A Painful Lesson For The Ethereum or Another Cryptocurrency Powered by Smart Contract Provider the Expanse

A Painful Lesson For The Ethereum or Another Cryptocurrency Powered by Smart Contract Provider the Expanse

Everybody knows about the awful period for the Ethereum community in the recent past, while the DAO became more corrupted due to repeated attempts to recover the money without fixing the code problem that made it impossible to prevent the money being stolen again. The code of DAO has been returned to a point prior to the original attack. Ethereum has had its first bailout.

The majority of Ethereum miners have agreed to this. This is hardly surprising, since a lot of them had invested in the DAO.Equally unsurprisingly, that they could solve the problem that they caused by putting a bad piece of code after inadequate review and testing.

According to the Forbes Article Christoph Jentzsch said:

“Separate from the discussion of whether a hard fork because of the DAO is a good or a bad idea, the very fact, that the Ethereum community has come together, often setting personal opinions aside, and successfully managed a hard fork in this situation is truly remarkable. Given the time constraint, the fact that we were able to come to consensus on this matter is an outstanding accomplishment.”

Ethereum

So the community had nothing to lose by voting to fork, and everything to gain. Ethereum founder Vitalik Buterin said that 85% of miners have voted for this fork. The remaining 15% are presumably either saints or had no money involved. The fact is that Ethereum has compromised its principles in order to rescue a client. DAO investors and Ethereum miners are to a large extent the same people, and even some coders have money in the game.

Somebody thinks that, there really was not any other viable alternative. The DAO was fatally corrupt. There was no way of bringing the attacks to an end without fixing the code. So now the question is – how does Ethereum avoid more bailouts in the future? But there is a wider issue here. Has this bailout set a precedent? Vitalik Buterin said it hasn’t, because Ethereum is still being developed.

The unfinished state of Ethereum should have been made clear to its investors. No way is it ethical to persuade people to invest large amounts of money in a product whose key selling point is its immutability, then when it goes wrong claim that it wasn’t ready for release and needs to be changed. It’s perhaps going a bit far to call this a scam.

Understanding of the Ethereum Classic Scam

Not so long ago there was that start of new cryptocurrency, Ethereum Classic. Ethereum Classic is an activist variant of the Ethereum protocol, except one where the community’s most recent hard fork never took place. Ethereum, the second most valuable cryptocurrency network after Bitcoin itself, is valued at US $1.11 billion.

Ethereum Classic takes a decidedly dogmatic tone, attempting to split the community over an issue that was already decided after a month of exhaustive public debate and discussion anyone could participate in. It also attempts to make a ‘hard fork’ when Ethereum has already successfully undergone three hard forks, with at least two more planned. The Ethereum ecosystem is so ambitious that it will be rolled out over time by the developers, progressively in four stages: Frontier, Homestead, Metropolis, and finally Serenity.

The billion dollar cryptocurrency is now only in its second of those stages, Homestead, and a hard fork was successfully used to roll out that version, as significant protocol changes were made from the initial version.

The analogy is that a hard fork within Ethereum is like AOL upgrading to a new version. More over there is a huge wave of hysterical Twitter and Reddit accounts, the majority of them pseudonymous, began relentlessly promoting Ethereum Classic over the last 48 hours. Looks like if there was some worthy mutiny we should all be aware of, and participating in.

ethereum classic

Those that oppose Classic are attacked. What fascinates me about this turn of events is how close it is to the debate that has held Bitcoin back for more than a year. What mainly bothers me here is that the same division that has brought Bitcoin to a bitter standstill for a year, the division between Bitcoin Classic, Bitcoin Core, and others, is now being imported to peaceful, productive Ethereum land.

If Ethereum wants to survive and thrive, I think it is probably sensible for the community to look at the time that has been lost over Classic so far, and whether there has been any return on investment there. Before Classic even came along, many Ethereum users were quietly exasperated by the month long flogging from media and peers over the DAO crisis, Ethereum users were ready to get back to business as usual, and now Classic is one more thing they have to deal with first.

Certainly, it is unacceptable practice for every planned hard fork moving forward to be met with its own listed non-fork coin. If I wanted to destroy the long term viability of any cryptocurrency project based on a blockchain, including Bitcoin, I would create community dissent after a hard fork and then do exactly what Classic has done – try to package the failed chain into an actual competing financial cryptographic asset, get it trading on exchanges against the Mother chain, and so on. Nothing like a little market cannibalization and loss of fungibility to make everyone lose their minds.

And marketing the failed chain after a mathematically significant majority of miners have begun mining on the new dominant chain — again, after a month of discussion and debate. This marketing of failed chains is phenomenally toxic stuff for a variety of reasons, as you can probably gather. When you think about it, it has been highly effective against Bitcoin, and now it is proving somewhat effective against Ethereum, too.

Cryptocurrency Powered Smart Contract Provider the Expanse

Now let’s speak about another cryptocurrency based on smart contracts, the Expanse. Of course it looks the same as Ethereum but without such confusing and frustrating history. Expanse is a community driven, decentralized information, application, and smart contract platform. The Expanse project is operated by its community through a DAO in which its members directly collaborate; exchange thoughts and ideas; and vote to determine the project’s future developments and management decisions.

Featuring a growing collection of smart contracts, dApps and toolkits provide users and organizations of all types with intuitive access to some of the most exciting applications of blockchain technology. The project provides tools and services that businesses, charities, even governments can use to easily and intuitively make use of blockchain technology from creating and managing smart assets to providing digital fulfillment and distribution.

expanse-featured

The Expanse Project is managed by a decentralized organization operating on the Expanse Blockchain. This decentralized entity is responsible for significant decisions such as deciding what features or updates to be focused on by developers, managing the project’s operating assets/reserve funds, and more. It consists of three divisions, each with equal power to vote on the decisions managing Expanse.

The Expanse Development Core is composed of the project’s founders and core developers. Knowledgeable, talented individuals with diverse technical experience related to blockchain technology. The Expanse Community Collective is the soul of the project: the people that use it. It is made of the current active expanse token holders. Every one whole expanse counts as a voting share. Holdings less than 1 Exp do not apply. The third party board composed of individuals mutually elected by the Developer Core and Community Collective. These should be trusted well known members of the bitcoin and cryptocurrency community with long established reputations in good standing. Ideally, individuals that have a strong technical background and an understanding of blockchain technology, able to make well informed votes on technical and financial issues.

Moreover, the Expanse Project, released a proof of concept version of its revolutionary decentralized governance services platform, Borderless.Tech. Borderless.tech is a coalition of globally accessible governance services forged out of smart contracts housed on the Expanse blockchain.

The Borderless.Tech governance platform is designed to substantially lower the operational costs required to maintain borders as they exist today. Removing the artificial lines that separate societies allows for a smarter allocation of scarce resources, while at the same time introduces competition into the age-old governance monopolies. This software will disrupt the very way we, as a civilization, understand citizenship and what it means to be connected.

It should be noted that the Expanse has seen consistently increasing trading volume. Trading volume on both Poloniex and Bittrex continues to rise and is upwards of $2,733,540 on July 1. There are plans for Borderless.Tech smart contracts to be loadable to the Expanse wallet in the future. Also, watch for an announcement about a major new initiative in development where Expanse provides for Borderless Charity, which is a legal entity that uses voluntary donations from Borderless.tech to provide basic necessities for people in need. More to come on that exciting project very soon. All in all, Expanse is the best alternative to trade if Ethereum and Ethereum Classic would actually a scam.

Author Avatar
by admin

Leave a Comment