The Blockchain technology has been around for a while and has implemented huge benefits onto the digital and the entire world, the blockchain technology was created as a result to solve human problems and since then has been a great success to human kind. The Cryptocurrency is the primary currency of the blockchain which works in hand with each other, cryptocurrency was created to solve the problem of transactions. With faster transaction, no middle man between the sender and receiver, low fee, secured fund and no restrictions. The first Cryptocurrency created, Bitcoin was built to decentralize the payment system and implemented peer to peer payment which won't involve any middleman, all of these where achieved and lead to more creation of other cryptocurrency (altcoins). Every since then individuals, companies and businesses has taken look at the blockchain and cryptocurrency which some has adopted and keeps growing.
Over the last few years Cryptocurrency has experienced lots and lots of difficulties and challenges which keeps increasing every single day till date this problems has made the price of Bitcoin, Ethereum and others to fall dramatically which has made it not to perform what it was created for. Example is transactions, at the advent of the issue transactions has become extremely slow and cause congestion of networks, sending Ethereum might take several hours and even days to deliver, which isn't what it was created to be, this has been all what users has been experiencing every since the problem. Another problem is huge fees, cryptocurrency wasn't created to charge lots of fees but to cost less but this days the fees charges for transactions are way too high that individuals even prefer transacting with traditional methods. In December 2017 the fee for Bitcoin went has high as $30 per transaction this was mind blowing and has well made lots of people left the crypto space. This problems are just the few ones lots of problems still affect the Cryptocurrency today. Though lots of messure and projects has come to solve this problems but all to no avail, instead to stop the problems the problems knock down those projects and keep increasing every day. This is why Ethereum Classic Vision is here to reduce and kill all of this problem for a better and real use of the cryptocurrency for what it was created for.
Ethereum Classic Vision is a new cryptocurrency that intends to bridge this divide of expectations and reality. Has seen that cryptocurrency has gone through several lines and are not performing what they where created to solve this is why Ethereum Classic Vision has researched, learnt and employed experienced team in solving this problems. Ethereum Classic Vision will be hard forked from Ethereum on 11.01.19. Coin will be distributed to Ethereum holders as 1:3 ratio, which mean if you hold 1 Ethereum during the period you will receive 3 ETCV, this is so because Ethereum is the second largest digital currency and has more benefits in decentralizing. Ethereum Classic Vision is backed with lots of advantages and benefits which Ethereum can not offer. Ethereum Classic Vision bring sharding, P2P asset exchange, Dapp development tools, and decentralized file storage using IPFS. All of these are what Ethereum could not offer. Ethereum Classic Vision aim to solve the current problem facing Ethereum and other cryptocurrencies to bring out the features of what cryptocurrency was created for.
Ethereum has some major problems such as slow transactions which I have explained at the top, Ethereum transactions process is extremely slow this days which processes only 15 transactions per second and still reducing. Making payments been delayed also to speed it up one need to pay more for gas fees which will charge more compared to fees other cryptocurrency charges. This has been really disappointing and sad to see thing like this in the crypto space. Another problem declining mining reward, this problem is currently faced by not only Ethereum but most Cryptocurrencies, mining is now less profitable and many are leaving for those cryptocurrency that are profitable this has lead to slow transactions and slow blocks creating. Miners are currently leaving the Ethereum blockchain for other cryptocurrency because it is less profitable.
However the greatest problem Ethereum is experiencing is centralization, as we all know that the purpose for the Blockchain and cryptocurrency is to decentralize the world. Research has shown that the Ethereum network is becoming centralized day by day which is a bad for the blockchain as a whole. Lots and lots of problems keeps arising every single day on the Ethereum network and definitely need a successor to help out which is why Ethereum Classic Vision has come to accomplish the original usage of the cryptocurrency and the blockchain.
Ethereum Classic Vision is built to fix the problems in the crypto space with an advanced, fast, easy-to-scale, and highly
decentralized system. As Ethereum Classic Vision has seen that the major problems affecting the Cryptocurrency is the Inefficiency of proof-of-Work to handle the task on the networks. This is why ETCV is utilizing proof-of-Stake, although the proof-of-Stake is really complex and requires significant resources and careful balancing which Ethereum Classic Vision has overcame. Ethereum Classic Vision will utilize the PoW in it initial stage but will switch to PoS later on as to make the testing stronger and deliver unexpected advantages for a long term. Ethereum Classic Vision will bring forth the PoS in no time and will be available to everyone. The advantages of proof-of-Stake includes;
Decentralization : The blockchain and cryptocurrency was created to decentralize every area of tasks but cryptocurrency such as Ethereum is been centralized to some particular people which as disallowed the purpose of it creation. Using PoS will guarantee anyone to own and control his assets with 0% centralization. This as a result will make more profit to Miners because there are no mining farms, no economy of scale, and even staking more coins than anyone else will never allow one validator to take over. It will also lead to more faster transaction and lower fees which is another goal of cryptocurrency.
Energy Efficiency : As it is known that PoW consumes lot of power over the year and has even lead to Miners leaving because of it huge consumption of electricity. This is caused because all minner work on the same block solving problems simultaneously but PoS won't work this way as it won't consume electricity and can be run on computers and even mobile devices.
Fair distribution of reward: As the PoW is becoming more centralized and main hands control are only after their profits and only share to themselves. PoS won't utilize blocks and will offer only transaction fees to validators.
Security : A major feature to look at, it is already stated that the PoS is safer than PoW in which makes PoS a better network to use. It is resistant to hacks and more safe for transactions.
Stability: the price of PoS cryptocurrencies including Ethereum Classic Vision stay stable and do not drop like others. Since there will be no sales and ico the ETCV coin will be distributed correctly as the stated rules. The growth and development will stable and keep on increasing.
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