IOHK recently participated in the Ethereum Classic Summit (ETC) held in Seoul, where the research director, Charles Hoskinson, shared his views on the ETC platform. This is the second Ethereum Classic Summit, the first in Hong Kong. However, the recently concluded summit was twice as big as the first one.
The summit was introduced with the aim of bringing together the Ethereum Classic in a rather intimate environment that allows the sharing of ideas and networks. Ethereum Classic is slowly showing its brand and its impact in the industry. For example, its decentralization is spectacular and reminiscent of Bitcoin (BTC). Also, just like Bitcoin, this platform does not have a leader responsible for the roadmap and network operations unlike many of the blockchain in cryptographic space.
"Very similar to #Bitcoin, $ ETC does not have leaders in charge of roadmap and decision making, and in many ways it seems in the early days of BTC" Hoskinson exhibits on Ethereum Classic.
However, Hoskinson went on to say that unlike Bitcoin, Ethereum Classic is a small digital resource that makes it easy to alter its course. Bitcoin, on the other hand, requires a great effort to introduce new features and continue innovation. A change of course in Bitcoin will require a huge coordination effort, but the same change on Ethereum Classic will be easier to facilitate.
Hoskinson also said that Ethereum Classic has come a long way since its debut. During its early days, the community was not structured and the platform lacked a clear sense of orientation. The input of different people with the intention of guiding him in certain directions has blocked the development of the network. Significantly, IOHK realized the need for stability and calm guided by an appropriate community management system. In addition to that, the IOHK team was determined to change the Ethereum Classic course by writing their own code rather than having the ETC as another fixed-fork coin. Hoskinson said:
"We have invested money in building a new build of the client for 100% from scratch on a scalar scale, so we started with a completely new team, we started with a yellow paper, the documentation. that client was systematically built in about a year and a half. "
In conclusion, Hoskinson has plunged into current projects that Ethereum Classic is taking in terms of improving the Proof-of-Work algorithm. As a result, potential collaborations are also in the pipeline, such as Horizon and Ethereum Classic.
About Ethereum Classic (ETC)
Ethereum Classic stems from a conflict and philosophical conflict in the Ethereum community. However, it has grown to become one of the most respected blockchains in the industry. Ethereum classic provides a platform where users can interact, develop and run decentralized applications and smart contract programs. The attack on the DAO network resulted in a loss of about $ 150 million. While the Ethereum community (ETH) is committed to restoring the hack and recovering stolen funds, some community members who now make up Ethereum Classic have decided to stick to the original code. Therefore, Ethereum has gone through a difficult crossroads, but the original code is the one on which Ethereum Classic (ETC) was based.
At the time of writing, Ethereum Classic (ETC) traded at $ 11.2 after an incredible $ 10.2 increase. He corrected the 1.05% higher than the day at the same time, he is testing $ 11.40.