ETC Highlights


#1

The day I was going to post this, malicious events began; regardless I’m still going to post the below to highlight notable events in the recent past.

ETC is made some strong moves the first week of 2019 with increased network activity, new exchange listings, as well as project and ecosystem developments Ethereum Classic. This is a short retrospective of noteworthy events for ETC in the past two weeks (sans attacks).

Development Community

Towards the end of December Emerald Wallet v1.1.1. by former ETC developers, ETCDEV Team, was released. This release adds support for contract deploying via the ethereum:// Transaction URI protocol. This will enable deploys from emerald deploy through the wallet.

ECIPs in Former Repository

There is currently a migration of contents and ECIP’s from the now former Ethereum Project repository to the current Ethereum Classic repository. Recently there have been newly submitted ECIP’s that have yet to be moved over or substantially reviewed. These ECIP’s, however, are still completely valid and viewable under the Pull Requests section. These include the following:

  • NiPoPoWs from IOHK Researchers Kostis Karantias and Dionysis Zindros
  • All other previously submitted ECIP’s

New ECIPs in Current Repository

  • ECIP-1047 by Anthony Lusardi, Director ETC Co-op

Constantinople Compatibility on ETC Clients

It is unclear whether or not Classic Geth will be updated in time as the new core team has not officially been announced. However before the issues we were made aware that ETCDEV would be on track in implementing the compatibility into Classic Geth. As for the Mantis and Parity-Ethereum clients, they are already updated for the Constantinople hardfork in order to maintain compatibility among the Eth network. After this fork it is once again up to the dev community to decide where to take the project; whether or not to deviate techwise.

Goerli Testnet Project

Goerli is an ambitious set of PoA testnets intended for eth-based networks, deployed on Ethereum and Ethereum Classic. The “Classic” testnet is named Kotti.

There are many Ethereum testnets available for experimenting with smart contracts and deploying decentralised applications before going live on the main Ethereum network. However, there is no testnet available that is both widely usable across all client implementations, and robust enough to guarantee consistent availability and high reliability. This is what Görli and Kotti aim to be.

Read more about project Görli (Goerli) in the original testnet proposal.

Project peaceBridge

This is one project I as an end user am very excited for. Originally this project was proposed in July of 2017 under the name as "PeaceRelay."

PeaceRelay is built with a similar goal but for different chain: allowing communication/ interaction between two different Ethereum blockchains, i.e Ethereum and Ethereum Classic. Via PeaceRelay’s services, Ethereum contracts can read and verify transactions, account states on Ethereum Classic and vice versa . PeaceRelay is much more interesting than BTCRelay at the moment, since it enables two-way relay between Ethereum and Ethereum Classic, thus enabling what is also called “two way peg” in sidechain. Basically, PeaceRelay allows one to move ETC to Ethereum and move it back to Ethereum Classic network by deploying PeaceRelay on both Ethereum and Ethereum Classic networks.

This project was being built by Akomba Labs in collaboration with the Ethereum Classic Co-op and progress can be viewed within the updates.

Check out the video below of the PeaceBridge UI provided by Akomba Labs

First Half
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Second Half
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Here’s what they’ve been working on.

  1. Challenge functionality: We’re writing front-end to make it easy for anyone to submit a challenge…

  2. Watchtower: …so easy, in fact, that the challenge process can be automated. We’re writing a watchtower script that:
    • spots suspicious withdrawals (i.e. those using outdated or duplicate transfers); and
    • submits challenges against these withdrawals by automatically picking up the transactions required for a fraud proof.
    This script can be run by:
    • users themselves, to directly monitor their tokens and deposits;
    • always-online services, to which users can delegate the task of keeping the watchtower up-and-running; and/or
    • the Custodian, to provide additional peace of mind for her users.

  3. Wallet integration: Metamask integration for signing transactions.

  4. ETC integration: Make sure our contracts and wallet integration are ETC-compatible (there’s some differences in opcodes).

  5. Full UX flow: Full user journeys and interfaces, for both custodians and users of peaceBridge smart contracts.

ETC Labs

Let’s stick to the developments of The First ETC Incubator Program and leave politics aside. Just focus on the data.

Their first cohort of startups has been announced in late December. After succesfully completing a pilot program with a handful of projects, the incubator has assembled its first cohort with 11 promising startups using ETC.

The ETC Labs program plans to grow the ETC ecosystem by offering startups building on the blockchain access to shared office space, developer support, and funding to take their ideas to the next level. The program aims to do this by making direct investments and connecting the startups to a network of collaborators, investors, and supporters.

ETC Labs plans to support 20 to 24 startups per year, considering their capabilities and provision for accommodation. The program is looking to support 10 to 12 startups at one time, with varying levels of support depending on the requirements of each project.

Network Metrics

Ethereum Classic has been on fire lately processing large amounts of real daily transactions and consistently finishing in the top 10 in trade volume. Here are some of the notable metrics.

Notable Metrics

  • Daily transactions are consistently higher since mid summer (July)
  • Not once dipping below 40,000 since July (High 101K March 2018; Low 23K May)
  • Average transaction value ranges around 200-300 USD
  • ETC is consistently in the top by trade volume
  • 15th in development activity, according to, CryptoCodeWatch

ETC Transactions v. Avg. Transaction Value

Social

The ETC community grew to new levels in 2018. ETC podcast series “Let’s Talk ETC!” by Christian Seberino in collaboration with IOHK reached its 50th show in October and has continues to produce consistent episodes with interesting and entertaining guests. Subscribe to it in Apple Podcasts, and be alerted when new episodes are available.

It’s worth noting r/ethereumclassic subscription doubled in 2018 to 24K. Tweets have also been on the rise which seems to correlate with the creation and activity of ETC Twitter accounts such as: ETC_Philippines, ETC_Vietnam, ETC_Korea, ETC_Japan, ETC_Netherlands and many others.You can see a complete list of social media channels here.

Aside from the attack ETC has made some strong moves in 2019 and remains one of the more realistic blockchain projects. I hope to to see more developments over time as milestones are reached, new teams are onboarded, and the ecosystem.