When did Ethereum Classic go online (Ethereum Classic is several times longer)?

When did Ethereum Classic go online? Ethereum Classic is the improved version of Ethereum and is a decentralized network. It aims to solve the problem of high transaction fees when there is no internet connection by using shard technology and side chains to enhance the scalability and security of the blockchain. Currently, there are three main projects that can be upgraded:

-Ropsten;

-Nimbus;

-Goerli;

-Prysm, this is the first functional test network that supports EVM;

-Lodestar;

-Besu (already released).

Ethereum Classic is several times longer

Editor’s note: This article comes from William’s discussion (ID: William1913), author: Chen William, authorized reprint of Odaily Star Daily.

Smart contracts running on the Ethereum network require a series of operations to be executed for confirmation. This brings up the question: How long is Ethereum Classic? Why is it so short?

Ethereum Classic has two core functions, which are consensus mechanism and block size. “Beacon Chain” is a blockchain that provides services for verifying transactions. It is supported by proof-of-work consensus algorithm and uses timestamps for implementation. In simple terms, it is “sharding”. Bitcoin Cash (BCH) is the main technological alternative of Ethereum. However, people have started to pay attention to its scalability solution. “Sharding” will make Ether faster, cheaper, and easier to use cryptocurrency. Nevertheless, despite its usefulness, it can involve more people. “What is the consensus mechanism?

According to Etherscan’s data statistics, as of around 12 o’clock on August 1, the entire Ethereum network’s computing power has reached 132.8EH/s, which is nearly half compared to the peak in November last year.

From a historical perspective, the longest chain on the current Ethereum mainnet is ETC, which was launched in September 2018. In other words, the public chain was only online for just over 4 days at that time because its code name still remains PoW, so the difficulty value is very high. Therefore, if you want to upgrade the original PoW to the new version, you must first complete the hard fork of the old version. But for ETH2.0 developers, “PoS” is actually a good concept and a term that many people believe in.

In order to facilitate everyone’s understanding, here we introduce a new approach: reconstructing with the original design and then making modifications. In this way, users can directly create their own blockchain, thereby reducing gas costs. For example, you can choose to earn transaction fees through mining or buy tokens. That’s why I have always insisted on adopting the PoS method instead of the previous simple method.

In fact, PoW is also a new economic system, which allows different nodes to collaborate and control assets on the network, not just limited to a single specific application. For example, if someone wants to own a complete network or multiple nodes, they can freely join the network. Of course, these changes will not fully happen this summer, but only when others see them will they change.

This is because the Ethereum Foundation does not have a specific research fund dedicated to this project, nor any specific research funding. However, if the Ethereum community is willing to continue its efforts to maintain the healthy development of its ecosystem, it may be happening soon. Why increase network latency to ensure security? The Ethereum community has been actively seeking solutions to this problem, and the ultimate result is finding a way to integrate Ethereum 1.0 with ETH2.0.