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

News
Sat, 06/13/2020 - 14:58
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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Contents

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.

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.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
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Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
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Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

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.)