Ethereum has an upcoming hard fork called Ethereum Basic (ETBC). In this article, we will cover why Ethereum is hardforking and give you the basics of what you need to know.
Why is Ethereum Hardforking?
This hard fork, named Ethereum Basic (ETBC) is essentially not the first upgrades in the Ethereum network. In 2016 Ethereum split in two, and we now have Ethereum Classic as well as Ethereum. The next upgrade was called Byzantium and took place in October of last year. The recent upgrade was called St Petersburg and Constantinople.
The developers of those projects are implementing these upgrades with the intention of making the Ethereum network faster, less expensive and more efficient. In their words, they are ‘ushering in a new age of Blockchain technology‘.
Yet we still find out that this aim has not been accomplished, due some factors affecting the Ethereum blockchain such as : Delay in transaction, lack of efficiency , Non scalability-High transaction /gas fees and other factors.
Ethereum Basic (ETBC)
Ethereum Basic (ETBC), is an answer to all this, which is forked out of Ethereum to tackle the issues and create a space which ETH failed to do. The all-new token will primarily focus on decentralized governance of the platform, carrying all the features and tools which were omitted in the ETH updates, but are considered to be fully operational. ETBC will primarily work on seven things:
- A complete and comprehensive transfer to Proof-of-Stake, without any interference by the expected Casper update on ETH.
- Enhancing network scalability by implementing on-chain and off-chain solutions.
- Easing the pressure on miners by eliminating the “difficulty bomb”, which would allow them to accept future developments.
- Introducing a functional voting mechanism to enhance transparency.
- Making the network more agnostic towards digital tokens, which mean that creating a trust-less platform.
- Increasing the full nodes by incentivizing owners.
- Optimizing gas fee paid to miners to tackle uncles more efficiently.
The Snapshot Time
The team will carry out a Snapshot of the ETH network on 16-05-2019 at 16:00 GMT. Everyone holding ETH will be eligible to receive free ETBC coins at a ratio of 1:1. Also note that everyone who wants to participate in this Airdrop must hold His or her ETH in his or her personal Eth wallets. Do not hold your Eth on Exchanges as the Snapshot won’t capture it and you won’t receive any free ETBC. However, if your ETH is in an Exchange Account please transfer them to your personal wallet where you have the private key. After the Snap shot, the ETBC network will be launched on 26-05-2019 and 16: 00 GMT.
ETBC – emission and distribution
- Coin ticker: ETBC
- Network snapshot date: May 16, 2019, 16:00 GMT
- Network launch date: : May 26, 2019, 16:00 GMT
- Initial emission: 2 000 000 ETBC
- Airdrop ratio: 1:1
- Distribution of ETBC will be conducted an airdrop: all ETH holders can claim ETBC completely for free.
- Mining protocol: first PoW (CPU, GPU), then transfer to ProgPoW (ASIC-resistant) as an intermediate stage, then full transfer to PoS
- Initial distribution: 95% of the pre-mine will be distributed among current ETH holders and bounty program participants.
Project Official Links:
Website: https://ethereum-basic.com/
Whitepaper: https://ethereum-basic.com/whitepaper.pdf
BitcoinTalk: https://bitcointalk.org/index.php?topic=5141077.0
Telegram: https://t.me/EthereumBasic
Author:
BitcoinTalk Username: Tpq01349
BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1972940
ETH Address: 0xA73fA2565C18218AC6510c8CD3B220F5794f3B84
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