Vitalik supports ETC

Buterin, a Russian boy who vowed to use blockchain to subvert the real economic system, created a new blockchain platform. From technology giants IBM and Samsung to investment banks Barclays and Credit Suisse, they all rushed to rely on his expertise. At the age of 20, he won the Thiel Scholarship and established the non-profit organization Ethereum Foundation. He publicly announced the Ethereum project at the Bitcoin Conference in Miami. In July of that year, he launched the Ethereum project crowdsale and raised 31,000 bitcoins (about 18.4 million US dollars at the time). At the age of 21, the initial version of Ethereum, Frontier, was launched, and Ether began to be publicly traded on exchanges around the world.

In July 2014, the Ethereum Project launched a crowdsale of Ethereum to raise funds. At that time, each Bitcoin could be exchanged for 2,000 Ethereum. On June 17 this year, the total market value of Ethereum reached its peak of $1.57 billion; the exchange rate soared 20 times from less than $1 last year to nearly $20. However, on the same day, the Ethereum smart contract platform network organization was hacked. The hacker exploited a loophole in the smart contract and ordered the DAO to double the allocation, stealing a total of 3.7 million Ethereum (about $53 million at the time).

In order to retrieve the stolen funds, Buterin and DAO members decided to ignore the hacked old blocks and re-establish new blocks. This decision was equivalent to breaking the original intention and principle of blockchain that it is irreversible and cannot be tampered with, which naturally caused a lot of controversy. It even caused opponents to decide to leave the Ethereum community and start a new one, firmly staying in the old block to continue development, and named it Ethereum Classic.

But as things have developed to this point, Buterin said: "While Ethereum (ETH) seems to be attracting all the media attention, Ethereum Classic (ETC) seems to be playing the role of a dark horse." He believes that Ethereum has reached a certain bottleneck. ETC has returned to the tradition of the Austrian School of Economics and has planned to reduce production in the same way as Bitcoin, and the total amount will not exceed 210 million in the end. If there is no scarcity, what is the difference between digital currency and real-world legal currency? At most, miners and real-world central banks are swapped. Central banks of various countries are frantically printing banknotes to dilute the wealth of ordinary people. Will digital currency go the same way? What's more terrifying is that ETH currently does not even have a monetary policy. The specific policy will not be determined until it is transferred to POS. So who can determine this monetary policy? It is the centralized Ethereum Foundation again. For supporters of digital currencies, what we need is clear expectations, and the total amount of ETC is limited, which is more in line with the characteristics of digital assets.

At the same time, some foreign blockchain industry experts said that Ethereum Classic was the original intention of creating Ethereum, and the refusal to increase the value is the spirit of digital currency. Digital currency can be simply understood as a string of numbers. The reason why it becomes currency is because of people's trust (believing that no one can change it).