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- The parity developer withdraws its support from Ethereum Classic (ETC).
- Blockchain technology thrives on the very fact that there is a consensus among a group of developers or miners on topics such as disruptions and splits.
- One of the major concerns was the usage of forking as a means to generate value from ETC.
To become a successful blockchain, there has to be consensus and a variety of user choices. Blockchain technology thrives on the very fact that there is a consensus among a group of developers or miners on topics such as upgrades and forks. The post-Phoenix Ethereum classic integration has lost the unique feature of immutability that miners look out for in cryptocurrencies. Wei Tang, in a recent post, has shared information that he has withdrawn his contributions to ETC owing to several reasons.
Shortcomings of Ethereum Classic
Ethereum Classic was formed as a split-off from Ethereum and is in shambles at the moment. One of the major concerns was the way forking used as a means to generate value from ETC. Tang has also mentioned in his post that user choices had not been maximized before a hard fork and splits occurred post the hard fork. As Ethereum Classic had imbibed the multi-development model from its creator, ETH, it couldn’t manage it properly, which led to its downfall. The post-Phoenix Ethereum era has not learned the mistakes committed during the DAO fork, which led to the problems in ETC.
What Can Be Analyzed?
Since then, there have been lots of complications to deal with, such as bugs and poor internal coordination. Mr. Wei Tang was filled with sorrow about the failure and discontinued his support of the blockchain technology.
Immutable objects are those who do not change post inception, but ETC lost its unique feature. A sense of burden and obligation prevails if provocations and bugs are not dealt with properly. Consensus and user choice should prevail for the prosperity of digital currency available in various exchanges and forms.
Technology and ethos go hand in hand, and their synchronization plays a key role in the success of the digital currency. A series of public attacks and coding plagiarism issues led to the downfall of Ethereum Classic.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
