Executive Summary
The cryptocurrency market is going though one of its most difficult stages so far. Eteherum and Bitcoin prices keep falling, transaction times remain low, mining rewards are falling, and suggested solution for the Issues of scaling and energy inneficiency are still far from implementation.
These developments go aginst the established expectacion that tyhe economy is about to undergo a fundamental shift, becoming more decentralized. Blockchain enthusiasts have long hoped to see - and help build - a world where cross-border transaction are instantaneous and free, where individuals can conduct their business without the interference of banks and other authorities, and where deals will not depend on trust between parties. All this should be possible with blockchain - but can these advantages be realized in the light of current problems?
Ethereum Classic Vision is a new cryptocurrency that intends to bridge this divide of ecpectations and reality. A hard fork of Ethereum, it will leverage most advanced solution proposed for the world's second-largest digital currency, at the same time preserving the ideal of decentralization. The project will combined such technologies as sharding, P2P asset exchange, dApp developments tools, and decentralized file storage using IPFS. Starting out as a PoW-based system, it will later offer stable rewards to transaction validators thanks to the implementaion of Proff-of-stake, at the same time creating an optimal environment for deploying new assets.
The present White Paper providers a description of both the challengers facing Ethereum and the technical features Calssic Vission that will help the project meet these challengers, further, the document outlines the upcoming hard fork, including a snapshoot of the Ehereum network that will allow all ETH holders to claim free ETCV coins.
Technical Features of the Project
Ethereum Classic Vision aims to to resolve the major issues facing Ethereum, including scaling, mining inneficiency, and high cost of data storage. The transition to Proff-of-stake, describe in Chapter 1, constitues the key element of this plan, but a number of additional modules and features will also play an important role. This section introduces the solution proposed by Ethereum Classic Vision, their advantages, and implementation plan.
VisionDEX - a decentralized exchange
Ethereum Classic Vision follows the principle of true decentralization and independence promoted by Ethereum Classic and lost in Ethereum as we know it today. Therefore, one of the founding team's priorities is to provide Ethereum Classic Vision users with a way to conduct market operations without relying on centralized exchanges. Integratinga decentralized P2P cryptocurrency exchanges - named VisionDEX - will ensure that Ethereum Classic Vision holders will retain full control over their assets and will not lose them to hackers as it happenedas such as exchanges as Coincheck ($500 million stlen), Coinrail ($40 million) and even the supposedly decentralized exchanges in China and closure by the authorities (as happened to numereous centralized exchanges in China and Korea), bankruptcy, and malicious or incompetent actions of the organizers.
At VisionDEX, all major functions - asset exchange, order matching and handling order books - will be carried out using smart contract. In particular, a smart contract will function as a trustless multising escrow, holding the currency sent by the buyer until the matching amount in the order currency is received from the stellar.
The exchange will be built on the principle of currency neutrality: it will allow user to store not only ETCV, but also ETH, ETC, ERC20 tokens, BTC, BCH, XLM, and others. All digital assets created using the Ethereum Claissic Vision dApp platform can also be listed on the exchange and made available to buyers even prior to a project's launch. This means that VisionDEX can be used as a fundraising platform for blockchain startus and to conduct intila token offerings. Anymous trading will be available. Since VisionDex will be hosted by multiple nodes across the Ethereum Classic Vision network, its downtime can be expected to be close Zero. Liquidity will be provided by a combination of private and public reserves.
Project Implementation
The section describes the major steps in the process of implementation Ethereum Classic Vision and its modules, starting from the snapshot of the Ethereum network. A detailed raodmap is provided, listing both development stages and a promotional campaign.
ETH network snapshot and distribution
The initial distribution of free Ethereum Classic Vision coin will take place after a snapshot of the ETH network, which is schedule for january 11, 2019 (20:00 GMT). Tkaing a netrok snapshot constitues a standard practice for cryptocurrency hard forks and produces a list of all blockchain addresses conatining a certain coin or token.
Any user who is found to hold Ethereum coins in their private wallet at the moment of the snapshot will receive free Ethereum Classic Vision coins at a 3:1 ratio. For example, a user who hold 100 ETH in a private wallet (such as Coinomi, Jaxx, or Ledger Nano) will be able to calim 300 ETCV for free. It is crucial to stress that only ETH stored in personal wallets (dektops, mobile, or cold storage) are eligible for free ETCV after the hard fork. User who hold their ETH in exchange wallets cannot claim the reward.
Once the snapshot is completed, ETH holders will be able to dispose of their coins as they wish, including transferring them an exchange, selling them, or exchanging them. The amount of free ETCV airdropped to ETH holders depends only on how many coins they own at the moment of the snapshot - not before or after it.
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Created by : 15persenlucky
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