Facing the cryptocurrency market, which increasingly has many challenges, accurate solutions and answers are needed to overcome the problems that are currently occurring and also problems that might happen in the future. The solution taken is not just an idea but also a breakthrough that might be possible. Ethereum as the second of the best cryptocurrency in the world is now facing the reality that post-of-work, is the one which brings them into many issues. It is the root of the problem of what happened to the distribution network. Exchanging from Post-of-work to post-of-stake might be one of the solutions that could be considered. However, it is needed a huge complex effort for the resources as well as to balance it. Ethereum is a problem that cannot be solved with only a short period. However, Ethereum provides an all-purpose environment that looks forward and balanced in decentralization, scaling, and security.
Ethereum Classic Vision which is a new cryptocurrency is readily offering a solution for the problems happened to Ethereum such as scaling, inefficient mining, and a high saving database cost. Being built as a sophisticated, fast, very decentralization system, and easy for scale, Ethereum Classic Vision’s goals truthfully does not in line with what proof-of-work offers. However, proof-of-work will still be used for some period before changing it to proof-of-stake with an assertive and confidence transition.
Why Using Ethereum Classic Vision?
Ethereum Classic Vision has goals of becoming a real-life application from Blockchain, a truly decentralized application, which can serve as a basis for adopting cryptocurrency payments. As to realize this, a commitment to decentralization is surely needed which is also a characteristic of Ethereum Classic. There are four advantages and solutions that Ethereum Classic Vision offers to solve the problems. Those are Vision DEX exchanging decentralization; a develop decentralize application platform, sharding, and IPFS integration saving data storage. Here are the explanations :
- Exchanges Decentralization
Vision Dex – exchanging decentralization is one of the advantages of using Ethereum Classic Vision. Providing a way for the holders to operate the market without depending on a centralized exchange is the urgency of the team. It also makes sure that the holders have full control of their assets. There would not be any hackers happened to stole it because decentralize P2P cryptocurrency is being assimilated to Vision Dex. The exchanging also to shield them from the closing by authorities, crime, and bankruptcy.
Smart contract holds an essential job in Vision Dex. It is because all of the primary function will be operated by it, such as order books management, order adjustment, and asset exchanging as well as a Multisig Escrow which cannot be trusted, holding of the currency sent by the buyers until the amount of the matching in other currencies is received from the seller. In this system also allows users to save not only ETCV but others such as ETH, ETC because of the principle of constructive currency neutrality. What's more, with the Ethereum Classic Vision application or what is called dApps assets created in the platform can be registered and available before the project is launched. Later Node Ethereum will become a host of Vision Dex which can make the availability of anonymized trades open.
Transaction costs at Vision Dex will be tried to be in a shallow position because there is no authenticator. However, audits of smart contracts must still be carried out to keep them from attacks such as overflow and other vulnerabilities. It will be done from April to May 2019. For the second application, trading margin, limit order, and others the market tool might be introduced.
- Platform for decentralizing use
The decentralized application development platform is another advantage that the holders can get from Ethereum Classic Vision. Ethereum which develops the dApss is honestly still far from an efficient solution because of the number of applications that continue to grow causes congestion because most fail to be able to adopt. It ultimately forces all systems to obey the central of the Ethereum.
Therefore, Ethereum Classic Vision will develop its own new decentralize application to give the blockchain startup an alternative environment. Plug-and-play application and module made by the community from ECV will also be presented as a cost-free in ETCV. The exciting part is that the app will include front-end and back-end tools to be added on Android or iOS. Smart contracts will only be charged for one placement. However, later the community will decide whether to use quick mode or not because of the liberate the resources. Ethereum itself was eventually abandoned due to lack of funding but still exists on the network.
On the second implementation, there will be a lot to be introduced. It is expected to be a comprehensive feature that will be limitedly available for the users. Founders of non-tech startups can make prototypes using a blockchain that can be used as a drag-and-drop element. Then the sidechains for personal hosting and smart content will be presented as well. That is to help to ensure that the potential vulnerability of the application will not cause the stability problems for Ethereum Classic Vision. Adding the migration option of dApps can also be expected in this implementation.
One of the most urgent issues to figure out is how to process multiple transactions in short, and it seems like this faced by the almost entire blockchain. Moreover, for now, scaling is a challenge for the blockchain that is very urgent. When the Ethereum blockchain can only process one payment at a time, it means better scaling is needed which does not lean on the total capacity of each payment computer in the network. For proof-of-work problems alone, PoW can only process 15 transactions per second. Ethereum handles 25 operations per second. Whereas Visa handles 24 transactions per second. Ethereum with all the benefits it has, decentralization, records of immortality, and low costs, but unfortunately, the network's inability can hamper its future development. Sometimes this also triggers large transaction deposits that can stop the system entirely like the example of crypto kitties that become erratic.
Ideally, the blockchain system must have three elements: security, scaling, and decentralization. However, only a few details are achieved. As in the case of Ethereum Classic, decentralized is excellent and safe but has a problem with scaling. Another example is Cardano, which is good and reliable but is centered. The delay that causes Ethereum can only process 25 transactions due to the consensus algorithm that requires approval from the node for each transaction. The transition to PoS is the right decision for scaling problems, but additional action must be taken for future growth.
Therefore, the best solution offered by Ethereum Classic Vision is implementing sharding. Sharding is a concept where networks are divided into fragments, or fractions, each of which is decentralized. This concept is expected to become a new standard for other cryptocurrencies. Because nodes only process-related information, users do not need to be busy with transactions that occur with different fractions.
Ethereum Classic Vision will introduce sidechain with functions as a source of Pseudorandomness for the application of sharding. The use of sharding to Ethereum Classic Vision requires only 1 / n hashrate to compromise the whole fraction, and this is more vulnerable to attack. One way to avoid this is to ensure that the selection of validators is randomly selected. What will act as a liaison in this process is a flare chain that also carries information on the condition of each shard. Though sidechain's roles itself is not a part of the Ethereum Classic Vision blockchain, besides, a system will process if users make payment transactions in one shard to someone else's shard.
With the introduction of this sharding, it is expected that Ethereum Classic Vision can increase its capacity to 10,000 tps in the first phase of implementation and 100 fractions in the system. August-September 2019 it is likely that the flare chain will be launched and tested it on test net. Then in the second phase, the number of fractions will experience dynamic growth.
- Integration of IPFS data storage
Another advantage of using Ethereum Classic Vision is the IPFS data storage integration. Storage of large volumes of data is also a challenge for blockchain and dApps. Data storage is undoubtedly as important as scaling problems. On the blockchain itself the more amount of data to be stored, the more costs that must be incurred. For example, 1 GB of data requires thousands of dollars. For this reason, a centralized server is needed to store data even though it is contrary to the concept of decentralization and can cause failure of one system. However, Ethereum Classic Vision has prepared a solution that can solve these problems. A more decentralized solution.
The solution is IPFS or the Interplanetary File System. The system is operational, fully decentralized, and there have been thousands of users. IPFS and blockchain have very different technologies but have similarities. The way IPFS works is that large files will be stored in a divided manner, each fraction receiving a unique hash cryptographic almost like the blockchain. The fractions of each file will be stored in many copies by many users and will undoubtedly remain there even if the user is offline. Updates to the hash will also automatically occur if there is a new file that enters the system. For confidential data and proprietary rights, storage can use standard cryptographic mechanisms.
However, one thing to be considered that IPFS is not a project but another system that is easy to integrate with the protocol and one of which is Ethereum Classis Vision. Monetary benefits will be introduced to save files paid in ETCV coins. The download speed will be quite high but not the price that must be paid. The cost to pay for storing data will be lower than Amazon and Azure. Download speeds will also be high for applications that have resources such as rendering platforms.
Moreover, later these costs will be used to develop and promote the Ethereum Classic Network to a further stage. Among them are protocols, consensus-based devices that are protocol, research, and sharding. They plan to launch the introduction of the Storage Module close to the launch of dApps in July-August 2019. Things that will be ensured to run well with the implementation of the consensus protocol are the distribution of benefits for miners given reasonably, energy efficiency, and the level of security of the project that covers all.
ETH Network Distribution
Ethereum Classic Vision will take a snapshot form ETH network which will be scheduled for January 11st 2019 after that there will be Ethereum Classic Vision first coin distribution. One thing to be considered that besides the benefits described above, during the upcoming hard fork in January 11st 2019, all the Ethereum holders will get 3 ETCV for their wallet, but the ETH must have holders first in their purse. The ratio ETCV that the holders get will be 1: 3. For Example, the holders will get 300 ETCV if their portfolio has 100 ETH. Things to be considered that there is only a free ETCV after the hard fork. Any holders who have the ETH in their exchange wallet are not titled for the prizes. The coins could be disposed of or transferred to a stock exchange, sell it, or exchange it once the snapshot is done. Also, in the next few months, ETCV will be registered in some large cryptocurrency exchanges and also will launch its dApp development frame, where new services can be created and applied. They can also add their assets to a build P2P exchange - Vision Dex. In short, please make sure that you are one of the holders who get the free coins!
Hard fork Ethereum - Ethereum classic Vision - 11.01.19