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In the previous class, 14, we explained what are reserve currencies and how proof of work (POW) cryptocurrencies such as Bitcoin (BTC) and Ethereum Classic (ETC) will displace current fiat reserve currencies to become the leading forms of money of the future. In this class, 15, we will go over again the analogies of how…
The purpose of Spiral was to bring ETC up to parity with the Ethereum Virtual Machine standard and the Ethereum network. It accomplished this by enabling the outstanding Ethereum Foundation Shanghai network protocol upgrades on ETC. Spiral added support for a subset of protocol-impacting changes introduced in Shanghai. The changes for Ethereum Classic included the…
In previous posts we have explained the many parts of Ethereum Classic (ETC), such as what are nodes, economic nodes, miners, mining pools, hardware nodes, and cloud nodes. We have also explained the importance of these things and how to follow their statistics. However, there are still confusions about the layers of a blockchain system…
In the previous class, 15, we explained how proof of work (POW) blockchains such as Bitcoin (BTC) and Ethereum Classic (ETC) will be the base layer of the blockchain industry because of their security and qualities as digital gold. However, ETC has a unique combination of attributes because it is not only a proof of…
Just as Bitcoin (BTC) has the “halving” event every four years, Ethereum Classic (ETC) has the “fifthening” event every two years. Also, like Bitcoin, it is an important event in the history of ETC each time there is a fifthening because it brings the issuance rate lower, and a lower issuance rate means harder money….
What Do Nodes Do? Of all the machines participating in the network, a subgroup are what are called “nodes”. Nodes are the ones that receive the new transactions all the time, they resend them to all other nodes, they store the replicated blockchain, and verify that transactions and blocks are correct before including them in…
The Right to Split One of the main protection forms that POW blockchains as ETC have is that whenever new rules or arbitrary changes are introduced or proposed to the system, any group of nodes or participants may choose not to follow those rules and split from the network. POW is very particular in this…
