ETBC Ethereum Basic - an independent fork of the cryptocurrency Ethereum
- Created: Monday, 13 May 2019 02:00
In the past few years, the well-known cryptocurrency Ethereum has experienced many problems associated with management decisions that defend the interests of large holders of this cryptocurrency in the first place. A good example of this approach from the team of Buterin, the crypto-community came together in 2016, when the idea of creating the first large-scale decentralized organization on smart contracts - The DAO - failed. After a hacker attack on the network and the loss of more than $ 50 million in ETH, the development team decided to fork the Ethereum network with rollback of all transactions to the state before burglary, even taking into account the fact that most Ethereum owners were against that step at that time. This decision greatly undermined the credibility of Ethereum cryptocurrency as an independent and decentralized cryptocurrency. Today, there is also a lot of dissatisfaction towards management decisions about the delay in several years of the promised transition to POS mining, instead the mining award decreases, a complexity bomb is introduced, but the Ethash algorithm has not been replaced, due to which Ethereum cryptocurrency loses confidently their positions and especially among miners. Therefore, the Ethereum network remains one of the most centralized due to the presence of ASIC miners for the Ethash algorithm, and it is with the support of the developers of the holders of large ASIC capacities in the Ethereum network that many associate all the latest non-popular solutions. This whole pile of accumulated problems and a crisis of distrust are called upon to solve the new independent fork of the Ethereum cryptocurrency called Ethereum Basic or ETBC.
The current recovery of a crypto market, in which Ethereum, the second most capitalized cryptocurrency, recovers its value much more weakly than other popular cryptocurrencies, can serve as an indicator of the relationship of the entire crypto community to everything that has happened in recent years around Ethereum.
The creation of Ethereum Basic is intended primarily to solve the problems of network scaling, optimization of payment and efficiency of the entire network, and a detailed roadmap with the transition dates to the new long-awaited ProgPow algorithm in Q3 2019 is already available. But this is not the only change that awaits us in the near future:
- Return at the start to the structure where miners get 3 ETBC per block.
- Disable the bomb complexity at the start of cryptocurrency.
- Transition to asik ProgPow robust algorithm in Q3 2019
- Implementing a voting system for all maieners using the Extra_data field, i.e. voting will be available to everyone, not just holders of the full node, as is done with Ethereum.
- Payment of costs for maintaining a full node from developer tools before switching to POS mining, which will increase network stability and speed.
- Implementation of the DEX and 0X protocol for native support of decentralized exchanges
- Creating a decentralized XDEX exchange with support for other cryptocurrencies, which will also support the DEX and 0X protocols.
- The launch of the Basefee + Tip system, which will reduce gas costs by 80% when transferring and creating ERC-20 tokens.
- Full transition to POS mining at the end of 2020
Thus, Ethereum Basic fork embodies all the main ideas that the crypto community would like to see in the original Ethereum, but its creators apparently have their own views on the future of their cryptocurrency.
The ETBC fork itself will follow the classical scheme, i.e. all Ethereum cryptocurrency holders at the time of the ethereum blockchain snapshot will receive ETBC cryptocurrency in the same amount, i.e. 1 to 1. In other words, your Ethereum cryptocurrency must be located on the local wallet at the time of the snapshot on May 16, 2019 at 16.00 GMT. If Ethreum is stored on exchanges or WEB wallets without access to private keys, then you will not be able to get Ethereum Basic.
The start of the cryptocurrency itself is scheduled for May 26, 2019
In addition, before launching Ethereum Basic cryptocurrency, anyone can participate in the extensive Bounty program in which you can earn ETBC cryptocurrency for creating unique content (text of at least 500 characters or video not shorter than 5 minutes)
Таким образом форк Ethereum Basic воплощает в себе все основные идеи, которые хотело бы видеть криптосообщество в оригинальном Ethereum, но у ее создателей видимо свои взгляды на будущее своей криптовалюты.
Сам форк ETBC будет проходить по классической схеме, т.е. все держатели криптовалюты Ethereum на момент снимка блокчейна сети Ethereum получат криптовалюту ETBC в таком же количестве, т.е. 1 к 1. Другими словами Ваша криптовалюта Ethereum должна находиться на локальном криптокошельке на момент снимка 16 мая 2019 года в 16.00 по гринвичу. Если Ethreum храниться на биржах или WEB кошельках без доступа к приватным ключам, то в таком случае Вы не сможете получить Ethereum Basic.
Старт самой криптовалюты запланирован на 26 мая 2019 года
Кроме этого перед запуском криптовалюты Ethereum Basic любой желающий сможет поучаствовать в обширной Bounty программе, в которой Вы сможете заработать криптовалюту ETBC за создание уникального контента (текст не менее 500 символов или видео не короче 5 минут)