Introduction
Blockchain and Smart Contracts open many doors to new decentralized businesses and eliminates the need for expensive third parties. Many new companies are now working on this technology, and large companies are testing it in closed networks to collaborate directly with each other without the need for intermediaries.
For that reason, there is a lot of projects that are starting to use this new technology. However, not all of them are worth it. We have to read well what each project is dedicated to, what is its whitepaper, its qualified advisors, etc. As I said, blockchain technology has gained popularity due to the hype about cryptocurrencies which has shaken many startups to launch their own cryptocurrencies even without convincing fundamentals. This trend has emerged because new entrants have been more agile in adopting emerging technologies compared to incumbents who are hampered by legacy systems. However, this competitiveness and this advantage enjoyed by the new players may be short-lived, as no economies of scale are taken into account.
Moving to the topic... The ETH has a built-in difficulty bomb known as "Ethereum ice age". None of the improvement proposals offers a real solution. Rewards for miners will be reduced and rental rates will be introduced for smart contracts. The gigantic mining pools will take more and more energy, and the individual mining will lose economic sense. ETH has failed its supporters and its price will continue to fall.
For this reason, I want to introduce you Ethereum Classic Vision (ETCV), a bifurcation of Ethereum designed as a new cryptocurrency which proposes bold and efficient responses to the crisis in the blockchain industry.
Definition and goals
As I said, ETCV(https://ethereumcv.io/) is a new cryptocurrency that aims to close this gap of expectations and reality. A hard bifurcation of Ethereum, which will take advantage of the most advanced solutions proposed for the second largest digital currency in the world, while preserving the ideal of decentralization. The project will combine technologies such as sharding, P2P asset exchange, dApp development tools and decentralized file storage using IPFS. Starting as a PoW-based system, it will later offer stable rewards to transaction validators thanks to the implementation of the Proof-of-Stake, at the same time creating an optimal environment for deploying new assets.
The main objective of ETCV is to resolve the major issues facing Ethereum, including scaling, mining inefficiency, and high costs of data storage.
Proposal
Unlike Ethereum, which will most likely go through a long period of part time testing phase, Ethereum Classic Vision will make a more decisive and safe transition. We firmly believe that the introduction of a revolutionary update in a very limited way can only destabilize the network, prolong discussions, create discord and, ultimately, make a complete change impossible. The idea is to change PoW to PoS.
To Solve | Solutions |
---|---|
Scaling | Energy efficiency |
Difficulty bomb | Fair distribution of rewards |
Declining rewards | Decentralization |
Centralization | Security |
Rental storage fees | Stability |
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