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Ethereum Classic Shanghai: Products and Services


Published on

Presentation Delivered at Ethereum Classic Shanghai Meetup on 03 September 2016

Commercial and Technology Core Team:
Igor Artamonov:
Marcus Brown:
Elaine Ou:
Cody Burns:
Avtar Sehra:

Twitter: @etc_classic
Twitter: @avtarsehra

Published in: Internet

Ethereum Classic Shanghai: Products and Services

  1. 1. Development of New ETC Products & Services Dr. Avtar Sehra Shanghai Event 05 September 2016
  2. 2. Contact Details : Gravity Igor Artamonov Marcus R. Brown Elaine Ou Arvicco Colibry Cody Burns Eric Somdahl Avtar Sehra
  3. 3. 3rd Party Products and Services Why Ethereum Classic? “Do not go gentle into that good night..” - Dylan Thomas
  4. 4. What Really Went Wrong … until something goes wrong that impacts the interests of a centralized authority? The failure of the DAO was not just a program failure, but a failure in risk management; and it also exposed an even deeper failure of the underlying social contract: Ethereum transaction/programs would never be changed by a third party. Ethereum Website
  5. 5. Birth of Ethereum Classic ● “Code is Not Law”: The infrastructure is not there to enforce and uphold law, it's only a protocol that allows execution of immutable transactions and programs ● User Responsibility: Developers and entrepreneurs need to understand and take responsibility for legal and regulatory requirements to protect customers ● Legal Recourse: If anything goes wrong the infrastructure can not be controlled into changing its state, recourse for financial crime and other illegal activities needs to take place through normal channels ● Protocol Fixes and Updates: Only changes to fix protocol level bugs and implement updates/upgrades are acceptable at the infrastructure level Saying “Code is Law” implies infrastructure on which it runs is responsible for upholding the law… infrastructure is not responsible for greed, ignorance or malicious behaviour - same as in phone networks, internet and even on the road
  6. 6. Minimising Points of Failure Decentralization of infrastructure is not sufficient; all key aspects of the ecosystem require a certain level of decentralization to minimize points of failure Decentralization of all aspects of ETC Ecosystem Technology • Core Dev/Support • Operations • R&D Community • Marketing • Education • Dapp Dev Administration • Governance • Finance Management • Risk Control Decentralized Infrastructure
  7. 7. Ecosystem Roadmap ● Core ETC dev team being established ● Multiple clients ported ● Execute removal of difficulty bomb ● Strategy/fix for transaction replay issue ● Assess dev of ETC Mist-like client ● Deploy independent blockchain nodes ● Gain dev / R&D support from 3rd parties 2016 20182017 ● Align with Core ETH dev team to design, dev and test standard protocol updates? ● Research/test PoW/PoS mechanisms ● Research/test maximally efficient monetary policy for consensus mechanism ● Dev ETC focused Mist-like client ● Assess path to state Sharding ● Assess VM upgrades e.g. verified compiler ● Establishing communication channels for global coordination and consistency ● Setup global meetups to begin deployment of decentralised community network ● Define framework for Dapp developers ● Defining core social contract ● Defining community-driven roadmap ● Define governance models for execution ● Design/deploy funding mechanisms for key infrastructure (build/testing servers, ETC- testnet, web hosting) ● Execute PoW, PoS or Hybrid cons mech ● Execute appropriate monetary policy ● Test/implement state sharding ● Research/test VM improvements if deemed fit for implementation ● Further outreach to miners ● Extend meetups and conferences ● Setup of overall Dev conference ● Deployment of structured Dapp dev ecosystem and support framework e.g. hackathons and 3rd party funding
  8. 8. 3rd Party Products and Services Ethereum Classic Core Development “Necessity is the Mother of Invention” - Plato’s Republic
  9. 9. Core Development Growing ETC Development Team on github repository, which is currently being organized and structured for sustainable development of the core infrastructure
  10. 10. Core Dev Focus Points 1. Diffuse Difficulty Bomb 2. Fix ETC Monetary Policy and Possible Options 3. ETC Dapp Browser for End Users 4. UI Components For Dapp Devs 5. ETC Wallet app 6. Java ETC for Fintech and Corporates
  11. 11. Difficulty Bomb Overview • Difficulty Bomb - exponentially growing difficulty of Ethereum mining • Time between mined blocks will become longer and longer • Eventually, “final doom” occurs, when no more blocks can be mined at all • Serves no useful purpose, other than to break PoW consensus and push users to PoS • will make PoW impractical by early 2017 • Diffusing diff bomb is in best interest of all ETC users and makes PoW viable for long-term • Long-term decision of ETC consensus algo will be based on data in 2018, with possibilities such as PoW, PoS or a hybrid PoW/PoS Plan • Changes to: GO-Ethereum, CPP- Ethereum, EthereumJ, PyEthereum EthCore Parity • Implementation needs to be ready and fully tested by November 2016 • Deployment by end of 2016 • 1-3 months to release • Mostly part time, but a lot of testing • Many people involved, pretty much every ETC project needs to update • $50,000 to $100,000
  12. 12. Fix ETC Monetary Policy Overview • Platform token aligns economic incentives of users, miners and investors • Current Ethereum monetary policy undefined (unlimited token inflation) • ETH policy is supposed to change with a transition to PoS unpredictably • Lack of token scarcity does not support long- term investor confidence • ETC transition to a long-term PoW necessitates monetary policy decision • ETC commitment to a specific monetary policy: 1. provide certainty to the market 2. boost investor confidence 3. creates competitive differentiator to ETH with its undefined policies Plan • Review monetary policy models and assess pros and cons • Review in parallel to ETC Diff- bomb fix, with target to implement when diff-bomb hard fork executed • Any consensus parameters can be adjusted to comply to this policy • Potentially gain research support from universities
  13. 13. Keep unlimited token inflation forever, like current ETH • Pros: keeps the status quo, encourages token spending • Cons: long-term monetization uncertain, not a good store of value/investment Fixed final supply with Bitcoin-like reward cut-offs (halvings) • Pros: experimentally proven to work for BTC, sustainable token monetization due to scarcity • Cons: changes existing inflationary parameters, disruptive “halving” events Fixed final supply with exponential reward adjustments (per epoch) • Pros: no disruptive “halvings”, sustainable token monetization due to scarcity • Cons: changes existing inflationary parameters Fix ETC Monetary Policy - Options
  14. 14. ETC Dapp Browser for End Users Overview • A DApp Browser is a desktop application with an embedded browser to run web applications that operate with Ethereum Blockchain and Smart Contracts. Examples: ETH Mist, Metamask • It’s a key user facing application, and provides the window for the wider world into the Blockchain • ETC cannot rely on ETH Mist because the communities have different visions and are moving in different directions • Existing Mist have many UI/UX issues and too slow, people will are keen to use alternatives Plan • Write Launcher and bundled Dapps 1. Wallet 2. Tokens 3. Contracts Viewer • Long project, ~3-5 months to first public release for team of 2-4 devs • QA, design and management • Requires continuous improvement after initial launch (planned Q1 2017) • Project can be split in smaller milestones • $200,000 for first public release
  15. 15. UI Components For Dapp Devs Overview • Important to provide Classic Ethereum guidelines, and use ETC Brand with 3rd party Dapps • Existing ETH UI components under LGPL, cannot be used by commercial companies • Targets Dapp Developers community, need to attract new Dapp developers by giving: – Ready to use UI components – And reusable design style – Bootstrap code samples and documentation • Ideally ETC should have a Developer Advocate to make it easy using ETC stack by other developers Plan • JavaScript UI Components for modern frameworks (React, Angular) • Rich documentation and website with examples • Open Source, commercial friendly license (MIT/BSD/Apache2) • 2-3 developers, graphical designer • 1-2 month • $30,000
  16. 16. ETC Wallet App Overview • The most popular demanded feature for a wallet app is to check current balance, accept incoming transfer, send a transaction, or possible sign a multisig transfer • ETH Mist it too slow for this task and focused on Dapps services • ETC needs a lightweight native application Focused on only one function: Wallet services, without Dapps • Need to support standard token contracts and multisigs Plan • 1-2 go/rust developers • UX design, graphical design • QA • 2-3 months for a first public release • $40,000-$50,000
  17. 17. Java ETC for Fintech & Corporates Overview • Java & JVM is main platform for corporates and banks • Challenging to use NodeJS and other “cool” tools in enterprise development, CTOs will never agree on that • ETH doesn’t provide any tools for Java, it’s hard to use in enterprise, this a blocker • Ethereum lacks tools for integration testing and code analysis - required for corporate development • As Ethereum is becoming the main blockchain and smart contracts platform ETC is going to implement a set of tools for Ethereum for Java Plan • Set of small independent projects: 1. Java API to ethereum blockchain 2. Smart Contract management tools for Java 3. Testing environment integrated with JVM test tools 4. Plugins for major IDEs (run, syntax helpers) 5. Plugins for major build tools (reports, code generators, integrations) • 1-2 man-month per project • About $10,000 per project
  18. 18. 3rd Party Products and Services Third Party Products and Development Services “If you Build It They Will Come” - Field Of Dreams
  19. 19. 3rd Party Products and ServicesDistributed Storage on ETC with Minebox
  20. 20. Minebox What is Minebox? NAS smart data storage systems with distributed and encrypted backup on a public Blockchain powered network
  21. 21. Vlado Petrushev, CEO Ex IBM'er, early lead Storj Europe, advised Coinigy and externally consulted Andreas Peterson, CTO Co-Creator of Mycelium wallet and working on Bitcoin related projects since 2011. Mark Evenson, Head of Engineering Former physicist and engineer with over 25years development experience Minebox Team
  22. 22. 3rd Party Products and ServicesDatafeeds into ETC Blockchain
  23. 23. Existing ETH Systems also Available for ETC Data Feeds for ETC Development Getting API and other Web data securely, effectively and efficiently into the Blockchain is an important development consideration Planning Phase: Open Oracle Project Project being planned for accessing api data from the web by paying small amount of ETC through an internal contract transaction without dependency on any centralized party acting as the data bridge from the web to the Blockchain
  24. 24. 3rd Party Products and ServicesFundonomy: Funding and Reputation for a Decentralised Economy
  25. 25. Fundonomy Overview Social Platform Layer provides an easy to use marketing and communication interface to attract and engage a wider non-technical audience Funding Smart Contracts for Project Bounties, Deployed per Project Funding Smart Contracts for Project Bounties, Deployed per Project Funding Smart Contracts for Project Bounties, Deployed per Project Funding Smart Contracts for Project Bounty Escrows - Deployed per Project Reputation Smart Contract Collates Project and Team Scores and is used as public Reputation Utility for use off Platform WebLayerBlockchainLayer (OpenSource) Fundonomy is a platform for ETC community to launch a project funding contract on the ETC Blockchain, with no technical experience required, and receive ETC funding from contributors. Contributors can also judge performance and use the platform to record scores in an open reputation utility contract
  26. 26. ETC is Key Component in the Stack Web Application Layer – Is about information sharing • Powerful project marketing tools to spread messages across all social networks with a single user friendly interface • Communications and group management tools to enables users to manage campaigns before, during and after they launch • Allows users to build communities and relationships Blockchain Layer – Is about storing and managing value • Collection of funds at little or no cost • Holding of funds securely that release on key triggers e.g. dates, completion of milestones etc • Reputation score becomes a source of value that should be independent of anyone party and can become a utility that can be tapped into for any funding contract on or off fundonmy
  27. 27. Deploy/Market Funding Contracts Construct and Deploy Project Bounty Contracts Market and Enable Users to Discuss and Contribute Create a Social Marketplace of Project Bounties and Ideas
  28. 28. Project Success Drives Reputation Explore Project Bounties for Contribution Based on Team Reputation Team Members Build Reputation Score Based on Contributor Feedback
  29. 29. Web: Twitter: @eth_classic Facebook: @EthereumClassicETC Slack: