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

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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.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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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.)