All Blockchain Projects Are Working for Ethereum Classic
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In a recent interaction in the Ethereum Classic (ETC) Discord server, I wrote to @DontPanicBurns, an important ETC community member, the following comment:
“In a way, all other projects are working for ETC (a topic I will write about this week!).”
To this he responded:
"If Ethereum (ETH) proof of stake (POS) is Ethereum, and Polygon is Ethereum, and Optimism is Ethereum, and....L2 is Ethereum; then Ethereum Classic is Ethereum also. ETC's block space is just uncensored and secured by Nakamoto Consensus, a no brainer value proposition, really."
This is the topic of this post: That all other projects are developing technologies that will eventually migrate to ETC. In the following sections I will explain why.
ETC Is Bitcoin But With Smart Contracts
The most important invention in the blockchain industry is proof of work (POW) based Nakamoto Consensus. This is how Bitcoin (BTC) solved money on the internet and became digital gold.
The second most important invention in the industry is smart contracts that make digital gold programmable with decentralized applications, or dapps.
ETC is basically a POW blockchain just like Bitcoin, hence digital gold, but added smart contracts. Therefore, ETC is programmable digital gold.
In a way ETC is BTC philosophy with ETH technology. In other words, the best of both worlds.
Proof of Stake Is Insecure
Ethereum and Ethereum Classic were originally one network using POW as its consensus mechanism, but in 2016 they split because of a crisis created by a hack in a dapp called TheDAO.
Since then, Ethereum has adopted a “social consensus” philosophy to manage its system, but ETC has remained with its conservative “Code Is Law” philosophy that focuses on immutability and objectivity.
Due to this more relaxed approach in ETH, they have moved to a proof of stake consensus mechanism that is less secure and is censorable.
This is because they believe that any wrong in the blockchain may be solved by the social consensus in the ecosystem, or the community, by changing back things as they did in 2016.
What they don’t realize is that having a community making these decisions is exactly what truly decentralized blockchains were trying to solve!
Proof of Work Is Secure But Unscalable
However, where POW blockchains such as Bitcoin and ETC are more secure, it is also true that, to guarantee this security, they must be less scalable.
This is because, in order to keep all the data fully replicated and monolithic in all blockchain nodes, it is imperative that block size remains small, and smaller block size means less transactions per second.
Due to these structural limitations but high security guarantees, POW blockchains are destined to be base components of a multi component model for the industry.
The Layered Future of the Blockchain Industry
Indeed, these components will be building blocks in the industry, and these building blocks will be organized in layers.
At the very base of the stack, we will find the highly secure blockchains such as Bitcoin and ETC, and on top of these there will be a layer 2 (L2) group of solutions which will bring scalability to these networks.
On top of these scalability solutions, then developers will build the decentralized applications and the whole web3 concept of decentralized tech products and services.
And, on top of all these layers, we will find the user interfaces such as wallets and web applications to use all these tech products and services.
Many Layer 2 Systems Are Being Built for Ethereum
However, there is a fallacy in the industry that POS systems are secure, decentralized, and censorship resistant.
This can’t be further from the truth, but because it is the common state of knowledge of the sector, the great majority of projects building L2 solutions, such as Arbitrum, dYdX, Optimism, and Polygon, are working on the Ethereum POS blockchain.
Other projects are working on Ethereum competitors such as Binance Smart Chain, Polkadot, Cardano, Avalanche, and Cosmos.
The good thing about all this is that all are very similar in design and many of these systems use the Ethereum Virtual Machine (EVM) standard or format.
But All Systems Will Migrate to Ethereum Classic
The EVM standard or format is the basic design of the components and opcodes of these virtual machine networks. All use components such as the GAS system, the account system, state, programming languages, etc.
ETC is actually the original uncensored EVM blockchain. Therefore it is totally compatible with all these solutions. This is the essence of Mr. Burns’ comment in the introduction of this post.
When the world finally realizes that POS is centralized and censorable, then it will be just a matter of a few tweaks for all of these technologies to migrate to Ethereum Classic, seeking true decentralization and uncensored block space.
Thus All Projects Are Working for ETC
So, if the great majority of projects are building on Ethereum, but Ethereum is insecure; and ETC is a fully compatible blockchain but secure; and it would be trivial to move all solutions to Ethereum Classic; then all projects, in a way, are working for ETC.
Ethereum is really a dead project. It is a centralized network, therefore it is dead inside. It’s just that nobody has realized this yet. Very much like dead trees may still have some green leaves that make them look alive.
Bitcoin is a pocket calculator, it doesn't do anything except move BTC from one address to the other. And, BTC is no better digital gold than ETC. They are the same because both are proof of work.
ETC is better than Ethereum because it is truly decentralized.
ETC is better than Bitcoin because it is programmable digital gold and Bitcoin is only digital gold, therefore less secure when used with dapps.
The reason that, at the time of this writing, ETC is worth 92 times less than Ethereum and 285 times less than Bitcoin is because people have not realized yet what I write in this post.
We just have to wait for a long time until people open their eyes to these things.
Thank you for reading this article!
To learn more about ETC please go to: https://ethereumclassic.org
