Proof of Authenticity of Luxury Items – ETH Network has very Strong FundamentalsMarch 27, 2019
Hudson Jameson recently declared that the interim proof-of-work mechanism of Ethereum would be ProgPoW (EIP 1057). This will be during the period when Ethereum transits to Casper, the Consensus Proof-of-Stake mechanism.
ProgPow is particularly focused on reducing the economic benefits of ASIC Miners in a way to have GPU miners operate on the network in order to earn the block rewards.
Least Authority will be the third party Auditors who will be inspecting the code.
The counterfeit market is a rapidly growing market. Therefore, luxury brands undergo losses. Ethereum Technology will provide for brands to be able to trace the life cycle of the product by making use of the privacy tools, while at the same time protecting customer data.
One of the famous brands stated, “Louis Vuitton has zero tolerance to counterfeiting. Preserving the creativity and rights of designers, artists and brands are crucial to long-term survival. The biggest threats to survival are counterfeiting, the effects of which go beyond buying a cheap bag on the street in a faraway city on holiday.”
In a way to prevent counterfeiting, “They [LVMH] see down the line permissioned public networks as important to be interoperable if the power is put back to customers. It is as well a method for global networks of distributors and resellers who need to connect to networks without restriction.”
The proof of the authenticity of luxury items is becoming very important in the luxury market. It, therefore, becomes essential to trace the items from the stage of raw materials to the point of sale, providing for anti-ad fraud and unique events for each brand types.
ETC is not at its best in the market trend; however, many good things are going on in the Ethereum Classic Network. After the 50% price consolidation effect, it was expected for Ethereum to be wiped out of the market; however, the ETC continues to stand tall.
The ETH network has very strong fundamentals backing it. For anyone who is looking for the DAO framework, the ETH classic network is the go place. Most of the investors in the network are those who believe in the ETH network. They are looking to more than profit making. The fundamentals are strong.
Buying and hodl several units of ETC is preferred over buying ETH. The Ethereum Classic is looking towards a bull run with the bear market losing its dominance. It is expected that the bulls will take over the market very soon.