Golden Observation｜What will happen after ETC activates the Thanos hard fork?

Jinse Finance reported that according to ETCNodes data, the ETC mainnet reached the block height of 11700000 at 03:48 on November 29, and the Thanos hard fork upgrade has been activated. The upgrade was deployed through the Thanos (ECIP-1099) protocol, restoring mining privileges for 3GB and 4GB GPU miners.

On November 28, ETC rose short-term, breaking through $6.4, with an intraday increase of 7.82%. After the hard fork, ETC fell below the $6.3 mark, with an intraday drop of 2.08%.

Previously, Xu Kang, head of the ETC Asia-Pacific community, said that fundamentally speaking, the upgrade did not change the algorithm. This upgrade decided to double the Ethash epoch duration from 30,000 blocks to 60,000 blocks, effectively reducing the size of the DAG. This modified Ethash is also known as EtcHash. This will allow miners with 3GB and 4GB GPU systems to resume mining, increasing security and promoting a more decentralized and healthy mining ecosystem. However, from the perspective of the mining process, each manufacturer still needs to make some adjustments to the mining machine, and mining is still subject to the manufacturer.

Golden Morning News｜July 16 Overnight Important Updates: 21:00-7:00 Keywords: 13 departments, Twitter account hacked, LINK, Ethereum 2.0

1. The CME Bitcoin futures July contract closed down 1.29%.

2. The three major U.S. stock indexes closed higher.

3. Ethereum 2.0 will soon release the client Prysm.

4. Central Bank of the Bahamas: Closer to launching a mobile phone-based CBDC.

5. Stellar has been integrated into the Samsung blockchain keystore.

6. The use of Bitcoin mixing services on the dark web has soared by 2100%.

7. The market value of LINK surpasses that of LTC and temporarily ranks 8th.

8. Buffett, Obama and other Twitter accounts were hacked to promote digital currency scams.

9. 13 departments including the National Development and Reform Commission: Explore the use of blockchain to improve the multiple value transmission and contribution distribution system. [2020/7/16]

ETC is rapidly adjusting as Ethereum is facing the 2.0 process. Earlier this month, ETC Cooperative released the transparency report for the third quarter of 2020. It announced personnel changes, attack time, upgrade work, etc. What needs attention is that ETC suffered three 51% attacks in one month and all infrastructure has now been switched to Besu (Ethercluster, BlockScout, all full nodes and Boot nodes).

Golden Morning News | CME Group will launch Bitcoin options Tunisia denies that it has launched CBDC: 1. Bitfinex plans to launch options and gold-backed stablecoins.

2. Bakkt plans to launch cash-settled bitcoin futures.

3. Ao Bencong has obtained patents related to UTXO blockchain smart contracts.

4. The Central Bank of Tunisia has denied that it has launched a CBDC and is considering establishing it.

5. Google has reached a cooperation with medical service provider Ascension to collect patient data to develop AI blockchain technology and machine learning applications.

6. CME Group announced that it will launch Bitcoin options on January 13, 2020.

7. Central Bank Mu Changchun: The Chinese version of the central bank digital currency provides more redundancy for the current electronic payment system.

8. A mysterious person anonymously donated 50 BTC to Grin. Li Qiwei claimed that the mysterious person was Satoshi Nakamoto.

9. On November 13, Lenovo Super Class opened a blockchain course "Introduction to Technology and Application Cases".

10. Alipay clarification: No cooperation with Lolli, Ant Blockchain does not participate in Bitcoin shopping rewards.

11. Former Federal Reserve Chairman: Whether to issue digital currency is a political issue, not an economic issue.

12. People's Daily Online: The research and application of blockchain technology should be increased, and the top-level planning and institutional arrangements for the application of blockchain technology should be strengthened. [2019/11/13]

Because ETC has encountered multiple 51% attacks, this has a great impact on mining pools and users. At present, graphics cards are the main force of ETC mining, and nearly 40% of the computing power comes from machines with less than 4G video memory. The congestion of the ETH network before the superposition and the sharp increase in revenue led to a sharp drop in ETC computing power. Before this upgrade, the community discussed many solutions, and the core is naturally to stabilize the basic disk of computing power.

Jinse Finance live report Yang Ge, founder of Xinghan Capital: Blockchain is the translation of real trade and finance: Jinse Finance live report, at the 2018 China Blockchain Summit Forum summit, Yang Ge, founder of Xinghan Capital, said, "Blockchain The chain is the translation of physical trade and finance. The blockchain provides a recording tool for the informatization of the industry. The blockchain formulates a unified value measurement for the industry. The blockchain is a technical tool to realize the digitalization of the industry. A necessary condition for realizing intelligence." [2018/5/20]

The ECIP-1099 solution directly doubles the DAG size adjustment period from the original 30,000 to 60,000. Therefore, after the upgrade, the video memory required to mine ETC will drop significantly to more than 2G. Of course, it will still maintain annual growth after that, and it will take several years to reach 4G again. The fixed DAG size proposal proposed by the community was not adopted. It has been about a month since the DAG of ETH has reached 4G. At that time, there will be a lot of graphics card computing power that has not been upgraded with video memory and ASIC computing power that does not support video memory larger than 4G. It is necessary to find a suitable currency for mining. The computing power of ETC should usher in a great increase, and the existing miners need to pay more attention to this trend of the whole network.

From the perspective of the overall route of ETC, ETC is seeking its own innovation. Previously, Ethereum Classic clearly tweeted that ETC no longer follows the roadmap under Vitalik’s vision, and aims to learn from ETH1. It's time for ETC to bring some meaningful innovation to the Ethereum Classic network.

Xu Kang, head of ETC's Asia-Pacific region, also said that fundamentally speaking, ETC and ETH share the same bottom layer and some of the same infrastructure. Therefore, the development direction of some technologies should be consistent. ETC has done three hard fork upgrades since last year. These three hard fork upgrades are largely compatible with Ethereum technology. In terms of functions and features, as long as there are some functions and features that can be achieved by Ethereum, ETC can also be achieved.

Obviously, ETC hopes that in the process of migrating to 2.0 with the help of Ethereum, pow believers can complete some attempts on the ETC chain.

This can also be seen from the wETC that ETC labs is working on. wETC is ETC’s attempt to expand Defi, but the development potential is still the trend of the market. Although mining and the trading market are related, they are essentially separated, and there will be profits. It can be mined, and liquidity is king in finance, not to mention whether defi on Ethereum can drive the enrichment of ETC-like assets. This process still has to wait. What ETC needs now is a stable mining ecology, and then Look at the enrichment of assets on the Internet.

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