Review on Ethereum Classic by Fabrizio Zampieri
It is necessary to know some history: a smart contract known as The DAO, the…
It is necessary to know some history: a smart contract known as The DAO, the Decentralized Autonomous Organization was created on the Ethereum platform. The DAO was essentially a venture capital fund where investors would vote on how to allocate capital. The fund was so popular that it attracted 14% of all Ether in existence at the time, raising 150 million dollars. The positive and negative aspect of a smart contract is the autonomous execution. In this case, the smart contract had a design flaw that allowed someone to steal over 3.6 million Ether from The DAO. Vitalik Buterin, creator of Ethereum, and the majority of the community wanted to perform a hard fork that would roll the blockchain back to block 1920000 to before the hack so that funds could be returned. After the hard fork to return people’s funds, the original Ethereum blockchain remained and is now known as Ethereum Classic or ETC. Ethereum Classic continued the original blockchain and split from Ethereum in July 2016
Development unique to Ethereum Classic produced the Emerald Software Developer Kit, a toolkit to build dapps. The SDK contains other components for developers such as UI, libraries, and build tools.
Geth, using the Go programming language, provides a “multipurpose command line tool that runs a full Ethereum Classic node.” Geth contains over 40% new code since the hard fork from Ethereum, demonstrating active development by the ETC team. The program allows you to mine ETC, transfer funds between wallets, create smart contracts and manage accounts.
Team main focus is on making Ethereum Classic a stable and usable technology. Opposite to move fast and break things.
Pros
- Some important features on next months (2018): - working prototype of Sidechain; - enable new opcodes for compatibility with ETH; - Emerald mobile wallet; - PoC of new stateDB layer; - JIT compilation in SputnikVM; - fully IoT-compatible infrastructure of ETC.
Cons
- Many and new strong competitors (NEO, EOS, etc..). As the popularity of Ethereum Classic grows, there will be the need for side chains to improve scalability.
