The Ethereum Classic Monetary Policy is now explained very clearly.
Ethereum Classic Tweeted: “The #EthereumClassic Monetary Policy seeks the same goals as #Bitcoin, being mechanical, algorithmic, and capped –– it’s sound & trust minimized, but adds native #smartcontracts, the #EVM, a native programming language, gas system, among more.
ETC establishes and clarifies that Bitcoin originally came in to being to deal with a long history of inflationary monetary policy of the government-issued money, which has been in existence since the creation of the Federal Reserve.
The monetary policy after the abandonment of the gold standard in 1933 led to the dominance of pure fiat money. The coming of the pure Fiat money in 1971 weakened property rights and, to a major part, diluted the value of money, incomes, and agreements, which were denominated.
The Bitcoin Monetary policy is a “simple, mechanical, algorithmic, and capped monetary policy” for BTC. The policy provides for significant decelerating inflation for BTC, which will be mined to the maximum cap over a period of 120 years.
The Monetary Policy of ETC is a lot similar to the Bitcoin Monetary Policy with similar goals. However, ETC’s model is not simple. The ETC Network Structure consists of Bitcoin’s base ledger and cryptocurrency with a proof of work consensus mechanism. However, in addition to that, it has got smart contract capabilities. Therefore, it includes EVM, programming language, gas system, and blocks created faster every 15 seconds as opposed to 10 minutes. Therefore, there are more parts to be solved in ETC Monetary Policy.
Sydney Ifergan, the crypto expert, tweeted: “Quarantine crypto education can get useful knowing Ethereum Classic (ETC) pre-mine, eras, block rewards, the incentive to add uncle blocks, rates, rewards, discounts, resulting supply and inflation.”
Bob Summerwill retweeted about the widespread talk happening now, which is about the Consensus Distributed to be held from May 11, 2020, through May 15, 2020. Interesting, it is completely free and virtual.
The event addresses pressing questions like “Central banks are operating with the belief that there is “an infinite amount of cash.” Is this true?” and several other thought worthy questions like “Will we see a rise in decentralized governance solutions to fill the void left by waning confidence in major institutions.”
It is clear from the Ethereum Classic Monetary Policy that the overall purpose of blockchains is trust minimization. And, to further make the monetary policy less dependent on human subjectivity as possible in a way to protect the property rights of people to prevent dilution.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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