Ethereum Classic (ETC) Has An 'Incredibly Unique Market Positioning', Former Morgan Stanley Vice President Says

Omar Faridi
  • Ethereum Classic (ETC) advocate argues that the Ethereum fork is unique in that it's the only major fully proof-of-work (PoW) and Turing Complete crypto platform. 
  • He also claims that ETC has the "same security philosophy" as Bitcoin (BTC).

Donald McIntyre, the founder of Etherplan, a blog and resource for videos explaining how blockchains, sidechains, and decentralized applications (DApp) function, recently argued that Ethereum Classic (ETC) has “an incredibly unique market positioning in an extremely valuable niche.”

McIntyre explained (by sharing a diagram) that the Ethereum Classic platform is the only major (fully) proof-of-work (PoW) and Turing Complete blockchain-based cryptocurrency network. The former senior vice president at Morgan Stanley noted that Ethereum Classic’s unique properties, or characteristics, make it “perfectly suitable for decentralized computing.”

Will "Always" Be Proof-Of-Work

As the Ethereum (ETH) blockchain begins its transition from PoW to proof-of-stake (PoS), McIntyre wrote that Ethereum Classic (the original Ethereum still using the same blockchain following the DAO attack) will “always be PoW” and it has a “fixed monetary supply” - meaning there will be a finite number of ETC issued.

McIntyre also argued that Ethereum Classic has “the same security philosophy as Bitcoin” while its “governance model is emergent open-source adoption.” In response to the former UBS Securities vice president, Twitter user @theonevortex said that Ethereum Classic was too “niche” and that cryptocurrency projects require consistent ongoing development.

McIntyre acknowledged that crypto platforms need regular contributions from competent developers and pointed out that ETC does have “a vibrant community.” He revealed that Switzerland-based ETCDEV, a team of computer programmers working full-time on Ethereum Classic core development, has grown from only 4 developers to 11.

McIntyre also pointed out that, in total, there are 38 developers actively working on improving and updating the Ethereum Classic network. The crypto blogger further mentioned that IOHK, a large tech company focused on developing peer-to-peer (P2P) financial services, was also actively contributing to the ongoing development of Ethereum Classic.

Better Roadmap Than All Other Smart Contract Platforms

Other teams or organizations assisting in the crypto platform’s maintenance and enhancements include ETC Labs, ETC Cooperative, and Grayscale. McIntyre claims:

ETC has very active development and a much more sound roadmap than any other smart contracts platform.

Donald McIntyre

He noted that there are many tools to help programmers make contributions to Ethereum Classic’s codebase. For instance, there’s a software development toolkit (SDK) called Emerald that allows application developers to build DApps that can be deployed on the Ethereum Classic blockchain.

McIntyre also mentioned that ETC’s developers are working to help the Ethereum fork scale effectively. Orbita is a sidechain protocol being worked on that could potentially allow Ethereum Classic to scale via layer-2 solutions - instead of interfering, or compromising, the mainnet.

Token Listing Guidelines for Binance DEX

On Thursday (April 25), Binance unveiled guidelines for listing tokens on Binance DEX, its new decentralized exchange, and said that these guidelines would enable Binance DEX "to facilitate a larger number of crowd-vetted projects, hopefully listing 10x more tokens than currently listed on Binance.com."

Despite what some people think, issuing a token on Binance Chain does not mean that the new token will automatically get listed on Binance DEX. Binance, which has been criticized like most other centralized exchanges for having an opaque listing process, is hoping that the new "transparent and community-driven" listing process for Binance DEX will finally satisfy most if not all of its detractors.

The Binance DEX listing process consists of the following steps:

  • 1. Proposal
    • "It is recommended that Token Issuers first create a thread under the “Token Issuance & Listings” category in the Binance Chain Community Forum."
    • "It is recommended that this public thread contain full answers to the Binance DEX Token Listing Submission Criteria..."
    • "Token Issuers must initiate an on-chain Proposal Request (fee of 10 BNB) to list a trading pair for a token."
    • "Token Issuers must request BNB as the quote asset for their first trading pair. For example, ABC/BNB."
    • "Once the proposal request is submitted, Token Issuers must post the Proposal ID to their proposal thread in the forum as a ‘reply’."
  • 2. Deposit
    • "Once the proposal request is sent, Token Issuers will need to deposit at least 1,000 BNB within 2 days."
    • "Proposals that do not receive sufficient deposits within this timeframe will not be able to move on to the voting stage and their deposit will not be refunded."
    • "If the Vote passes in Step 3 (majority 'Yes'), the 1,000 BNB deposit will be refunded."
  • 3. Vote
    • "At least half of the voting power is required to vote 'Yes' for the proposal to be accepted."
    • "Binance Chain Validators can vote for either 'Yes', 'No', 'NoWithVeto', or 'Abstain' within the time period specified in the proposal request."
    • "The 1,000 BNB deposit will be refunded if the majority of Validators vote for 'Abstain'."
    • "Proposals are denied if one third of the Validators vote 'NoWithVeto' or if half of the Validators vote 'No'."
    • "Denied proposals will lose all the funds deposited, however this result will only occur in rare circumstances when there is relatively clear fraud, scam or spam."
  • 4. List
    • "If the vote is passed, the Token Issuer will need to initiate a 'List' transaction on-chain (2,000 BNB fee) within the timeframe specified in the proposal, while the previous 1,000 BNB deposit will be refunded back to the proposing user."
    • "The trading pairs will be live immediately after this request is completed."

Binance DEX Listing Process Workflow Screenshot.png

Binance says that the "listing application, project information, vote results and all community interaction will be public on the Binance Chain Community Forum," that the decisions of the Binance Chain Validators (who are the only ones with the power to vote) are "purely based on public information in the forum," and that there is no other way "for projects to contact Binance Chain Validators."

One interesting thing to point out is that although the Binance DEX listing fee has been set to 2,000 BNB (currently, according to CryptoCompare, worth around $45,580), originally Binance CEO Changpeng Zhao (aka "CZ") was thinking of making the listing fee on Binance DEX be around $100,000, as he mentioned in his first Ask Me Anything (AMA) session on February 7:

"There will be a listing fee on the DEX. I actually deliberately want to set that a little bit high, just so we reduce the number of spam or scam projects. And there’s also a voting process by the validators to be listed on the DEX. So there’s a fee, I think the fee will be probably close to $100K US, so we’ll see. But the fee is adjustable over time, it’s quite easy to change."

Earlier today, Mithril, the first crypto project to migrate its token (MITH) to Binance Chain, got listed on Binance DEX:

 

All Images Courtesy of Binance