IOHK recently attended the Ethereum Classic (ETC) Summit held in Seoul where the chief executive of the research center, Charles Hoskinson shared his thoughts about ETC platform. This is the second Ethereum Classic Summit, the first one was held in Hong Kong. However, the recently concluded summit was twice as big as the first one.
The summit was introduced with an aim of bringing the Ethereum Classic together in a rather intimate setting that allows sharing of ideas and network. Ethereum Classic is slowly showing its mark and impact in the industry. For instance, its decentralization is spectacular and resembles that of Bitcoin (BTC). Moreover, just like Bitcoin, this platform does not have a leader in charge of the roadmap and network operations unlike many of the blockchains in the crypto space.
“Much like #Bitcoin, $ETC has no leader in charge of roadmap and decision making, and in many ways it feels like the early days of BTC” Hoskinson expounds on Ethereum Classic.
However, Hoskinson went ahead to say that unlike Bitcoin, Ethereum Classic is a small digital asset, which makes it easy to alter its course. Bitcoin, on the other hand, requires a lot of effort to introduce new features and continue innovation. A roadmap change in Bitcoin will take an enormous effort to coordinate but the same change on Ethereum Classic will be easier to facilitate.
Hoskinson also said that Ethereum Classic has come a long has since its debut. During its early days, the community was not structured and the platform lacked a clear sense of direction. Input from different people with the intentions to steer it in certain directions stalled the development of the network. Significantly, IOHK realized a need to have stability and calm spearheaded by a proper community management system. In addition to that, the team at IOHK was determined to change the course of Ethereum Classic by writing their code as opposed to having ETC known as another hard fork coin. Hoskinson stated:
“We put money into building 100 percent new code client build from the ground up in scalar. So we started with a completely new team. We started with a yellow paper, the documentation. And we systematically built up that client in about a year and a half period.”
In conclusion, Hoskinson dived into the current projects that Ethereum Classic is taking in terms of improving the Proof-of-Work algorithm. Consequently, potential collaborations are also in the pipeline, for example, Horizon and Ethereum Classic.
About Ethereum Classic (ETC)
Ethereum Classic hails from a hack and a philosophical conflict in the Ethereum community. It has, however, grown to become one of the highly regarded blockchains in the industry. Ethereum classic provides a platform where users can interact, develop and execute decentralized applications and smart contract programs. The hack on the DAO network led to a loss of about $150 million. While Ethereum (ETH) community committed to reverting the hack and recovering the stolen funds, some community members who now make up Ethereum Classic decided to stick with the original code. Therefore, Ethereum went through a hard fork but the original code is what Ethereum Classic (ETC) has been building on.
At the time of writing, Ethereum Classic (ETC) is trading at $11.2 after an incredible rise from $10.2. It has corrected higher 1.05% on the day at the same time, it is testing $11.40.