Ethereum Classic Vision - Ethereum Hardfork With Solutions To The Present Cryptocurrency Problems

Introduction

The invention of the blockchain and bitcoin 10 years ago set in motion the decentralization movement. One which aims to shift the paradigm of the present financial system of things and usher in a new era in which peer to peer transactions can take place between two or more parties in a trustless system without the interference of any government or central body.
In the year 2013 ethereum was invented. A different cryptocurrency capable of making faster transactions and a blockchain that can be used as a base for the development of other cryptocurrencies and blockchains.
Over the years thousands of other cryptocurrencies and blockchain projects have been created, indicating an increased adoption of cryptocurrencies and blockchain in providing solutions to real life problems.
This increased adoption has begun to bring to light some of the shortcomings of the present cryptocurrencies and blockchains. Bitcoin and Ethereum's transactions are no longer fast enough, mining is no longer as profitable or as efficient as it should be, the prices are more unstable than ever and security breaches are becoming a more common occurrence.
The future of the decentralization movement doesn't spear to be so bright at the moment  And while different solutions have been proposed so far, a lot of them are impractical while others are still far off from implementation.
In this article, I will be introducing a cryptocurrency that will provide practical solutions to the present challenges that cryptocurrencies currently face by leveraging the most practical solutions that have been proposed to the ethereum blockchain and cryptocurrency. This cryptocurrency is called Ethereum Classic Vision.

Ethereum Classic Vision

Ethereum classic vision is a new cryptocurrency that will tackle the vulnerabilities of the present cryptocurrencies to provide more stable, scalable, secure and fully decentralized crypto.
Ethereum classic vision is a hard fork of Ethereum which is the second rated cryptocurrency in the world after bitcoin. Ethereum classic vision, ETCV will take the best solutions that have been proposed to the ethereum blockchain and combine it with other innovative technologies to create a token that will be the future of financial transactions through the blockchain and also like ethereum provide a blockchain for the development of secure and scalable decentralized projects.

Problems in the Ethereum blockchain

  1. Scalability: Ethereum currently has a transaction speed of 15 tps which is not sufficient considering mass adoptions of cryptocurrencies and the burden of the millions of transactions it will bring.
  2. Mining Difficulty: increased difficulty levels has made it increasingly difficult and less efficient for miners to mine new ethereum blocks. 
  3. Reducing mining returns:  increasing difficulty and inefficiency of mining added to a decrease of block rewards to 2 ETH is a cause for worry among miners considering they spend so much on electricity and mining equipment
  4. Centralization: the proof of work consensus algorithm of ethereum allows for mining pools with lots of resources to control the superior hash rate of the whole ethereum network which in itself is a form of centralization of power.
  5. Rental fees: According to the ETCV whitepaper; ethereum founder Vitalik Buterin recently announced the introducing of rental fees for smart contracts that are been built on the ethereum blockchain which is more similar to hosting of websites.

Solution Provided by Ethereum Classic Vision

Ethereum classic vision  is built with a combination of innovative technologies like sharing, decentralized data storage, peer to peer asset exchange and dApp development tools to create a fast, highly scalable and secure blockchain for peer to peer transactions and dApp developments which will first be implemented on the Proof of work consensus and then moved unto the proof of stake consensus algorithm.
The proof of stake is more efficient because unlike the proof of work consensus, it doesn't require miners to make investments in energy and sophisticated mining rigs to have to be able to mine new ethereum blocks and confirm transactions. Proof of stake only needs the miners to stake a certain amount of tokens in a node on the network to facilitate transaction confirmations. In this method, miners even with the most basic equipment can mine cryptocurrencies easily and the mining rewards will be a factor of the number of tokens staked.
Through these implementations, ethereum classic vision is able to; increase scalability, reduce energy consumption & mining difficulty, promote the fair distribution of mining rewards, provide better security and promote true decentralization.

Conclusion

The Ethereum classic vision is a cryptocurrency that will revolutionize the peer to peer transactions as we know it, a cryptocurrency that is not only scalable but also sustainable and without the and vulnerability of the common PoW cryptos.
The ethereum classic vision hard fork will take place on the 16th of January with a snapshot taking place on the 11th January at 20:00 GMT where all Ethereum token holders in private wallets will be able to claim ETCV tokens at the ratio of 3:1 I.e 3 ETCV tokens off every 1 ETH in the holding wallet at the time of the snapshot.

Hard fork Ethereum - Ethereum Classic Vision - 11.01.19

For further reading consult the official documents and visit the official contacts from the links below.

Official Contacts

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