On 27th June 2020, Ethereum Classic was hosted by the Satoshi club where community members and the entire team placed the Ethereum Classic team on the hot seats to learn about the ETC project.
The AMA started around 3 PM Nigeria Time and on the attendance for Ethereum Classic were Alex Tsankov (Dev, Commonwealth.egg), Classic Kevin (ETC Community Manager), Roy Zou (ETC Community Manager Asia) and A.S (ETC Community Manager). It was a full house with great information released by the team.
An introductory question was asked: How did you come to be involved in ETC project?
I live in Germany and help in the ETC eco with several administrative and marketing topics. I joined the crypto world in the middle of 2017, as I first heard about Ethereum. I read a lot around this project and then stopped on Etheruem Classic )
Asis is also an architecture by profession - offices, hotels, residential.
Alex Tsankov answered:
I was personally a big DeFi enthusiast at the very beginning, working with early MakerDAO. And I thought to myself three things that led to ETC:
- why is there no supply cap of ETH?
- if my DAO gets hacked does that mean developers need to legally ask for a rollback?
- why do we have to switch to Proof of Stake on ETH, when PoW with sidechains works great?
ETC addresses all of these, and I learned more about the community.
Before other Ethereum Classic team response to the introductory question, Irina K further asked Alex Why in the past? Not a DeFi enthusiast anymore?
Alex said he's still a big enthusiast! From his own point of view, he thinks DeFi is the best application we have so far for Ethereum.
The introductory response continues:
Classic Kevin answered:
The AMA question starts coming from a statement made by Alex Tsantov when he mentioned: One interesting thing about etc is that there is no central organization, like the ETH Foundation.
Could you explain how does this help the project? Asked AMA moderator
That’s a great question! So one of the advantages is that it requires building real community consensus to make a change to the code. You need to go to all the subgroups (tribes I call them) in the etc community to make a change t something. Rather than just got to one organization. Alex response!
A further question on the reply:
And is the process the same for every decision? Or just for big ones? I mean, doesn't this make the decision-making process slow?
In Ethereum Classic, all technical developments go through an ECIP process (Ethereum Classic Improvement Proposal). Yes, it makes the decision slower. And this is the price one pays in a decentralized, permissionless, censorship-resistance. On the other hand, it does mean that the process is slow, but it is also more organic. Similar to the way right now it is very tricky to change the HTTP protocol or TCP/IP. Also the ETC community is very technologically sophisticated. We did three hard forks in the last year, Atlantis, azatlan, and Phoenix, which is more than the ETH community did.
Lastly, we have Roy Zon introduction.....
Let's check through some of the community members' questions that revealed some salient facts about the Ethereum Classic Project.
Q1 is from @bigbit
How long did it take to decide and what were your thoughts and feelings when deciding that the only solution is a hard-fork from Ethereum?
It can take years actually. When we introduced the monetary policy it was difficult to convince each party of the proposal. It actually took a very long time. However, if you take some of these non-contentious agreed-upon proposals they are much quicker and easier to pass in ECIP and implement in the clients. ETH forced people to run code with a bailout in it. And first ETC didn’t have a name. It was just people and miners who said no to running the bailout code. Only after a few months, and signing from ETC Declaration of Independence, did ETC become its own chain
Roy Zou said, it is not a decision for ETC community to do a hard fork for what happened at that time, we just chose to stay at the original chain. There is a misunderstanding in the crypto world. First, there was the Ethereum network. After the DAOhack, a flaw in the smart contract interacting with the network, the community decided to hard fork. The minority, who hold to the original philosophy was named Ethereum Classic.
The hard forked is the Ethereum (ETH)
Is Gödel Labs a commercial project? Does it bring profits and sustain the main project?
Gödel Labs is an incubator of Blockchain. We contribute to foster the ecosystem of the community. But it is not just focused on ETC, it is broadly the whole Blockchain community. Gödel Labs will invest in protocol-level projects for ETC. And previously we announced we will build a dedicated team for ETC. Gödel Labs is already doing the investment, education, and community building stuff in China.
With the Agharta upgrade live, ETC is now more compatible with ETH. What is the reason for or benefit of maintaining a high level of interoperability with ETH?
This is a good question. ETH and ETC have different consensus algorithms but the actual application layer is the same between them. So think of it like SQL. ETH and ETC are like PostgreSQL and MySQL, with different teams and philosophies. But you can use the same queries on both of them.
How are developmental changes made on the ETC network?
Do you plan to transition to PoS for scaling your network like ETH is Progressing to RTH 2.0 ( Casper )?
Any changes whether their developmental or on the social level or having to do with anything really about the project go through the ECIP process. No plans to switch to PoS for a very long time in Ethereum Classic
However, I know some people in the community that say: If PoS is proven, over 10 years, same way Proof of Work has been proven since 2008, then maybe we can consider migrating ETC to it.
The explained further, We agreed, the ETH Foundation makes it seem like PoS is simple, common sense improvement. The reality is that it is like changing the engine of a moving jet, with another jet we don’t even know works!
By separating node operators and miners. In POS that is not possible
I was able to capture a few questions as community members asked over 70 questions within 90 seconds! If you need to know more about Ethereum Classic, Join the community social media handle and also read some articles attached below.
Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine, which can execute scripts using an international network of public nodes.