Ethereum Classic (ETC) With New Policies and Procedures Based on Core PrinciplesMarch 27, 2020
Ethereum Classic recently tweeted: “Today’s money, property, and agreements depend on centralized systems, controlled by traditional institutions, corporations and other trusted third parties, i.e., “security holes.”
Etherplan expressed that the problem with modern money, property, and agreements is about them running largely on centralized systems like the financial institutions, tech companies, and several other types of industries that are controlled by the trusted third parties. And, these trusted parties become the security holes.
ETC is the native currency of Ethereum Classic. Public Key cryptography is used to hold the secret private keys related to the public accounts. The accounts and balances are kept track of in the fully replicated decentralized ledger. Money is a kind of property. Using ETC, it is possible to program ETC as well as other forms of property, which are managed in the system.
With ETC decentralized apps with their own native token can be developed, and the future cash flows can be secured, transferred, and negotiated. Real-life property like vehicles, collectibles, and real estate, which are external to the chain, can be programmed into the network.
The sooner the money and property are encoded in the system; the rules are put in place to manage and negotiate those object formats between parties.
Sydney Ifergan, the Crypto Expert, tweeted: “Smart contracts like those in Ethereum Classic ETC can be used to regulate the organizational processes, thus facilitating smart decision making in all departments and decision making systems. The next step is global distribution.”
Ethereum Classic (ETC) Board of Directors and Block Reduction
ECC in their plan to strengthen its Board of Directors have formulated new policies and procedures which are focused on the core principles and objectives of ECC.
The association has recently welcomed “Elaine Ou (@eiaine), Roy Zou (@realroyzou), and @CraigSalm aboard the new #ECC Board of Directors!”
Ethereum Classic has been steady after block reward reduction. There was a lot of apprehension about how Ethereum Classic would perform, considering the market uncertainty. However, all went well, and Ethereum Classic now differentiates well from Ethereum. ETC now gets an unambiguous monetary policy.
Ethereum Classic tweeted: “For #Bitcoin and #EthereumClassic, to provide such innovative benefits/features it must: continuously create valid blocks, order txs, store and protect property and agreements on trust minimized, immutable and permissionless #blockchains at global scale.”
The ETC Cooperative has recommended either Hyperledger Besu or Core-Geth for ETC Phoenix. Classic Geth, however, will not be upgraded.