Blockchain technology has attracted a lot of attention in recent times and has shown potentials in various industries such as financial services, supply chain, healthcare, among others. Strong blochchain enthusiasts believe that blockchain will power the economy of the future. The Ethereum blockchain is perhaps one of the notable distributed ledger technology innovations of recent times, and is arguably the mostly used host platform for deploying decentralized applications (dApps). At this time, we should be more concerned with how the technology will cause a paradigm shift in the way our trust system is founded. However, the Ethereum blockchain has fallen short of the expectations especially in terms of scalability of as an increasing number of users join the network.
The challenge is to scale the network performance to handle transactions swiftly and seamlessly. It is unattractive that the advancement of scalability of the Ethereum blockchain is progressing at a ridiculous snail speed with no end point in sight. The Ethereum blockchain can only handle about 15 transactions per second (TPS) as against about 45 000 TPS that Visa can handle at peak period. This poor performance is a major limitation to the mass adoption and viability of the technology, especially for large-scale and industrial applications. The consensus algorithm currently deployed in the Ethereum network is the proof-of-work model. This model is particularly problematic in that it is energy inefficient consuming significant electricity. This has also added to the cost of mining asides the cost of setting up nodes.
Looking at these issues, it is evident that there is an urgent need for correction and improvement in the underlying technology. Certain actionable solutions have been proposed to make Ethereum blockchain scalable, these include sharding, off chain computation, migration from proof-of-work (PoW) to proof-of-stake (PoS), and integrating a decentralized data storage mechanism to the blockchain.
A team of concerned developers have risen to save the original blockchain Ethereum. Ethereum Classic Vision is a new cryptocurrency emerging from the hard fork of the Ethereum Blockchain that will come up on January 11, 2019. It plans to make the Ethereum blockchain scalable, and mining efficient and rewarding by implementing actionable innovative solutions such as sharding, PoS, and IPFS data storage integration.
Sharding helps to fragmentize data into smaller chunks or subsets so that the blockchain does not necessarily require a full node to store the complete state of the network. Sharding breaks the blockchain state into different shards such that each node will only process data pertaining to its shard. In order to forestall attack on the blockchain, ETCV plans to introduce a special beacon sidechain which will pseudorandomly choose validators. The Ethereum Classic Vision project is moving from PoW to PoS. Users will stake a significant number of coins before they can set up nodes and become validators. This will also help in a way to deincentivize a node staging an attack on the system. PoS consensus mechanism is therefore safer, energy efficient, and rewards fairly.
In order to solve the challenge of piling up of data load on the nodes within the Ethereum blockchain, Ethereum Classic Vision plans to integrate the Interplanetary File System (IPFS) protocol into the platform. IPFS is a decentralized storage system that cryptograhically stores hashed data from the large file into various shards. Data storage will be monetized and rewarded in ETCV coins. This solution will help to decongest the platform and hasten transaction process.
Ethereum Classic Vision is taking the bull by the horns in addressing the pertinent issues plaguing the Ethereum Blockchain. To cap it all, ETCV is proposing a truly decentralized and secure peer-to-peer cryptocurrency exchange – VisionDex. The exchange will serve as a platform for secure trading of all cryptocurrencies and raising of funds for blockchain startups. There are so many attractive benefits to ETCV. In order not to be left out of this, ETH holders are advised to hold their ETH in their personal wallet until the date of the snapshot – January 11, 2019. It is time users enjoy faster and more efficient services on the blockchain.
Hard fork Ethereum - Ethereum Classic Vision - 11.01.19
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Whitepaper: https://ethereumcv.io/whitepaper.pdf
Website: https://ethereumcv.io/#subscribe
Author's BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1418203
