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Ethereum Classic (ETC) Abandoned by Core Developer Wei Tang for Ethical Reasons

News
Sat, 06/13/2020 - 14:58
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Vladislav Sopov
Wei Tang (@sorpaas), a core developer at Parity and a prominent Substrate, Polkadot, and Ethereum (ETH) contributor, gave his reasons for ceasing his ETC contributions.
Ethereum Classic (ETC) Abandoned by Core Developer Wei Tang for Ethical Reasons
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Wei Tang explained that the post-Phoenix Ethereum Classic (ETC) network has broken the logics of the consensus integrity of Ethereum (ETH), specifically in terms of immutability.

Ethereum Classic (ETC) Fails the Test

In a detailed blog post, Tang outlined the role of core developers as the gatekeepers that balance a user's choice and consensus integrity. In terms of the Ethereum Class (ETC) network's recent Phoenix upgrade, he described two states - pre-hard fork and post-hard-fork.

Ethereum Classic (ETC) isn't supported anymore by Wei Tang
Image via Twitter

He stated that the overall rules of this balance can be summarized as following for the two states:

Core developers should, prior to a hard fork, maximize choices for users, and post a hard fork, minimize possibility of splits.

These maxima were broken in the post-Phoenix Ethereum Classic (ETC) network. The blockchain's core team decided to break some low-value smart contracts that were already deployed to the ETC Phoenix mainnet.

Mr. Tang recalled the same thing happening during the DAO fork that split the Ethereum (ETH) network from Ethereum Classic (ETC). So, ETC developers have failed to learn the mistakes of their predecessors.

Technology and Ethos

Also, Mr. Tang unveiled the ethical problems that have plagued the decentralized and free essence of the Ethereum Classic (ETC) blockchain. According to him, Ethereum Classic (ETC) inherited Ethereum's initial multi-implementation approach but failed to do the same with its collaborative culture.

Wei Tang recalled a series of internal conflicts, coding plagiarism issues, and aggressive public attacks among developers of different implementations.

Too busy with these conflicts, Ethereum Classic's developmental ecosystem failed to address the bugs in its code. Its main resources were spent to blame each other. Provocations and 'not-my-problem' attitudes became commonplace for the blockchain.

Despite wishing the ETC community well and good faith, Wei Tang sorrowfully concluded that the modern Ethereum Classic (ETC):

has become a blockchain that I cannot provide development support to.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?

News
Fri, 10/23/2020 - 09:24
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Vladislav Sopov
Grayscale, undisputed giant of institutional crypto investments, is celebrating another monstrous milestone, adding a nine-digit sum to AUM in 24 hours
Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?
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Grayscale is an investment company that provides the clients with an exposure to digital currency markets eliminating the need to buy tokens. The firm does it by selling shares of 'trusts' related to certain digital assets. The recently started FOMO has already brought Grayscale's 'asset under management' (AUM) values to previously unseen levels.

Grayscale assets are on steroids

In its most recent report shared in a tweet, Grayscale Investments stated that its net AUM now surpasses $7,300,000,000. Mostly, this upsurge should be attributed to the spikes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) prices.

Grayscale adds $300M to its AUM in 24 hours
Image by Twitter

Its founder, CEO of Digital Currency Group Barry Silbert, unveiled that Grayscale’s holdings added a whopping amount of value in the last 24 hours.

Added a cool $300 million in AUM in one day

In terms of separate ‘trusts’, the most impressive increase is associated with Litecoin (LTC). Its value added almost 10% bringing its total to over $34 mln. 

Bitcoin (BTC) allocation surged above $6 bln with a 5% increase. Notorious Grayscale Ethereum Trust (ETHE) added 6% and now is valued at $942 mln.

PayPal assists Grayscale

By contrast, Stellar Lumens (XLM) and Bitcoin Cash (BCH) trusts witnessed mediocre increases of 2-3%. The only integral product of Grayscale, Large Cap Trust that unites the most valuable coins under its umbrella, therefore, added less than 4%.

The numbers of Grayscale Investments positions rocketed due to the rapid spike of crypto prices associated with PayPal’s decision to add major digital assets to its instrument toolkit.

As covered by U.Today previously, PayPal announced that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) will be added as payment methods by the end of this year.

  

Following this surprising news, Bitcoin (BTC) revisited its multi-months high over $13,000. At press time, its price has slightly retraced and flirts with the $12,800 level.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)