Blockchains Must 'Guarantee Immutability' to Remain Competitive, Ethereum Classic Developer Says

  • Ethereum Classic (ETC) developers believe strongly in the "principles of decentralization and immutability."
  • ETC developer, Igor Artamonov, recently noted that centrally managed blockchains are extremely expensive to maintain.

Igor Artamonov, the founder and technology lead at ETCDEV, a group of software engineers focusing on Ethereum Classic (ETC) core development, recently explained that ETC’s technology is compatible with Ethereum (ETH) on the API and Ethereum Virtual Machine (EVM) level.

However, features developed on the Ethereum network that could potentially compromise security and make it prone to centralization are not supported by ETC, Artamonov noted. He added that smart contracts and decentralized applications (DApps) built on the Ethereum blockchain will also function on the Ethereum Classic network.

The computer science and management graduate clarified that developer tools created for Ethereum will work with Ethereum Classic as well. The developer tools would also be compatible with most Ethereum forks and private Ethereum-based networks, Artamonov explained.

ECIP-1017, ProgPoW

He continued: “So, technically we have multiple public networks [that are] compatible with each other in 99% [of] cases. Notice that it’s compatibility for 3rd party developers, which means that there could be differences in mining [protocols] (if ETH will move to ProgPoW or PoS).”

As most ETC developers claim, Artamonov wrote that Ethereum Classic’s philosophy is similar to that of Bitcoin (BTC) and “the ETC community cares more about security and decentralization.” He further noted that the ETC community “decided … literally community [and not just] developers [came to an agreement, which] took a year of debating to implement a predictable and objective monetary policy (ECIP-1017).”

Notably, Artamonov mentioned that even though technologies for Ethereum and Ethereum Classic are currently compatible, their respective ongoing development and roadmaps can be expected to “take different paths.”

The experienced Java developer explained that “ETC doesn’t plan to move” to any proof-of-stake (PoS) based protocol “at this moment, because PoS is much less secure and brings centralization around big capital (and early investors, which got 70% of ETH supply).”

1,000,000x More Expensive To Maintain Centralized/Managed Blockchains

Artamonov added that the ETC community “believes in the principles of immutability and decentralization” as they are the best, or ideal, use case for a blockchain. He also thinks:

Any blockchain without the guarantee of immutability would be competing with Amazon AWS (web services/cloud computing platform), which is already much more user friendly and a thousand times cheaper.

Igor Artamonov

According to Artamonov, developing a permissioned (private) and centralized blockchain is “a waste of resources” as it does not provide an effective or efficient solution to any problem, or provide better data management (compared to a database).

As CryptoGlobe reported, startups funding platform Republic CEO, Kendrick Nguyen, has also said that “many enterprise companies intend to use permissioned blockchains for uses that are better suited for a database.”

Moreover, centralized/managed blockchains may be “1,000,000x more expensive on every aspect of operating” - Artamonov pointed out.

Huobi Wallet Adds Support for Decentralized Finance Apps MakerDAO and Compound

Francisco Memoria

Huobi’s multi-currency wallet, Huobi Wallet, has added support for two decentralized finance (DeFI) projects – Compound and MakerDAO – in an expansion into the ecosystem.

According to a press release shared with CryptoGlobe, Huobi Wallet will now be supporting all decentralized applications and tokens associated with these projects, which are mainly focused on the Ethereum blockchain.

The document notes the Maker project is comprised of a decentralized stablecoin – Dai – collateral loans, and community governance. Huobi’s multi-currency wallet supports the stablecoin, as well as its MKR token and CDP Portal which lets users take collateralized debt positions.

MakerDAO, Maker’s decentralized portal, is fully managed by smart contracts. The project has created a lot of buzz in the cryptocurrency space over the popularity of its Dai stablecoin, which has been listed on various major exchanges.

Compound, on the other hand, is an open-source autonomous protocol allowing users to lend cryptocurrency and earn interest on their holdings, or borrow on the platform at a specific rate. Huobi Wallet’s support meaning users will be able to use the Compound decentralized application directly from the wallet.

Livio Weng, Huobi’s chief executive, was quoted as saying:

We think blockchain technology has great potential not just for cryptocurrency but also in providing better overall financial services and products to the public. Both Compound and MakerDAO share our vision and we're happy to add support for them.

Compound’s founder and CEO, Robert Leshner, added that decentralized financial applications will “lead to a wealthier, more connected world,” but have so far been difficult to access. Per his words, this type of partnership will help more users access DeFi platforms.

The move comes shortly after Huobi Wallet partnered with Equiilibrium, the framework behind an EOS-based stablecoin called EOSDT, to add the cryptocurrency to the multi-currency wallet.