With the return of four Classic integrated into Ethereum blockchain Ethereum


2019-03-06 12:00:14




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formally completes its development cycle and «back to basics» — soon, coins ETC will be maintained on the blockchain . Recall, a separate block chain Classic separated from the main cryptocurrency after the infamous hacker attack on the DAO.

So-called «bridge the world» is in the final stages of development. A unique token TETC will appear on the Ethereum blockchain in the near future. Information about it published by the Ethereum team Classic in his Twitter account.


What next?

The General principle is quite simple — a Trustee creates smartcontract on the Ethereum blockchain Classic, where the user can lock their coins. After that, the blockchain Ethereum is created smartcontract to issue an identical number of TETC. The safety of the procedure is ensured by the consensus Proof-of-Authority (PoA).

Some organization (for example, KyberNetwork) argues the possibility of a transaction in TETC. It also verifies the findings in coins Ethereum Classic. To ensure the trust of the verifier leaves his part of the cryptocurrency, which can be assigned to one of the parties in case of violation of the rules of the consensus.

At any time more than one signed by the organization transaction (in the same number of randomly iterate the nonce) can be confirmed in the function DepositContract for evidence of a breach of consensus.

While the whole scheme looks pretty damp, as many of the mechanisms of its work require confidence from one of the parties. In this explanation of the connection between blockchains Ethereum and Ethereum Classic quite difficult for the average criptonita.

However, the community of both projects can benefit from such a «cooperation». Holders ETC join a much more liquid market Ethereum and ETH owners will feel the increasing influence of the network effect.


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