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How Ethereum Classic (etc.) uses the power of decentralization
The rise and decline of many crypto currencies is marked by a lack of regulation, manipulation and centralized controls. However, one cryptocurrency that stands out from the rest is Ethereum Classic (etc.), a blockchain open code network that has been struggling to preserve its decentralized identity since 2016.
In this article, we will investigate how etc. uses the power of decentralization and why it remains a lighthouse for those seeking true autonomy in the digital age.
What is Ethereum Classic?
Ethereum Classic (ETC) was aroused from the Ethereum crypto currency in May 2015. The original Ethereum blockchain had problems with its scalability, security and management. A group of developers, including Gavin Wood and Joseph Anderson, decided to take advantage of a different approach by creating a separate chain that will retain the basic principles of Ethereum.
The main goal of ETC is to provide a decentralized alternative to the traditional blockchain, where no entity holds control. This means that there is no central authority that can manipulate transactions or in any way change blockchain. Instead, ETC relies on a network of volunteer nodes and developers to maintain their integrity.
Decentralization 101
Decentralization refers to the absence of centralized control of information, resources or decisions -made processes. In the context of blockchain technology, decentralization means that no entity can manipulate data stored online. This allows for transactions with peers without the need for mediators, making it safer and more resilient.
The decentralized ETC architecture was built around a consensus mechanism called the proof of work (POW). Pow require powerful computers to deal with complex mathematical puzzles that help ensure the network and confirm transactions. However, it also makes it, etc. Vulnerable to 51% of the attacks, where the attacker can control most of the mining power of the network.
How, etc. uses decentralization
So how is etc. uses the power of decentralization? Here are some key ways:
- Volunteer nodes : etc. relies on a network of volunteer nodes to maintain their integrity. These nodes can be found anywhere in the world and participate in the consensus mechanism, which makes it difficult to manipulate data.
- Decentralized Management : Community, etc. was implemented by a decentralized management system, where decision -making is distributed among various stakeholders. This means that all changes or updates must be approved by most of the network participants.
- Open Source Code : ETC’s open source enables everyone to inspect and revise the project. This transparency helps recognize vulnerability and ensures that the network remains safe.
- Community involvement : Community, etc. is actively involved in the maintenance of the network, which means that any questions or concerns can be resolved quickly and effectively.
The advantages of decentralization
Decentralization offers several benefits to users and developers:
- Security : Decentralized networks are harder to manipulate and control.
- Transparency : Open Code, etc. Open code allows everyone to inspect and revise the project.
- Autonomy : Users have complete control of their transactions, because there is no central authority that controls the network.
Challenges facing etc
Despite its decentralized advantages, etc. still faces several challenges:
- Competition from the established Crypto Currency : As more major currency of the currency occurs, etc., they must continue to adjust and innovate to remain relevant.
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