ETC community members can now choose whether they want to upgrade by voting with their feet. Those who want to move to the Mantis model can either upgrade their clients and switch to Mantis, or participate in a contingent burn contract.
The latter means that IOHK would create a smart contract where community members can send their ETC and lock it, which will then be destroyed and redeemed for tokens, essentially triggering a system reset. This allows the option to upgrade with a guarantee that if not enough people join, the contract will refund all of the money. They have to ask themselves whether they are truly happy with how the project has developed over the last 4 years, or whether it is time for a change in leadership which allows the ecosystem to achieve its promises.
For more detail, tune in for a live video at 6. Please leave this field empty. December 10, Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals. Must Reads. Another option is to accept that the idealized original nature and vision of ETC is not possible and honestly tell the community that ETC has failed, and that the new path is a totally different one.
With centralized developer teams, the theatre of dividing the money to make believe it is decentralized, a government style free source of money thru miner taxation, and absolutely captured by the Treasury voters and the developers. The difference was that they were less focused on extracting funds from the network as they actually invested and burned money buying ETC, paying for developers, gave money to startups, and funded other activities.
My second response, although he did not actually address the issues, will be directly to his comments, which also contain fallacies. The above is an appeal to extremes to avoid answering the fact that the money redirected to the Treasury and to the developers teams is exorbitant. My arguments is that, if ETC is to have a Treasury, it should be limited in time and the miner tax should be significantly lower so security is not diminished and there is still sufficient money to pay for developers.
But hundreds of millions or billions of dollars is not ok. That proof of work POW networks issue money for any cause or destination is a false statement. Perhaps Proof of Stake POS designers have included block reward taxes for other purposes in their networks, and Zcash in their network, but that was a later development. The true nature and history of POW is:. Bitcoin invented the POW based Nakamoto Consensus with blocks and rewards per block based on the three precursors above and the concept is:.
That computers solve a costly puzzle to imitate gold in the real world and create digital scarcity 2. The puzzle is posted for the network of full nodes to verify its authenticity 3. Once verified the puzzle is added to the property ledger 4. The nodes credit a payment to the computer that solved the puzzle for its work 5. This payment is the issuance of X tokens 6.
The token was actually invented by Satoshi because he could not find a solution for a component of Bit Gold which was a market to buy and sell the solved puzzles block hashes. There is no other perspective or view point about this. The objective truth is that block rewards are ONLY dedicated to pay for hash power to protect the network. The extraction of money for other purposes are later inventions and gimmicks by Zcash, Dash, and the POS networks.
Some of which are get-rich-quick schemes. This is, indeed how it works. Rewards per block have a certain value, determined by the protocol in fixed payments and the market price of the tokens. Then, miners invest a sufficient amount in machines and electricity to try to win the block with the block rewards.
There is no mystery here. Ethereum Classic does not pay anything to developers or even node operators because it does not owe anything to them and their revenue models are totally external to ETC. Are economic nodes or local verifier nodes. Economic nodes are exchanges, wallet operators, dapps, startups, pools or others who use the node to service their users and to connect to and send transactions to the network.
Their revenue comes from the products and services they sell to their users. Local verifier nodes are types of users who, due to the size and importance of their holdings, want to verify for themselves in their own trusted computers the whole history of the chain and their holdings, smart contracts, and addresses. Corporations or foundations that pay them for their valuable work. The corporations obviously have a profit motive for doing so.
Many developers have mined or acquired native tokens and have the goal of making their tokens very valuable in the future, so they work actively to improve the project. Yes, I have stated that if Charles Hoskinson takes over control of Ethereum Classic through the Treasury I would leave because ETC will become centralized and completely detached from its Cypherpunk principles.
If you have a network that is designed for security , and a new group proposes devices like a Treasury that centralizes and reduces the security of ETC, and fails to address the objections of the community, but still strongly pushes for the implementation of such device, then they are the toxic ones. That is not a good way of promoting ETC. And would be inconsistent with reality and the fact that there are no leaders or saviors of Ethereum Classic because ETC is truly decentralized.
The truth is that ETC is an incredibly valuable blockchain, with huge potential, and that is why IOHK is interested in participating in that future success. We are all volunteering and investing time and money in one way or another because ETC has a very promising future and potential appreciation.
When people lie I call them out The block reward is a price every holder of etc pays Via inflation. I did not lie. I presented numbers. And those numbers are unequivocally excessive to finance three teams. As explained above, the block reward is the price users pay through inflation or fees to finance security by miner hash rate only.
Token owners, nodes operators, and developers, the other important constituents of a highly secure POW blockchain, earn money in other ways. They are highly secure precisely because they are conservative and stable, not because they are constantly injecting new gadgets and risky upgrades.
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|Iohk ethereum classic||Fan Feed. Star Packages 0 No packages published. The extraction of money for other purposes are later inventions and gimmicks by Zcash, Dash, and the POS networks. Crypto Prices from Nomics. But, it has not a flawed model, nor will it just die and stay stagnated. That computers solve a costly puzzle to imitate gold in the real world and create digital scarcity 2.|
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We propose the Ethereum Classic Treasury System (ECTS) whose main purpose is to establish a decentralized funding mechanism for development and maintenance. IOHK has a long association with Ethereum Classic (ETC) and its community, which preserves an untampered history free from external. 9th December Global blockchain research and development company IOHK has announced that it is relaunching the 'Mantis' client, which was.