ETC faces monetary policy reform, hard fork plan is on the agenda

Many thanks to developers, miners, community members, users and investors for their support and help. It was a great Monetary Policy Conference in London, and special thanks to our panelists, organizers and speakers Splix, Snaproll, Avtar and Eversheds LLP. We will publish the full conference minutes soon. This week's news also includes an introduction from the IOHK development team Grothendieck Team; our monetary policy updates continue and this topic remains a hot topic in the community; the news sharing platform ETC.today is online and the content is very worth reading; and Aaron van Wirdum and Dr. Cebrino also published articles related to ETC.

ETC Monetary Policy Meeting

The ETC event initiated by Dr. Avtar Sehra was successfully held on December 13, 2016. The event was hosted by Eversheds LLP, a leading financial services law firm, at their headquarters in St. Paul’s, London. The event aimed to promote ETC community activities and share the future development roadmap of the project. The agenda of the meeting was as follows:

1. Current Development of ETC Ecosystem

2. Speech by ETC developer Splix

3. Speech by Snaproll, author of the monetary policy proposal ECIP-1017

4. Monetary policy hard fork plans and why it matters

5. Monetary Policy, Crypto Economy and the Future Symposium

This conference has been recorded by professionals and will soon appear on major news media platforms.

Grothendieck Team

The team is named after Alexander Grothendieck, a mathematician who was born in Germany and lived in France. He created a whole system of abstract theories of modern algebraic geometry. The team is dedicated to the ETC blockchain and plans to build a Scala client for ETC based on the IOHK Scorex framework. Information about the team members, backgrounds, work experience and profiles will be uploaded to major social platforms soon. After reviewing ETC related information, the Grothendieck team will participate in the "Let's Talk ETC!" discussion to explore the development path of ETC in 2017.

In addition, what is the ideal development and update method of ETC in the minds of users? You can express your opinions on Reddit and participate in the development of ETC.

ETC Monetary Policy

The ETC monetary policy submitted by @snaproll has been officially adopted and incorporated into ECIP-1017 (ETC Improvement Protocol).

ECIP-1017 is the final revision of ETC's monetary policy, which limits the current issuance of one block to 14.0625 ETC. The improvement agreement proposes the theoretical maximum issuance of ETC and a specific issuance reduction plan. In addition, ECIP-1017 also explains how to maintain the currency issuance plan by changing the network consensus algorithm, which may be from the current PoW to PoS or a hybrid model of PoW+PoS.

Discussions on ETC’s monetary policy are taking place on many social media platforms, but are mostly concentrated in the Slack #monetary_policy channel.

If you want to learn more and participate in community building, relevant posts on Reddit may give you inspiration.

News and information sharing platform ETC.today

The content of this platform mainly covers news in the fields of Bitcoin, ETC and blockchain.

ETC Monetary Policy Report

Bitcoin Magazine recently reported on the update of ETC's monetary policy. Babbitt has a translation of the report. The author Aaron van Wirdum introduced the recent development of ETC in the article.

The first proposal to replace the current monetary policy is ECIP-1017 (download the full text in Chinese), which was drafted by Matthew 'snaproll'Mazur. Similar to the situation with Bitcoin, ECIP-1017 will set a hard limit on the total supply of ETC. Specifically, the block reward will decay by 20% approximately every two years, so that by around 2070, the mined ETC will stabilize at around 200 million - and the total supply will be around 210 million ETC. The first decay should occur at block 5 million, which is expected to be mined in less than a year from now.

Blockchain and traditional Internet

Dr. Cebrino compared the ETC blockchain with the traditional Internet in his article. He believes that the ETC blockchain has security, anti-censorship, reliability, openness, and trustlessness that the traditional Internet lacks.

ETC has many advantages that cannot be replaced by the traditional Internet or cannot be provided at all. If you don’t believe it, you can try it yourself.

ETC Smart Contract

In the article titled “ETC: Born for Smart Contracts”, the author details why the ETC blockchain is suitable for running smart contracts.

ETC strictly adheres to the tamper-proof function of the blockchain system, so the data in it is complete and secure. The ETC blockchain shows its due openness and neutrality to all users.

"Let's Talk ETC" youtube channel

Every Tuesday at 7:30 pm EST, we will talk about the latest developments in the ETC community. This week's show invited a special guest from the ETC investment community. We talked about the topic of blockchain investment.

ETC Wikipedia Page Construction

Reddit user "bitp" posted that the current Wikipedia link of ETC has been directly transferred to ETH. ETC community member /u/FaceDeer was once an editor of Wikipedia and provided a lot of professional advice on this. He suggested that the community first add ETC content to the Wikipedia page of ETH, and then call on volunteers to submit and add more information, so that ETC can have an independent page.

The development of the community from the numbers

The community activity is as follows:

Twitter – 33,500 followers
Reddit /r/EthereumClassic — 2,887 subscribers
Slack discussion group – 1,556 participants
Telegram (communication app) — 785 users
WeChat — 475 users

Mining community updates:

Miners – 807.95 GH/s (Source: Gastracker.io)

The top five mining pools by hashrate in the past seven days:

EtherMine – 221.04 GH/s
NanoPool – 169.65 GH/s
91pool – 91.85 GH/s
F2pool – 52.47 GH/s
Coinotron – 37.18 GH/s