{"id":989,"date":"2020-06-29T00:03:20","date_gmt":"2020-06-28T21:03:20","guid":{"rendered":"https:\/\/esatoshi.club\/?p=989"},"modified":"2020-06-29T00:03:23","modified_gmt":"2020-06-28T21:03:23","slug":"satoshi-club-x-ethereum-classic-ama-recap-from-june-27","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/06\/29\/satoshi-club-x-ethereum-classic-ama-recap-from-june-27\/","title":{"rendered":"Satoshi Club x Ethereum Classic AMA Recap from June 27"},"content":{"rendered":"\n<p>On June 27, one of the most exciting AMA (Ask Me Anything) sessions took place in our group, which has reached 10,000 members. Congratulations to the <a href=\"https:\/\/t.me\/Satoshi_club\">Satoshi Club Community<\/a>, we will continue to bring great projects and rewards. We were visited by our friends from  <a href=\"https:\/\/telegram.me\/ethclassic\">Ethereum Classic<\/a> Project. Our guests were <a href=\"https:\/\/t.me\/Classic_Kevin\">@Classic_Kevin<\/a>, <a href=\"https:\/\/t.me\/royzou\">@royzou<\/a>, <a href=\"https:\/\/t.me\/passepartu\">@passepartu<\/a> and <a href=\"https:\/\/t.me\/antsankov\">@antsankov<\/a>.<\/p>\n\n\n\n<p>Prize pool was split as follow: Part 1, $50 to 5 winners; Part 2, $50 to 5 winners; Part 3, $200 to 30 winners.<\/p>\n\n\n\n<p>In\nthis AMA Recap we are trying to summarize some of the most interesting points\nfor you.<\/p>\n\n\n\n<p class=\"has-text-align-center\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.<\/p>\n\n\n\n<p><strong>PART 1, INTRODUCTION AND COMMUNITY\nQUESTIONS<\/strong><\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club:<\/strong> Hi everyone, welcome to another episode of\nour AMA series. We have today as guests our friends from Ethereum Classic\nproject <a href=\"https:\/\/t.me\/Classic_Kevin\">@Classic_Kevin<\/a>, <a href=\"https:\/\/t.me\/royzou\">@royzou<\/a> and <a href=\"https:\/\/t.me\/passepartu\">@passepartu<\/a>.\nWelcome guys and thanks for taking the time to join us.<\/p>\n\n\n\n<p><strong>a.s.:<\/strong> Hi Everyone and thanks for having ETC\nparticipants here. &#x1f61a;<\/p>\n\n\n\n<p><strong>Ciprian Ciubotaru:<\/strong> Hello. &#x1f642;<\/p>\n\n\n\n<p><strong>Roy Zou:<\/strong> Hello. Thanks for having me!<\/p>\n\n\n\n<p><strong>Classic Kevin:<\/strong> Hey everyone &#x1f44b;&#x1f3fc;<\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>As you know, in the first part we have\nquestions collected from our community as comments on our platform. But before\nwe begin, please tell us a little bit about yourself and how did you come to be\ninvolved in ETC project? <\/p>\n\n\n\n<p><a href=\"https:\/\/t.me\/antsankov\">@antsankov<\/a> welcome.<\/p>\n\n\n\n<p><strong>a.s.:<\/strong> I live in Germany and help in the ETC eco\nwith several administrative and marketing topics. I joined crypto world in the\nmiddle of the 2017, as I first heard about Ethereum. I read a lot around this\nproject and then stopped on Ethereum Classic. <\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>Nice. Thanks for sharing. What did you do\nbefore crypto? Other tech projects?<\/p>\n\n\n\n<p><strong>a.s.:<\/strong> No, I am an architecture by profession &#8211;\noffices, hotels, residential.<\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>I was personally a big DeFi enthusiast at the\nvery beginning, working with early MakerDAO. And I thought to myself three\nthings that led to ETC:<\/p>\n\n\n\n<ul><li>why is there no\nsupply cap of ETH?<\/li><li>if my DAO gets\nhacked does that mean developers need to legally ask for a rollback? <\/li><li>why do we have to\nswitch to Proof of Stake on ETH, when PoW with sidechains works great? <\/li><\/ul>\n\n\n\n<p>ETC\naddresses all of these, and I learned more about the community.<\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>Why in the past? Not a DeFi enthusiast\nanymore?<\/p>\n\n\n\n<p><strong>Alex Tsankov:<\/strong> I am still a big enthusiast! I think DeFi is\nthe best application we have so far for Ethereum.<\/p>\n\n\n\n<p><strong>Classic Kevin:<\/strong> I\u2019ll start. So I\u2019ve been \u201cin crypto for wow\nfor about ~7 years lol. I was a noob in the start like everyone else but I\nstarted mining and getting into how it works for a while-the saw the dao\nexploit and how it was handled. Started joining the Ethereum classic social\nmedia channels and eventually started a bunch of social media accounts devoted\nto ETC. Volunteer registered on github ETC volunteers.\u201d And that\u2019s how you can\njoin the project! Haha That\u2019s the short version.<\/p>\n\n\n\n<p><strong>Roy Zou: <\/strong>Hi all! I am Roy, now live in Canton, China. I\njoined Bitcoin community since 2011, and the first organizer of ETC Chinese\ncommunity and one of very early stage of builders of ETC community along with\nArvicco at the beginning of this community since July, 2016.&nbsp; previously advisor of ETCDEV team. And now\nboard of director of Ethereum Classic Cooperative organization.<\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>One interesting thing about etc is that there\nis no central organization, like the ETH foundation. <\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>Could you explain how does this help the\nproject?<\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>That\u2019s a great question! So one of the advantages\nis that it requires building real community consensus to make a change to the\ncode. You need to go to all the sub groups (tribes I call them) in the ETC\ncommunity to make a change t something. Rather than just got to one\norganization.<\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: And is the\nprocess the same for every decision? Or just for big ones? I mean, doesn&#8217;t this\nmake the decision making process slow?<\/strong><\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>Yep. It does mean that the process is slow,\nbut it is also more organic. Similar to the way right now it is very tricky to\nchange the HTTP protocol or TCP\/IP.<\/p>\n\n\n\n<p>Also\nthe ETC community is very technologically sophisticated. We did three hard\nforks in the last year, Atlantis, azatlan, and Phoenix, which is more than the\nETH community did.<\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>It\u2019s the \u201cungovernance\u201d is actually very\nsimilar to bitcoin in that everybody has their own say so and there is no 800\nnumber you can call if you\u2019re back one gets lost or stolen there is no central\nauthority. It\u2019s just Code running on a block chain.<\/p>\n\n\n\n<p><strong>a.s.: <\/strong>Also, as there is no authority, only a\nprotocol, no one can take it down, theoretically.<\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>No one did so far, so I say it&#8217;s a pretty good\nassumption. For sure many tried.<\/p>\n\n\n\n<p><strong>a.s.: <\/strong>All technical developments go through an ECIP\nprocess (Ethereum Classic Improvement Proposal). Yes, it makes the decision\nslower. And this is the price one pay in a decentralized, permissionless,\ncensorship-resistance.<\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>We don\u2019t have a central authority for the\ngovernment or any group to just shut ETC down. All it is a blockchain. Same\nwith bitcoin. Corporate coins with single companies doing everything they can\nbe shut down with the snap of a finger. When a project is so open and\ndistributed like ETC or BTC all it is volunteers. This is One way in how you\nminimize trust.<\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>Exactly. Right way to view ETC is: Run your\nsmart contracts on Bitcoin. But I will give two cents: ETH forced people to run\ncode with a bailout in it. And first ETC didn\u2019t have a name. It was just people\nand miners who said no to running the bailout code. Only after a few months,\nand signing from ETC Declaration of Independence, did ETC become its own chain.<\/p>\n\n\n\n<p><strong>Q1 from Telegram\nuser @bigbit<\/strong><\/p>\n\n\n\n<p><em>How long did it\ntake to decide and what were your thoughts and feelings when deciding that the\nonly solution is a hardfork from Ethereum?<\/em><\/p>\n\n\n\n<p><strong>Classic Kevin:<\/strong> It can take years actually. When we\nintroduced the monetary policy it was difficult to convince each party of the\nproposal. It actually took a very long time. However, if you take some of these\nnon-contentious agreed-upon proposals they are much quicker and easier to pass\nin ECIP and implement in the clients.<\/p>\n\n\n\n<p><strong>Roy Zou: <\/strong>It is not a decision for ETC community to do a\nhardfork for what happened at that time, we just chose to stay at the original\nchain.<\/p>\n\n\n\n<p><strong>a.s.: <\/strong>There is misunderstanding in the crypto world.\nFirst there was Ethereum network. After the DAOhack, a flaw in the smart\ncontract interacting with the network, the community decided to hard fork. The\nminority, who hold to the original philosophy was named Ethereum Classic. The\nhard forked is the Ethereum (ETH). And if we get more philosophically, there\nwere two &#8220;groups&#8221; from the day one of the Ethereum and it came into\nan appearance with this event.<\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>Got it. Actually this is not very well known.\nThe general belief I think is that ETC is a hardfork from ETH, not the other\nway around.<\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>Yes, my personal belief is that it is good\nthere is ETH and ETC. Because there are some smart people on both sides. Some\npeople in ETH say they achieved majority hash power to do rollback, so it is\nok. But in ETC we stick to the original principle of immutability, which is why\nblockchain exists.<\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>ETC founders \u201coriginals\u201d: Elaine Ou, MikeyB,\nArvicco, Igor, Bitnovosti, and more I\u2019m forgetting of the top of my head,\nanyone else you can Roy. You can always look at the early contributors on the\nGitHub for the Ethereum project.<\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>Time preference. Rome wasn\u2019t built in a day.\nAnd ETC teams and parties received NONE of the financial benefits Ethereum had:\npremine, ICO, dumped free post dao ETC etc. Blockchain\u2019s are about minimizing\ntrust. Ethereum is doing this absolutely poorly.<\/p>\n\n\n\n<p><strong>Q2 from Telegram\nuser @juaniss<\/strong><\/p>\n\n\n\n<p><em>Is G\u00f6del Labs a\ncommercial project? Does it bring profits and sustain the main project?<\/em><\/p>\n\n\n\n<p><strong>Roy Zou:<\/strong> G\u00f6del Labs is an incubator of Blockchain. We\ncontribute to foster the ecosystem of community. But it is not just focus on\nETC, it is broadly the whole Blockchain community.<\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>oh, ok. Is this an ETC initiative? Or how is\nit related to ETC?<\/p>\n\n\n\n<p><strong>Roy Zou: <\/strong>of course, ETC is one of main field G\u00f6del Labs\nwill invest.<\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>But is it operational? Does it have any\nproject\/ incumbents?<\/p>\n\n\n\n<p><strong>Roy Zou: <\/strong>G\u00f6del Labs will invest in protocol-level\nprojects for ETC. And previously we announced we will build a dedicated team\nfor ETC. G\u00f6del Labs is already doing the investment, education, and community\nbuilding stuff in China.<\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>Got it. So it&#8217;s still work in progress it\nseems, there aren&#8217;t any projects currently incubated by G\u00f6del Labs? Quick\nquestions: why G\u00f6del labs? Where did the name come from?<\/p>\n\n\n\n<p><strong>Roy Zou:<\/strong> Multigeth client support, and ETC community\nbuilding include ethereumclassic.cn.<\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>A very strong presence over in China for ETC.<\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>ETC is a very international project. Our main\ndevelopment centers are: USA, which is where I am, EU, and China. Many\ndifferent viewpoints.<\/p>\n\n\n\n<p><strong>Roy Zou:<\/strong> Kurt G\u00f6del&#8217;s theories deeply shape how I look\nat this world. For memorize him, we named company as G\u00f6del Labs.<\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>Yeah it\u2019s pretty crazy actually. How many\nother projects can you realistically has this type of distribution of\ndevelopment teams? Or developers? that\u2019s one thing that separates Ethereum\nclassic as a legitimate project from the other 2000 coins listed on CMC.<\/p>\n\n\n\n<p>Not\nto mention the outreach and Community engagement and growth, Roy is one of the\nreasons why this project succeeded as it did in the very beginning.<\/p>\n\n\n\n<p><strong>Q3 from Telegram\nuser @Brainchest<\/strong><\/p>\n\n\n\n<p><em>The success of ETH\nin that they chose the right position in 2016 and made a rollback or do they\nhave the right management? But my question is as follows. Do you plan to make\nchanges to the management and more successful promotion of ETC.? After all, you\nhave a more powerful argument for investors. You are true to this promise not\nto change the code itself.<\/em><\/p>\n\n\n\n<p><strong>Roy Zou:<\/strong> I think I am the first Chinese to tell\nChinese community about the ETC and start a consortium in Sept, 2016 to support\nETC, along with the main companies and organizations in China, including the biggest\nnames in the ecosystem.<\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>I would encourage everybody that wants to get\nan understanding of how diverse this ecosystem of participants actually is\n(traders, investors, developers, minors, exchanges, any service providers. Then\nwatch the first summit in Hong Kong. You\u2019ll be quite shocked. The Hong Kong summit\nin 2017.<\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>When is the summit?<\/p>\n\n\n\n<p><strong>a.s.: <\/strong>For this year there is no one due to global\nsituation.<\/p>\n\n\n\n<p><strong>Roy Zou: <\/strong>I translated the Declaration of Ethereum\nClassic Independent and co-work with other members to deploy the economic\npolicy.<\/p>\n\n\n\n<p>a.s.:\nBy the way there are in other languages, too, which could be found on the ETC\nsubreddit on the right sidebar.<\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>I personally think the ETH community is doing\nsomething wrong by pushing Proof of Stake so hard.<\/p>\n\n\n\n<p>I\nbelieve in the strategy of a solid base main chain with good security\nproperties. And then you use smart contracts with sidechains to increase\ncapacity on the network. Proof of stake has so many potential issues people\ndon\u2019t talk about, and ETH foundation hides. Like here is one: with proof of\nwork, the computational work and mining is timeless, anyone can see and compute\nit, it can never be faked. With proof of stake, if you get 50%+ of the network\nyou can rewrite all history in one go.<\/p>\n\n\n\n<p>This\nis very unfair to users and Dapp developers who may not believe in Proof of\nStake; so that is why ETC is picking up traction right now.<\/p>\n\n\n\n<p><strong>a.s.:<\/strong> First the etc website was revamped. Now, I\n(German\/Russian) and several other doing translations into other languanges.\nThe planned languanges are also listed on github. With this the broader\naudience can be reached, too.<\/p>\n\n\n\n<p><strong>Alex Tsankov:<\/strong> The marketing strategy for ETC is very\ndeveloper focused right now. We want ETh developers to know they can deploy\ntheir dapp on ETH and ETC with the same codebase. This will build users, and\napplications which will lead to more investment.<\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>Are there any running applications now on ETC?<\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>Yes, I run the biggest DeFi app on ETC. It is\ncalled commonwealth. gg it is a peer to peer savings fund that holds over\n12,000 ETC in its smart contract. I also maintain a website dappdirect. net\nwhich lists out stats for all running ETC dapps, like dapp radar.<\/p>\n\n\n\n<p><strong>a.s.: <\/strong>yes, it is one of them, but more can be found\nhere <a href=\"https:\/\/ethereumclassic.org\/ecosystem\/apps-and-protocols\">https:\/\/ethereumclassic.org\/ecosystem\/apps-and-protocols<\/a>.<\/p>\n\n\n\n<p><strong>Alex Tsankov:<\/strong> \u2026because for a long time people thought etc\nwas just for trading, but I was curious if it could be used for smart contracts\nas well as eth and it works very well! Gas fees are very low right now on the\nnetwork too. It is cheaper to use ETC than eth right now. &#x1f601;\nIf anyone reading is an eth developer, I would suggest they try to deploy an\napp on ETC and see what it\u2019s like. They will be impressed.<\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>What about the management part of the\nquestion? Are you happy with how the things are going, or do you plan any\nchanges?<\/p>\n\n\n\n<p><strong>Alex Tsankov:<\/strong> Yes, I have an ECIP I made. To change the\nhash algorithm on ETC to one called \u201ckeccak256\u201d. This is much higher\nperformance than even Bitcoin Sha256, over 4x more hash per unit of energy. So\nI believe that if the ETC community chooses to adopt it, there is a chance ETC\ncould become the highest hashpower chain on the planet, of all PoW chains. Higher\nhashpower = more secure network. This is the core thesis of the bitcoin white\npaper itself. <\/p>\n\n\n\n<p>I\nhave a talk I gave in Vancouver, it is 40 minutes <a href=\"https:\/\/medium.com\/@antsankov\/ecip-1049-why-ethereum-classic-should-adopt-keccak256-for-its-proof-of-work-algorithm-e45aee32d8a9\">https:\/\/medium.com\/@antsankov\/ecip-1049-why-ethereum-classic-should-adopt-keccak256-for-its-proof-of-work-algorithm-e45aee32d8a9<\/a>.\n<\/p>\n\n\n\n<p><a href=\"https:\/\/ethereumclassic.org\/press\/conferences.\">https:\/\/ethereumclassic.org\/press\/conferences.<\/a><\/p>\n\n\n\n<p><strong>a.s.:<\/strong> And this is also tested under the tech people.\n<\/p>\n\n\n\n<p><strong>Classic Kevin:<\/strong> So based on blockchain principles and what\nmakes blockchains different from using regular databases like mysql or anything\nelse is the fact that chains are not meant to be intervened upon especially\nwhen the issue happened on a Dapp and not the protocol. The HF was a bailout\nplain and simple for the investors and interest groups of the SlockIt DAO.<\/p>\n\n\n\n<p>From\na blockchain perspective they\u2019ve set a precedent to do \u201cwe\u2019ll rescue you forks\u201d\nand violated immutability for the sake of a smart contract. So wrong decision.\nThey have the worst management. First of all, their decisions are made up of a\nsmall group of people and they are still being led in a moses-driven leadership\nwith Vitalik. Changes in management for ETC IMO are unnecessary as there is no\nhierarchy and there is no leader. Companies that participate in the project\nhave every right to structure their management the way they want but not the\nopen source project.<\/p>\n\n\n\n<p>Over\ntime we will catch up with their social media presence, and begin to level out\nas time goes on. The promise is not only not to change the code but to minimize\nthe trust we have in those parties that will change the code for good or bad.\nImmutability is a spectrum and 100% of chains are not totally immutable.<\/p>\n\n\n\n<p>Security\nfirst. Ethereum classic development has always been slow, methodical, and\ndiligent never overpromising things like shad ing or 10000 tps or anything else\nyou\u2019ve heard.<\/p>\n\n\n\n<p><strong>Q4 from Telegram\nuser @Magoy12<\/strong><\/p>\n\n\n\n<p><em>With the Agharta\nupgrade live, ETC is now more compatible with ETH. What is the reason for or\nbenefit of maintaining a high level of interoperability with ETH?<\/em><\/p>\n\n\n\n<p><strong>Alex Tsankov:<\/strong> This is good question. I tell people this: ETH\nand ETC have different consensus algorithms but the actual application layer is\nthe same between them. So think of it like SQL. Eth and Etc are like PostgreSQL\nand MySQL, with different teams and philosophies. But you can use the same\nqueries on both of them.<\/p>\n\n\n\n<p>We\nwill maintain compatibility with ETH as long as it is beneficial to do so for\nETC. If ETH does something crazy, we will choose not to merge it into ETC.<\/p>\n\n\n\n<p><strong>a.s.:<\/strong> Also, as the Ethereum Classic (ETC) network and Ethereum (ETH) share the same base code (Ethereum) and due to it, it is easier for developers to move to the Ethereum Classic and getting its blockchain features. After this upgrade and the Ethereum switching its consensus mechanism to PoS, the both network will go its own road, but could benefit from each other in the future.<\/p>\n\n\n\n<p><a href=\"https:\/\/etherplan.com\/2019\/07\/23\/ethereum-classic-vs-ethereum-2-0-what-is-the-difference\/8425\/.\">https:\/\/etherplan.com\/2019\/07\/23\/ethereum-classic-vs-ethereum-2-0-what-is-the-difference\/8425\/.<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"571\" src=\"https:\/\/esatoshi.club\/wp-content\/uploads\/photo_2020-06-28_12-49-15-1024x571.jpg\" alt=\"\" class=\"wp-image-992\" srcset=\"https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/photo_2020-06-28_12-49-15-1024x571.jpg 1024w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/photo_2020-06-28_12-49-15-300x167.jpg 300w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/photo_2020-06-28_12-49-15-768x428.jpg 768w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/photo_2020-06-28_12-49-15.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Classic Kevin:<\/strong> Atlantis, Agharta, and Phoenix were a series\nof pre agreed upon, non-contentious, necessary upgrades to attain a parity\nprotocol with the ethereum protocol, bridging a lot of gaps for dapp developers\nessentially making it incredible easy to port your existing dapp do ETC like\ni.e. Maker, or any project. <\/p>\n\n\n\n<p>We&#8217;re\nalready starting to see this with CHainbridge, Ethermint, and POA ETCBridge and\na lot more. Another one of the main reasons was the easier accessibility to the\nimmense degree of tooling in Ethereum that wasn\u2019t available to ETC.<\/p>\n\n\n\n<p><strong>Q5 from Telegram\nuser @CryptoLove97<\/strong><\/p>\n\n\n\n<p><em>How are\ndevelopmental changes made on ETC network? Do you plan to transition to PoS for\nscaling your network like ETH is Progressing to RTH 2.0 (Casper)?<\/em><\/p>\n\n\n\n<p><strong>Classic Kevin:<\/strong> Trust me before it was so difficult to\ndevelop applications it discouraged a lot of early development.<\/p>\n\n\n\n<p><strong>Alex Tsankov:<\/strong> No plans to switch to PoS for a very long\ntime in Ethereum Classic. However, I know some people in the community that\nsay: If PoS is proven, over 10 years, same way Proof of Work has been proven\nsince 2008, then maybe we can consider migrating ETC to it.<\/p>\n\n\n\n<p><strong>Classic Kevin:<\/strong> Any changes whether their developmental or on\nthe social level or having to do with anything really about the project go\nthrough the ECIP process. Proof of stake has not been battle tested and does not\nsolve the byzantine general\u2019s problem which is basically the point of\nBlockchains haha. In the beginning there was talk about doing a hybrid but that\nwas very short-lived because proof of work has demonstrated to be the most\nsecure mechanism and actually solves the byzantine general\u2019s problem. By\nseparating node operators and miners. In POS that is not possible.<\/p>\n\n\n\n<p><strong>Alex Tsankov:<\/strong> Agreed, the ETH Foundation makes it seem like\nPoS is simple, common sense improvement. The reality is that it is like changing\nthe engine of a moving jet, with another jet we don\u2019t even know works! And why\nshould dapp developers and defi developers and users have to worry about their\nbusiness breaking because Vitalik wants to experiment? ETC provides solid\nfoundation to build a DeFi business on. All dapps are businesses,\nfundamentally.<\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>Take Segwit for example. That was alll due to\nthe node operators. Only had I believe ~30% miner support but guess what now we\nhave segwit on bitcoin all mostly done on a voluntary basis.<\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>One other note: I believe Proof of Work is\ninfinitely scalable.<\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>In my opinion and proof of stake the rich get\nricher and the poor stay where they\u2019re at. I would never be in a position to\nadvocate for a change to that mechanism but potentially a hybrid if that\u2019s\nstill in the research phase which I don\u2019t believe it is.<\/p>\n\n\n\n<p><strong>a.s.:<\/strong> Basically copying the current system in the\nworld.<\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>Yes:<\/p>\n\n\n\n<p>Proof\nof Stake = Rich get Richer by having Money<\/p>\n\n\n\n<p>Proof\nof Work = Make money by doing hard work.<\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>Also with proof of stake with the validator\u2019s\nor Block producers or stake pool operators has really shown to be rather\ncentralized. With mining if you really want to you could buy the equipment\nnecessary. With the other system that\u2019s just not possible unless you can accrue\nmore capital than the whales ahead of you.<\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>Oh also one other note: many in DeFi community\ndon\u2019t like Proof of Stake, because the yield competes with apps on the\nplatform. Think this way: if ETH PoS offers 2% yield, then nobody will use apps\nlike Compound or MakerDAO if they do less than 2%. It is basically like another\nFederal Reserve.<\/p>\n\n\n\n<p><strong>Irina K. | @Satoshi_Club: <\/strong>Nice. Thank you guys. I think that on this\noptimistic note we&#8217;ll close the doors of part 1 and proceed to part 2.<\/p>\n\n\n\n<p class=\"has-text-align-center\"> &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/p>\n\n\n\n<p><strong>PART 2, TELEGRAM COMMUNITY LIVE\nQUESTIONS<\/strong><\/p>\n\n\n\n<p>The\nchat was open for 2 minutes; a lot of questions were posted by the Satoshi Club\ncommunity. Our guest chose some of them, but ONLY first five were rewarded.<\/p>\n\n\n\n<p><strong>Q1 from Telegram\nUser @CryptoLove97<\/strong><\/p>\n\n\n\n<p><em>Since, Majority of\nHash Power Rests with ETH, How Prone is ETC for a 51% Attack &amp; Double\nSpending? And, how would you Prevent this?<\/em><\/p>\n\n\n\n<p>a.s.:\nIt is not a bug. It is by design so. More can be read here: <a href=\"https:\/\/medium.com\/ethereum-classic\/51-attacks-arent-a-network-failure-81a7e197bfd9\">https:\/\/medium.com\/ethereum-classic\/51-attacks-arent-a-network-failure-81a7e197bfd9<\/a>.\n<\/p>\n\n\n\n<p><strong>Q2 from Telegram\nUser @Nickkiii<\/strong><\/p>\n\n\n\n<p><em>What was the reason\n(besides EVM compatibility) behind breaking immutability with the Phoenix hard\nfork?<\/em><\/p>\n\n\n\n<p><strong>Alex Tsankov:<\/strong> This is a controversial opinion, spread by\none developer in the ETC community.<\/p>\n\n\n\n<p><strong>Q3 from Telegram\nUser @Temidayo16<\/strong><\/p>\n\n\n\n<p><em>What does ETC have\nto offer that another blockchain can&#8217;t rival?<\/em><\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>Very simple: we are the only proof of work,\nturing complete, smart contract platform. Every other smart contract chain is\nProof of Stake. Also we are very decentralized, similar to Bitcoin.<\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>well I&#8217;d point you to the roadmaps. Point you\nto ETC being an authentic public blockchain, not a corporate coin or #1300 CMC\ncoin with 2 devs and nothing else. One thing people overlook is the fact that\nETC is light years ahead of other project in terms of infrastructure maturity,\necosystem development, and social reach, authentic use i.e. tx per day, active\naddresses, etc. Scaling will likely come in the form of sidechains (already\nbeing researched and several PoCs have been delivered) and state channels\nsimilar to Bitcoin&#8217;s lightning network time lock transactions. These are\nalready in production. &#x1f60a;&#x1f60a;<\/p>\n\n\n\n<p>Anything\nthat can be done without sacrificing security first and unproven\/untested\ntechnology. Remember no move fast and break things. Gotta get it right the\nfirst time. &#x1f609;<\/p>\n\n\n\n<p><strong>Q4 from Telegram\nUser <\/strong><\/p>\n\n\n\n<p><em>About ETC goals of\nthe year.<\/em><\/p>\n\n\n\n<p><strong>a.s.: <\/strong>There are many goals for this year, but here\nis an abstract from (link follows by mods):<\/p>\n\n\n\n<ol><li>To reach out to the non-english ETC social\nchannels to translate the English version of the https:\/\/ethereumclassic.org\/ <\/li><li>LLVM Instruction scheduler and performance\noptimizations \/ JSON-RPC devp2p Wire protocol specification and reference\nimplementation research and possible design<\/li><li>Updates to ECIP process via ECIP-1000\ndiscussion.<\/li><li>Astor experimental testnet SHA3 consensus algo\nresearch review \/ Mining Algorithm Discussion: Astor SHA3 Change, DAG\nreduction, No Change <\/li><\/ol>\n\n\n\n<p>My\npersonal are #1, #4. But it does not mean, that I don \u2018t like others, too. \ud83d\ude42<\/p>\n\n\n\n<p><a href=\"https:\/\/ethereumclassic.org\/knowledge\/roadmap.\">https:\/\/ethereumclassic.org\/knowledge\/roadmap.<\/a><\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>they have some amazing things in the work. <a href=\"https:\/\/etccooperative.org\/roadmap\">https:\/\/etccooperative.org\/roadmap<\/a>.\n<\/p>\n\n\n\n<p><strong>Q5 from Telegram\nUser @Faustom<\/strong><\/p>\n\n\n\n<p><em>Currently this is\nthe year of DeFis, my question is what has Ethereum Classic done in this\nregard?<\/em><\/p>\n\n\n\n<p><strong>Alex Tsankov:<\/strong> The biggest thing ETC can do right now in\nterms of DeFi is: <\/p>\n\n\n\n<ul><li>Market to ETH\ndevelopers so they launch their dapp on both chains. <\/li><li>Work on wallets\nlike Saturn Wallet, or alpha wallet, that make it easier for users to use ETC\nDeFi apps.<\/li><\/ul>\n\n\n\n<p><strong>Q6 from Telegram\nUser @Ketz23<\/strong><\/p>\n\n\n\n<p><em>DeFi is one of the\nhottest topic in the blockchain space right now. Can $ETC share your opinions\non DeFi with us? Do you think that DeFi will disrupt the existing financial\nsystem? What is Unification approach towards the DeFi sector?<\/em><\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>DeFi is the *killer app* of crypto. Because it\nsolves serious problems with the financial system. I live in New York; I am\nvery familiar with finance applications. <\/p>\n\n\n\n<p>They\nare all very slow, expensive to use, lots of regulations, closed off to the\nworld. With DeFi, now the whole world has equal access to the market, no matter\nwhere you are on earth at any time. This is a huge opportunity. We will see\nstocks, bonds, real estate all integrated into DeFi apps in next 5 years. ETC\naccrues value from this, because in order to use the defi apps, you need to pay\ngas fees, and buy ETC off the market to pay for these fees.<\/p>\n\n\n\n<p><strong>Q7 from Telegram\nUser @kun4321<\/strong><\/p>\n\n\n\n<p><em>What is ETC&#8217;s plan\nto increase its scalability?<\/em><\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>We believe in a rock solid base chain, and\nthen we have sidechains on top.<\/p>\n\n\n\n<p><strong>Q8 from Telegram\nUser @JackRipYourNeck<\/strong><\/p>\n\n\n\n<p><em>Crypto technology\nis here more than ten years. Where do you think etc will be ten years from now,\nin terms of organic growth? Thx!<\/em><\/p>\n\n\n\n<p><strong>Alex Tsankov: <\/strong>I believe there will only be 4 main\nblockchains in the future. ETC will be one, because it is decentralized,\nstable, good monetary policy, works well.<\/p>\n\n\n\n<p><strong>Q9 from Telegram\nUser @Ayoub41<\/strong><\/p>\n\n\n\n<p><em>As we know etc is\nnot a good investment for short term. What about long term?<\/em><\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>Long term is perfect. ETC is not a pump and\ndump where the devs will leave when price hits $X or $Y. It\u2019s very much\ndemonstrated to be a long term one. <\/p>\n\n\n\n<p><strong>Q10 from Telegram\nUser @Harsha_prabath1<\/strong><\/p>\n\n\n\n<p><em>What are ways by\nwhich ETC network generates profit\/revenue to maintain project. What is your\nrevenue model? <\/em><em>How it can be win situation for both investors and project?\nAdoption is one of the important factor that all sustainable blockchain\nprojects should focus to be more attractive in the investors\u2019 eyes. What ETC network\nhas done and plans to do to achieve real world adoption?<\/em><\/p>\n\n\n\n<p><strong>Classic Kevin: <\/strong>Right now its solely a donation driven process\nbut hopefully with all these goals and milestones and crazy interoperability we\ncan start fundraising for the project in different ways. I really like the\nGitcoin integration.<\/p>\n\n\n\n<p><strong>Q11 from Telegram\nUser @araceley<\/strong><\/p>\n\n\n\n<p><em>Why is ETC a way\nbetter platform than ETH for DeFi projects?<\/em><\/p>\n\n\n\n<p><strong>Alex Tsankov:<\/strong> ETC has cap of 210mil coins, ETH is unlimited\nright now. If you want unlimited money, just use fiat. &#x1f604;\n<\/p>\n\n\n\n<p><strong>Q12 from Telegram\nUser @Monica_012<\/strong><\/p>\n\n\n\n<p><em>Why anyone should\ninvest in ETC for long term investment? What is greatest strength of ETC? Tell\nus some such feature that people \/ users should invest in ETC and this project\nwill get the support of community.<\/em><\/p>\n\n\n\n<p><strong>a.s.:<\/strong> A short answer is a computing system. A long\nversion <a href=\"https:\/\/etherplan.com\/2019\/07\/02\/what-is-and-how-does-ethereum-classic-work-in-laymans-terms\/8106\/\">https:\/\/etherplan.com\/2019\/07\/02\/what-is-and-how-does-ethereum-classic-work-in-laymans-terms\/8106\/<\/a>.\n<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/esatoshi.club\/wp-content\/uploads\/photo_2020-06-28_13-47-28-1024x576.jpg\" alt=\"\" class=\"wp-image-991\" srcset=\"https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/photo_2020-06-28_13-47-28-1024x576.jpg 1024w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/photo_2020-06-28_13-47-28-300x169.jpg 300w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/photo_2020-06-28_13-47-28-768x432.jpg 768w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/photo_2020-06-28_13-47-28.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Alex Tsankov:<\/strong> ETC is very undervalued right now. It is\n$5.90 compared to $200 for ETH. If you believe even ETC is 1\/10 as good as ETH,\nthen you believe price should be $20.<\/p>\n\n\n\n<p><strong>Classic Kevin:<\/strong> ETH= unpredictable, governed (subject to\nchange) inflationary monetary policy.<\/p>\n\n\n\n<p>ETC=\npredictable, algorithmic, deflationary mon. pol.<\/p>\n\n\n\n<p><strong>Q13 from Telegram\nUser @DtKross<\/strong><\/p>\n\n\n\n<p><em>Is Ethereum Classic\neasy for new users?&nbsp; What are the highlights\nthat attract users of Ethereum Classic?<\/em><\/p>\n\n\n\n<p><strong>Classic Kevin:<\/strong> It&#8217;s as easy as ethereum. You may volunteer\nin any capacity you may offer or bring to the table. If you can write a\ncontract on ethereum you can on ETC.<\/p>\n\n\n\n<p><strong>Q14 from Telegram\nUser @minseo2<\/strong><\/p>\n\n\n\n<p><em>I am a talented\ndeveloper with knowledge of Solidity, SQL and other programming languages. How\ndo you support your developers? Are there available grant programs? Any\nupcoming developers workshop I should know of?<\/em><\/p>\n\n\n\n<p><strong>a.s.:<\/strong> Hey. There are these tasks with bounties\nfunded by ETC Core, a dev team by ETC Labs, currently <a href=\"https:\/\/gitcoin.co\/explorer?network=mainnet&amp;applicants=ALL&amp;order_by=-_val_usd_db&amp;org=etclabscore\">https:\/\/gitcoin.co\/explorer?network=mainnet&amp;applicants=ALL&amp;order_by=-_val_usd_db&amp;org=etclabscore<\/a>.\n<\/p>\n\n\n\n<p>For\nworkshops please ask on the etc discord in the dev channel: <a href=\"https:\/\/discordapp.com\/invite\/HW4GckH\">https:\/\/discordapp.com\/invite\/HW4GckH<\/a>.\n<\/p>\n\n\n\n<p class=\"has-text-align-center\"> &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/p>\n\n\n\n<p><strong>PART 3, QUIZ AND INFO<\/strong><\/p>\n\n\n\n<p>As usual,\nfor the third part, Satoshi Club Team asked the chat 4 questions about Ethereum\nClassic. A link to a Quiz form were sent into the chat. Participants had 10\nminutes to answer.<\/p>\n\n\n\n<p>30 users with correct answers were rewarded.<\/p>\n\n\n\n<p><strong>1.<\/strong> What is Ethereum Classic?<\/p>\n\n\n\n<ul><li><em>&#8211; only a permissionless network<\/em><\/li><li><em>&#8211; only a decentralized network<\/em><\/li><li><em>&#8211; only a computing platform for smart contracts<\/em><\/li><li><em>-&gt; all above<\/em><\/li><\/ul>\n\n\n\n<p><strong>2.<\/strong> Why does Ethereum Classic stick to PoW consensus\nmechanism and not to PoS? because &#8230;<\/p>\n\n\n\n<p>-&gt; <em>it\nwas seen as the most resilient mechanism till now (e.g. of Bitcoin)<\/em><\/p>\n\n\n\n<p><strong>3.<\/strong> What language are ETC Smart Contracts written\nin? <\/p>\n\n\n\n<p>-&gt; <em>Solidity<\/em><\/p>\n\n\n\n<p><strong>4.<\/strong> What is an example of a node software that\nCANNOT run Ethereum Classic? <\/p>\n\n\n\n<p>-&gt; <em>NGINX<\/em><\/p>\n\n\n\n<p><strong>For more information and future AMAs, join our\nSocial Media channels: <\/strong><\/p>\n\n\n\n<p>English\nTelegram group: <a href=\"https:\/\/t.me\/Satoshi_club\">https:\/\/t.me\/Satoshi_club<\/a> <\/p>\n\n\n\n<p>Russian\nTelegram group: <a href=\"https:\/\/t.me\/satoshi_club_ru\">https:\/\/t.me\/satoshi_club_ru<\/a> <\/p>\n\n\n\n<p>Spanish\nTelegram group: <a href=\"https:\/\/t.me\/satoshi_club_spanish\">https:\/\/t.me\/satoshi_club_spanish<\/a> <\/p>\n\n\n\n<p>Telegram\nChannel: <a href=\"https:\/\/t.me\/satoshi_club_channel\">https:\/\/t.me\/satoshi_club_channel<\/a> <\/p>\n\n\n\n<p>Website: <a href=\"https:\/\/esatoshi.club\/\">https:\/\/esatoshi.club\/<\/a><\/p>\n\n\n\n<p>Twitter: @esatoshiclub<\/p>\n\n\n\n<p><strong>Our Partners: <\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/ethereumclassic.org\/ecosystem\/social-channels\">https:\/\/ethereumclassic.org\/ecosystem\/social-channels<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On June 27, one of the most exciting AMA (Ask Me Anything) sessions took place in our group, which has reached 10,000 members. Congratulations to the Satoshi Club Community, we will continue to bring great projects and rewards. We were visited by our friends from Ethereum Classic Project. Our guests were @Classic_Kevin, @royzou, @passepartu and [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/989"}],"collection":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/comments?post=989"}],"version-history":[{"count":3,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/989\/revisions"}],"predecessor-version":[{"id":996,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/989\/revisions\/996"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media\/990"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}