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THE GREAT FUTURE OF ETHEREUM CLASSIC VISION!!!

The falling price of Bitcoin and Ethereum, the reduction in mining rewards, inefficient transactions processes and recommended solution for issues pertaining to scaling and energy inefficiency are still far from resurfacing. This has really affected the cryptocurrency market and has adversely prevented the economy from becoming more decentralized. Blockchain enthusiast wish for a world where cross border transactions are instantaneous and free and individuals can perform transactions without any involvement of third parties, but the current problems are preventing this to be possible with blockchain.

Ethereum Classic Volume is a new cryptocurrency that intends to bridge this divide of expectations and reality. With its hard fork of Ethereum, it will leverage most advanced proposal solutions for the world’s second largest digital currency and at the same time preserving the ideal decentralized.

With ETCV as an upcoming hard fork for Ethereum we stand as a new cryptocurrency that proposes bold and efficient answers to the challenges in the blockchain industry or sector. Ethereum, though considered to be the worlds’ leading platform for development and deployment of blockchain apps but yet finds sinking and facing a wide range of problems. With a lot proposed solutions but yet none has resurfaced so far. Ethereum community can resurface and reach its peak if the following major challenges are resolved.

DIFFICULT BOMB; this set piece of code which was introduced into Ethereum has really made it more challenging and less output in producing new blocks. Very soon a lot of miners will forgo or ignore Ethereum and switch to other cryptocurrencies due to its inefficiency and unprofitability.

SCALING; with Ethereum in terms of processing, it takes 15 transactions per second and can only process one payment at a time as a blockchain. It has a total capacity as large as that of each computer network. Increment in the number of nodes control solve the issue because as the number of transactions increases, processing times will also increases, where as some way rising up of the gas fee.

DECLINING REWARDS; declination in the rewards of miners for the past year due to a sharp in cryptocurrencies prices, excessive control acquired by large mining pools and rise of completely has been a major challenge for miners. The Ethereum team has make it worse by attempting to make the network more efficient and win some time for the transition to POS & decreasing block rewards to 2 ETH which has angered most miners.

CENTRALIZATION; It is so obvious and crystal-clear that Ethereum has failed its main processing as a truly decentralized network. The Ethereum foundation controlled exercise with its regard for the opinions of the community is a major contributing factor.

RENTAL STORAGE FEES; There is a one-time deployment fee, however in the coming future; development will have to keep paying for their DAPPS to stay online.

THE PROOF-OF-STAKE CONSENSUS ALGORITM WITH ITS MERITS.

Although switching from POW to POS is complex requiring significant resources and careful balancing, yet POW is highly inefficient and lies at the root many problems forced by these distributed networks and still remains the consensus protocol utilized in the cryptocurrency space. ETCV comes in with its advanced, fast, easy-to-scale and highly decentralized system and POS clearly does not correspond to these objectives. After a successful initial period use of POW, switching to POS will be carried out. It is not like Ethereum which will definitely go through series of testing stage. We stand to execute a more decisive and confident transactions. The POS concept is based on users staking a significant number of coins in order to be chosen as block miners or validators for which a reward is received. This algorithm has a whole range of merits over POW in the following ways;

1. ENERGY EFFICIENCY; POW is highly known for its high electricity consumption and inefficiency due to miners or validators in POW trying to solve a cryptographic puzzle that keeps changes every seconds. In a more advanced way, running a POS node does not require much energy consumption and can even be done using a mobile device.

2. FAIRLY REWARDS DISTRIBUTION; POS offer only transaction fees to miners but do not have block rewards yet considering its long term profits are comparable to those obtained with POW since the operational cost are very low.

3. DECENTRALIZATION; Bitcoin and Ethereum have but failed to be decentralized. Bitcoin hash-rate alone is controlled by pods with over 40% owned by Bitmain alone. Single miners with no access to economy of scale have no hope competing with large rights. In the right sense and purely naturally, this is far away from ideal decentralized and equality. The opposite of this is POS where there are no mining farms, no economy of scale and even staking more coins than anyone else will never allow one miner to take over.

4. SECURITY; POS offers security to projects of all sizes since block miners will lose their deposits if they break the rules or act maliciously.

5. STABILITY; Pricing of POS-based cryptocurrency including ETCV will remain more stable in a long term run and exhibit a steady growth rather than uncontrolled volatility that can be seen with Bitcoin. Miners have no motivation to sell their ETCV coins since they would lose their stake and the right to validate transactions since holding coins, one earns more than speculating them on an exchange.

AMAZING FEATURES OF THE PROJECT;

This project aims to resolve the major challenge facing Ethereum involving scaling, mining inefficiency and high cost of data storage. These features with inclusion of the POS make it a great and unique project.

1. VisionDex- A Decentralized Exchange; Ethereum Classic Vision follows the principles of true decentralization and independence promoted by Ethereum Classic which has long way been lost in Ethereum as of today. One major astonishing necessity of Ethereum Classic is to provide Ethereum Classic Vision users a convenient way of not relying on centralized exchanges to conduct their market operations. Integrating with VisionDex will ensure that ETCV holders will retain control over their assets and will not lose them to hackers.

VisionDex with its features protects its users from closure by the authorities, bankruptcy and malicious or incompetent actions of the organizers and also all its major functions such as, asset exchange, order matching and handling order will be carried out using smart contracts. This exchange will be built on the principle of neutrality which will allow users to store not only ETCV but also BTC, ETH, ERC20 tokens, BCH and others. Without the involvement of third parties, transaction fees will be at a very low level.

2. A UNIQUE PLATFORM FOR DECENTRALIZED APPLICATION DEVELOPMENT; Constant creation of dApps creates congestion which makes the system at risk of unpredicted changes imposed by the centralized leadership of Ethereum. ETCV hereby introduces its own subplatform for developing new dApps with a range of tools, including a sidechain development kit and a vast database of pre-made smart contracts, plug-and-play applications and modules provided for free and a fee in ETCV. Amazingly no smart contract storage fee is needed, just a one-time deployment fee, wow!!! This platform will make it easy for developers working within ETCV to use other established languages.

3. SCALING, SHARDING AND IPFS DATA STORAGE INTEGRATION; scaling is not considered an unexpected development but rather a logical consequence of the very structure of the network. The incapability of Ethereum to scale threatens its entire future development but ideally, a blockchain should have these three (3) unique properties, Scaling, Security and Decentralized. (S.S.D). Ethereum Classic is considered well decentralized and secured but does not scale but switching to POS will definitely put Ethereum Classic Vision in a well-grounded position to solve the scaling problem with additional measures putting forward to ensure smooth and fast network to satisfy the needs of future growth. Any blockchain project that requires data storage currently has to use centralized servers to store files which go contrary with the concept of decentralization. Significantly, far and new more decentralized solutions already exist and will be implemented by Ethereum Classic as part of its plan to become a major platform for dApp development. Renting at one’s unused hard drive space is what is classified as decentralized data storage. Interplanetary File System which is fully decentralized, operational and connects thousands of users is the leading solution now. IPFS stores large files in the system in a sharded form with each shard receiving its unique cryptographic hash (more of transactions on a blockchain).

PROJECT ROADMAP

Q3–4 2018

ETH hard fork ideation & development; formation of the team; negotiation with and signing up first advisors

Jan 11, 2019

Snapshot of the ETH network & distribution of Ethereum Classic Vision coins

Q1 2019

Introduction of the dApps platform (initially with new dApps residing on the main chain and support for migration from Ethereum and Ethereum Classic virtual machines); establishment of key technological partnerships; listing Ethereum Classic Vision at a number of major digital exchanges; testing the P2P exchange module VisionDEX; security audit of VisionDEX smart contracts; expanding the team and adding more developers; launch of a large-scale marketing campaign.

Q2 2019

Implementation of the P2P decentralized exchange module; onboarding of an advisory board specializing in sharding and decentralized storage technology; work on the sharding protocol; development of the decentralized storage system based on IPFS; testing the PoS consensus protocol; roadshow covering major coding events and hackathons in Europe and Asia.

Q3 2019

Switch to the PoS consensus protocol; integration of the dApp platform with VisionDEX; Sharding implementation; testing of the file storage module and the associated rewards system; attracting advisors from the field of the zero-code movement.

Q4 2019

IPFS integration with rewards for storage space providers, launch of a marketing campaign for the storage system; establishing partnerships with blockchain foundations in North America and East Asia; expanding the number of digital exchanges where Ethereum Classic Vision is listed.

Q1 2020

Beta testing of additional features for VisionDEX (margin lending, limit orders, etc.)

Q2 2020

Integration of new exchange features: stop-loss, limit orders, margin trading; implementation of a Sidechain Development Kit for the dApp platform

Q3 2020

Implementation of cryptocurrency derivatives trading; introduction of a migration tool for dApps developed outside of EVM (NEO, EOS, Lisk, Stratis)

Q4 2020

Integration of a zero-code, drag-and-drop dApp development module.

GLOSSARY;

POS……………………PROOF OF STAKE

POW…………………..PROOF OF WORK

IPFS…………………….INTERPLANETARY FILE SYSTEM

#NOTE;

FOR MORE INFORMATION AND ALSO INFORMATION ON THE ETHEREUM SNAPSHOT AND DISTRIBUTION, VISIT THE LINKS TO THE WEBSITE AND WHITEPAPER BELOW.

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