is the real block.

Block 5 and the block 5.1 it generates

Was rejected by everyone and gradually forgotten

 

Here, the process of blocks 4 and 5 being generated at the same time

Fork

Block 5 and block 5.1 are silently generated for a while

And disappeared silently

It's what we call Soft Fork

After talking soft, let ’s look at the hard

 

 

In the example above

If knowingly built in block 4

When there are many new blocks on the basis

Still for various reasons

Such as "belief", "morality", etc.

Persisting that block 5 is the same true block

Once this call is answered, it develops.

Block 5 has a chance to achieve a headwind overturn

 

 

The success of block 5

It's a Hard Fork

The hard fork requires human intervention

This is also what some people think

Hard fork is not in line with the concept of decentralization

The reasons for opposing hard forks

At this time, these determined decentralized believers

Will choose to continue contributing to the original chain

That is, it is still walking on the blockchain of block 4.

Do not abandon, do not give up

 

 

Back to THE THE DAO Ethereum theft

Core members of the team led by Vitalik

The final thought was through a hard fork

Force invalidation of transaction blocks transferred by hackers

This solution is supported by about 85% of the computing power

July 20, 2016

Ethereum hard fork succeeds

The new chain is the real Ethereum ETH

And still have 15% hashrate

Stubbornly invested in the work of maintaining the original chain

Therefore, the original chain has not disappeared.

Reluctantly survived by the last stubbornness

At this critical moment in the life of the nine dead

July 23, 2016

Ethereum hard fork three days later

The world's largest Ethereum trading platform

Poloniex ( Pnet )

Voice in time, claiming support for older Ethereum transactions

 

https://poloniex.com/

And to distinguish it from the new ETH

Old version of Ethereum changed its name to ETC

Ethereum Classic

Since then ETC has circulation value

Spent the first hurdle

Survived strong

 

ETC is also known as

Real Bitcoin 2.0 currency

Because it firmly embraces the same philosophy as Bitcoin

Decentralized and immutable

With such a shining title

ETC opens its own coin

 
 

Of which proposed in December 2017

Proposed in the new monetary policy

When the block height reaches 5,000,000

Block rewards will be reduced by 20%

After that, it will be reduced by 20% for every 5,000,000 blocks.

And it is expected that in mid-late March of this year

Block height will reach 10,000,000

Block rewards

Will be reduced from 4ETC to 3.2ETC

This is the half-day mission this year

First ETC story

Next ETC

What kind of development and future will there be?

Let's wait and see

 

Stars in this issue said that we have learned about ETC, the number one player in the halving team. The difficult birth and the halo of Bitcoin 2.0 are the most impressive people. In the next issue, we will approach BCH, the No. 2 player in the halved team, to see what stories and legends it has ~
Note: This article is the original content of the public account of the blockchain star, and the reprint must indicate the source.