Blockchain deals with the most extreme example of inefficiency per ETC Fit. It is about saving data not just only on one computer, but on every computer on the node. This process is prolonged as the data takes several days to be hashed into the block. The cost is very high and is paid by the user; the only good is that what gets put in the ledger stays in the ledger.
Ethereum Classic values the sharing of unique data and interoperability, thus making ubiquity of data important.
Ethereum Classic (ETC) tweeted: “The highly anticipated #EthereumClassic Phoenix network upgrade was recently successfully activated on both the #Kotti and #Mordor testnets, on track for the early June mainnet activation.”
Sydney Ifergan, the Crypto Expert, tweeted: “Phoenix Network Upgrade at #EthereumClassic is a move closer to ETC/ETH protocol parity. Beyond the fork drama, scams, and hacks, the world of blockchain continues to revolve and evolve for good.”
Being Trustless is the major use case for blockchain. People place value on the things they trust, and the trust factor increases with repeat experience. When people experience something repeatedly, they experience some kind of trust, and therefore the value increases. The individual experiences with crypto might vary from one user to another. Therefore, the value one places on something will different from the value someone else places on the same thing – similarly for crypto, how people value the same crypto differs.
The reaction of the market to the cryptocurrency is a lot like a personal reaction; however, it makes use of more professional terminology, and the size of the audience is big.
Ethereum Classic (ETC) Scale of Trust
While the focus of the ETC blockchain scale of trust or for any other blockchain is to establish a “Trustless” Network facilitating transactions, on a practical scale, this is not going to happen. Humans back everything, and without an optimal level of security, high-level investors would not choose to work with it.
Without a promise of security, a fork will suffer, and even to prove their capability at a minimal level, they need to be spending a lot of effort and resources. Sustainability will become hard without security. The scale of trust a fork can establish is related to its security.
Mining decentralization is also crucial. A limitation on the block size can be tricky for growth. Block size limitation is a control point—the ability to interact with other networks matters and also the utility. So, the trust factor comes after a lot of checks and guarantees.