Members of an Ethereum community plan to launch an Ethereum blockchain that may be called a "friendly fork."
James Hancock, head of the project team at Ethereum startup ETHSignals, said the fork was called "Alternateth" (the choice of Ethereum). He hoped that the network would become the "sister chain" of Ethereum. Before the main chain was adopted, it could be Verify the ideas and proof of concept of Ethereum here. It plans to separate the network two months later.
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“If Ethereum wants to be a solid currency, it needs to be very conservative when making changes. In order to keep up with the competition, Ethereum needs to make constant changes. It is difficult to balance the two, so it is difficult to do both at the same time. of."
Ethereum is the second largest blockchain network in the world by market capitalization. Since its inception in 2015, Ethereum has witnessed the rise of several other smart contract platforms, including EOS, Tron, and IOST. Although no company can compare with Ethereum's nearly $30 billion market capitalization, new technologies based on the Ethereum architecture are emerging, putting more and more pressure on developers, and they must ensure the competitive advantage of the network.
Therefore, Hancock sees Alternateth as a test network that accelerates the development of Ethereum. For example, the first function he intends to perform on Alternateth is the conversion of the mining algorithm, ProgPoW.
But in addition to testing purposes, Hancock sees Alternateth as a blockchain that can be used to support Ethereum developers.
Using a block reward mechanism similar to the Zcash blockchain, Hancock said that Alternateth's partial mining awards will be collected into a multi-signal address consisting of multiple trusted community members.
Currently, Hancock is seeking other developers to support this new Ethereum blockchain. In terms of mining, Hancock said that some of the general mining machines in the Ethereum network are ready to use the ProgPoW algorithm – the Alternateth will start the ProgPoW algorithm as soon as it goes online.
In terms of project financing, Hancock stressed that there is currently no ICO or intention to seek other financing channels.
Instead, Hancock affirms that the project will be entirely volunteer-driven, focusing on all the details of the blockchain code agreement and monetary policy that have not yet been fully resolved.
"It will be the test bed for the upcoming features of Ethereum and will support the development of the main chain…similar to the relationship between Litecoin and Bitcoin."
Seeking block rewards is still an early stage
Currently, the Alternateth program is still in its early stages, but Hancock claims that he is currently supported by some unnamed Ethereum developers and miners.
"I have already gained support at the level of performing forks. I won't say they are 'doing this project', at least not now… I will let the (developers) announce their participation."
Ethereum developers and other community stakeholders have been supporting the various sustainable financing schemes for the Ethereum blockchain.
In fact, the proposal to introduce block rewards on the platform has recently sparked controversy in the Ethereum community, dating back to April this year when Kevin Owocki, founder of the cryptocurrency rewards platform Gitcoin, set up a block rewards working group.
“I do think that the funds obtained through the Consensys and Ethereum Foundation grant systems are limited… and, in the spirit of decentralization, we cannot rely on the grants of Consensys and the Ethereum Foundation forever.”
Conflict between development funds and personal interests
Ethereum core developer Lane Rettig agrees with this view by creating a GitHub proposal in response to Ethereum's “better and clearer governance structure” that can take on the task of managing the block incentive fund.
However, in April of this year, discussions between members of the Block Reward Working Group became more and more intense.
Spankchain CEO Ameen Soleimani believes that “open discussion of compensation” will become a political issue, designing the redistribution of the Ethereum Foundation’s fund management, accusing Rettig of asking the Ethereum Foundation for a salary of $200,000 while also promoting discussion of block rewards. In fact, it is for the personal economic benefit.
Rettig refuted the allegation. He said that he did not ask for the salary. The Ethereum Foundation "will not give a salary." On the other hand, according to Rettig, the Ethereum Foundation's hourly salary for senior developers is “only $25/hour”.
“I initiated discussions about governance and financial support because I worked for about 6 months without pay. There are still many developers in the Ethereum Foundation team who have worked for 10 months or more without paying, many of whom have no formal jobs. The contract. Does this sound fair?"
Although Rettig and Soleimani later announced their reunion on social media, the Block Reward Working Group – now renamed “ETH Commons Funding Models” on Telegram – has returned to calm since then.
At the same time, Hancock, who is still a member of the Telegram working group, hopes that the idea of block rewards can only be revived by applying block rewards to a separate blockchain platform.
Hancock concluded that Alternateth will be "a friendly Ethereum fork" designed to support and complement the Ethereum blockchain's deficiencies, rather than competing with it.