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Ethereum Classic [ETC] Independence declaration: Can’t beat the real thing

Priya

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Ethereum Classic [ETC] Independence declaration: Can't beat the real thing
Source: Unsplash

On 20th July, Ethereum Classic [ETC], one of the top currency in the market announced its anniversary on their Twitter handle. The decentralized platform announced its two-year anniversary since block 1.92M.

Ethereum Classic Independence Tweet | Source: Twitter

Ethereum Classic Independence Tweet | Source: Twitter

Ethereum Classic [ETC] is an ecosystem which enables smart contracts to built on it. It is also referred to as the original Ethereum because Ethereum Classic still runs on the old chain.

On 20th July 2016, one of the most notable day for Ethereum as their original blockchain was forked. One of the smart contract, Digital Decentralized Autonomous [DAO] built on the Ethereum ecosystem was compromised. In the month of June, DAO was one of the most sort after smart tokens as the token as it was a decentralized venture capital fund which would fund decentralized dApps built on the ecosystem. During the crowdsale, the project raised more than $150 worth ETH.

A dApp would have had to first be approved by the curators of Ethereum and later on, receive a minimum of 20% vote from the DAO tokens holders in order to be funded by the platform. In case, a DAO holder would be against the funding of dApp, they had the option to withdraw their token through a feature called ‘split function’.

The feature was also the main reason for the hack to take place. Since the split functions in a way that when a user requests for the ether in exchange for their DAO, the transactions would have to be registered and be updated on the internal balance. The hacker continuously sent requests to the ether before the transaction could be recorded. This resulted in the accumulation of approximately $50 million in the hackers accounts.

Since there was a binding of the ether for 28 days for anyone who chose the split function option, the hacker would have had to wait for those many days before moving the ether.

In order to avoid a successful hack from taking place and to reimburse all the investors who incurred a loss, the Ethereum community proposed for a soft fork. The implementation of a soft fork would have resulted in a DoS attack. After which, the community proposed hard fork as a solution.

The Ethereum Classic community states:

“Creating an unrepresentative voting mechanism called the ‘carbon vote’, which they initally stated was ‘unofficial’ only to contradict these statements a day before determining the hard fork.”

Since the majority of the community voted for a hard fork, block 1.92M underwent a fork and this led to the creation of Ethereum [ETH]. The people who were against the hard fork as they believed that it was against the values essential for the blockchain remained on the old block and called it Ethereum Classic [ETC].



Till date, the community is seen showing its disdain towards the hard fork and they listed their grievance in along with their tweet:

Ethereum Classic's List of Grievances | Source: Ethereum Classic Github

Ethereum Classic’s List of Grievances | Source: Ethereum Classic Github

After the fork, the key developers of Ethereum shifted to Ethereum [ETH] including Vitalik Buterin. The Ethereum Community underlaid a series of conditions such as forking the block only for upgrading the technology and anyone could suggest improvements and upgrades. They also consider ‘Code as Law’.



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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Altcoins

Tron-based USDT: Huobi Global, OKEx and Gate.io announce support for new TRC-20-based Tether

Febin Jose

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Source: Pixabay

Tron Foundation’s relentless push for mass adoption received a major boost recently when Justin Sun, the Foundation’s Chief Executive Officer, announced their partnership with Tether [USDT] to create new stablecoin. The partnership would essentially bring USDT on the Tron blockchain, making transactions faster and free-of-cost, while also improving the use-cases of the stablecoin.

Three major exchanges have now announced support for the Tron-based version of Tether, further bolstering its position in the market. Singapore-based exchange Huobi Global, Malta-based exchange OKEx, and Gate.io, a blockchain assets exchange platform, announced in separate press releases that they will be supporting the new version of Tether.

Source: Twitter

Source: Twitter

Source: Twitter

Source: Twitter

 

 

 

 

 

 

 

 

The TRX-USDT partnership was announced in early March in an effort to bring in a TRC-20-based USDT into the crypto-market. The ‘improved’ coin would stick to the technical token standards maintained by the Tron blockchain and would be interoperable with all Tron-based DApps and protocols.

In their respective press releases, Huobi Global and OKEx stated that the decision was fueled by strong user demand for inclusion of a full-spectrum of stablecoin trading. The exchanges also made it clear that there would now be three different protocol versions of USDT on their platforms: the Bitcoin network-based USDT-Omni, Ethereum-powered USDT-ERC-20, and the new USDT-Tron.

Though the exchanges are some of the world’s largest in terms of trading volume, Tron Foundation had earlier said that the TRX-USDT version was made primarily for Tron-powered Decentralized Exchanges [DEX].



Recently, Tron Foundation also announced an incentive scheme exclusively for TRX-USDT holders. The $20-million incentive plan included the addition of a 20% initial Annual Percentage Rate [APR] for holding the cryptocurrency, which was significantly higher than its prime competition, the USDT-Omni. The plan also announced a scheme spanning over 100 days where USDT-TRX holders would be rewarded more USDT-TRX.

Tron’s DApp program and BitTorrent Token [BTT] launch also saw huge success this year, leading to a temporary surge in the token’s price before a bearish market ensued. On March 17, TRX registered a transaction volume that was five times more than the cumulative transaction volume of its closest competitors ETH and EOS. The transaction volume during this move was recorded to be over $100 million.

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DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum

Akash Anand

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DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum
Source:Pixabay

The cryptocurrency market was punctuated by several altcoin surges this week, with Tezos and Ontology leading the charge. The latest entrant to ride the bull wave was DigiByte, the 35th ranked cryptocurrency on CoinMarketCap. It climbed up the charts to become the biggest gainer in the top 50.

Source: CoinMarketCap

At press time, DigiByte [DGB] was trading at $0.015, and was rising by 9.72%. The cryptocurrency held a total market cap of $169.073 million with a 24-hour trade volume of $3.091 million. A majority of the trade volume was split between BiteBTC and Bittrex, two popular cryptocurrency exchanges. BiteBTC recorded DigiByte transactions worth $1.156 million, while Bittrex recorded $315,308 worth of DGB trade.

Source: CoinMarketCap

The 24-hour chart showed the cryptocurrency’s value shooting up, before settling into sideways movement. DGB’s value surged from $0.0126 to $0.0144, in under an hour. It was speculated by many online that the addition of DigiByte on Magnum Wallet, and its latest release, the Magnum Notifier Bot, was what sparked the DigiByte surge. The bot is a free-to-use Telegram bot which notifies the user when the connected wallet participates in any transactions. The bot also gives DGB holders all transaction related information.



DigiByte was also helped by its community starting a new online campaign requesting Coinbase CEO Brian Armstrong to add DGB to its fold. Frederik Bf67, a Twitter user, and a DigiByte fan tweeted:

“Hello Brian, i would love to see @coinbase adding @DigiByteCoin to it’s platform. You know #DGB has been around for a long time and has proven itself over time to be a highly secure and fast blockchain with exellent use cases suported by thousands of people on every continent.”

Another DigiByte fan, Mark Brown replied on the same thread saying,

“Tell that to @barrysilbert , he’s the one to talk to brother 😏

@brian_armstrong and @AsiffHirji can do so much. It’s out of their hands.

I’ve even helped pass along a petition and nothing. I’ve gotten over 10k signatures to have #dgb added to #coinbase and nothing.”

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