Bob Summerwill tweeted: “My slides for what is happening with Ethereum Classic?” And, when we explored the slides, we were led to a myriad of details as follows:
Ethereum Classic (ETC) has Bitcoin Philosophy with Ethereum Technology. ETC is hard money that has a fixed supply, and it is truly decentralized. They value censorship resistance and focus on trust minimization. They prefer to have safety versus throughput, ultimately valuing security. The protocol focuses on multi-decade stability. They are focusing on ensuring social scalability within the ecosystem. ETC has never had an ICO or a pre-mine.
The turing machine is bound by gas. Unlike the BTC, ETC has rich statefulness. The Rich statefulness is the major selling point for ETH as it facilitates transparency at the blockchain level. In order to have improved functionality facilitated by Turing completeness, complex and sophisticated logic in smart contracts can be implemented.
The flexibility facilitated by a Turing-complete system is commonly criticized as being potentially unsafe and unpredictable. The code can be expressed by enabling smart contracts. The rules for the code can be written in any way. Any conceivable algorithm can be run on the when enough memory and time is provided. Critics consider the flexibility to be a lot of freedom, and they call it as an abandonment of decidability. They feel that only conditions that are unchanging can bring in meaningful results. When the rules are too flexible in an algorithm, the problem becomes too undecidable.
The core fear was that attackers could write a code that would shut miners or nodes by forcing miners into a loop in a way the problem never gets solved. However, ETH state they are using a decidable HLL to facilitate decidability.
Of note, Bob Summerwill, in his slide, also talks about why anyone should care at all.
Sydney Ifergan, the crypto expert, tweeted: “We are looking forward to the value proposition of the resurgent ETC protocol in 2020.”
Summerwill also stated in his slide, “Deploying an ETH dapp on ETC will be trivial after the Aztlan+Phoenix hardforks scheduled for June 2020. “Just works.” Same exact tools.”
Ethereum Classic (ETC) and Ethereum Main Network Access
Ether cluster is a free service, which provides instant access to Ethereum Classic (ETC) and Ethereum (ETH) main network along with Kotti and Goerli test networks. Perhaps Bob Summerwill will be providing more details on the open-source Ethereum based cloud architecture.