Dapp is an acronym for Decentralized Application. A decentralized application can be define as an application that is run by many users on a decentralized network using trustless protocols. Dapp are developed to avoid any form of failure or instability. They usually have tokens (ETCV) to reward users for providing computing power. Majority of the Dapp used today are developed within Ethereum background which result in congestion and many of existing projects are subject to many changes that are being imposed by Ethereum. Ethereum classic vision will provide substitute for projects intending to use blockchain network. Ethereum classic vision will present self-owned platform that will offer development of decentralized applications equipped with many tools that include;
- Development kit for sidechain
- Pre-made smart contracts database
- Plug and play applications
- Ethereum classic vision created modules
The Ethereum Classic vision Dapp platform will contain tools that will allow users to develop complete applications with a perfect user interface which can also be adapted in native app to be use in android and iOS without use of services from third party. Another important benefit of using Ethereum classic vision Dapp platform is that there will be no rental fee for smart contract storage. Any unused smart contract will be held on sleep mode by voting system between the Ethereum classic vision community members. Putting the smart contract in sleep mode will free up some resources and the smart contract can be wakeup again by payment of additional fee which will be charged ones.
The platform will also support Ethereum virtual machine (EVM) but developers working on Ethereum classic vision ecosystem can also make use of other programming language such as Javascript. Finally, it will be possible in migrating existing Dapp built on Ethereum to Ethereum classic vision with ease and also any form of fungible and non-fungible coin and token can be developed as well. More detail information regarding the Ethereum classic vision Dapp can be found on the Ethereum classic vision website at https://ethereumcv.io/ or in the whitepaper that can be downloaded directly from the link provided below
Ethereum classic vision is a new cryptocurrency aim to solve some of the facing many network using blockchain technology by focusing on key functions such as scalability, security and decentralization of the platform. The underlying principle in which any blockchain technology is built on depends greatly on the consensus algorithm. These consensus algorithms have some key features that differentiate one from other. PoS and PoW are acronyms for Proof of Stake and Proof of Work respectively. The early blockchain network (i.e BTC and ETH) make use of the PoW consensus that uses a hash function to form conditions that allow a single participant to announce conclusions about information that is being submitted and the conclusions can then be independently verified by all other system participants. In PoS, hash function calculation is substituted with a digital signature which proves ownership of the first stake. The network chooses an individual to approve new messages based on their relative stake in the network. PoW remain most used consensus algorithm in cryptocurrency world. This is because it is being explored by the biggest blockchain on the internet (i.e Bitcoin). However, PoW is not well efficient in dealing with such robust and distributed networks and it expose platform to so many challenges when used Below are some important reasons why Ethereum classic vision is adopting PoS over the PoW: -
(1) Energy consumption: blockchain using PoW consume a lot of energy. In fact bitcoin mining has been discovered to consume 0.33% of energy usage in the world. This is because miners in PoW network spend a lot of time in solving cryptographic puzzles that varies every seconds. PoS require little energy when running nodes which can be executed on even mobile phones.
(2) Impartial reward distribution: in contrast to PoW, PoS do not make use of block reward system. Miners receive only transaction fees. However, this may be lower compare to PoW but long term benefit is strongly comparable. All users are subjected to the same condition when earning reward using PoS system.
(3) Security: PoS provide the same level of security to projects irrespective of their sizes.
(4) Stability: the price of PoS based coin will be more stable because miner will have little or no inspiration to sell their coin as they can lose their stake and transaction validation right. For further information about the Ethereum Classic vision, kindly download the whitepaper available below or visit the website at https://ethereumcv.io/
Hard fork Ethereum — Ethereum Classic Vision — 11.01.19
Whitepaper: https://ethereumcv.io/whitepaper.pdf
Website: https://ethereumcv.io/#subscribe
Telegram : https://t.me/ethereum_classic_vision
Twitter : https://twitter.com/eth_cv
Created by : Nopain Noblood
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