The ETC network has no major security issues and has not been affected by the unexpected fork of ETH

Many thanks to all developers, miners, community members, users and investors for their help. Last week was a busy week as the ETC network had some issues, but they only lasted a few hours. The weekly monetary policy update is a hot topic in the community. There will be an ETC event in London soon. ETC supporter Chandler Guo was also interviewed.

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.

ETC Network Update

Here is the status of this network update.

On November 23, the orphan block rate of the ETC network increased significantly. The specific situation is still under investigation. However, deposits and withdrawals have not been affected and are still safe.

Anyone (especially miners) who finds something suspicious with a Parity node should save the Parity log and not restart the client (the log will be overwritten after restart). Then send the log to [email protected] (using the #bugreport and #parity tags) for investigation.

Here are answers to common questions about the network:

1. There was a problem with the ETC network, and the orphan block rate was extremely high for several consecutive hours.

2. The cause of this issue and the solution are still under investigation. It is still safe to run Parity 1.4.4.

3. Ethcore is also aware of this problem and is conducting joint research with us.

4. ETC geth and parity have no fork issues . The network problems of ETH last week did not affect the ETC blockchain.

London ETC event scheduled for December 13

Dr. Avtar Sehra launched the ETC event in London on Tuesday, December 13, 2016.

The event is being hosted by leading financial services law firm Eversheds LLP at their headquarters in St Paul’s, London, and is still inviting speakers and panelists from the Bitcoin and ETC communities.

This event aims to promote ETC community activities and share the future development roadmap of the project:

1. Current Development of ETC Ecosystem

2. Monetary policy hard forks and why they matter

3. Monetary Policy Discussion: The Economy and Future of ETC

Foreign media interview with Guo Hongcai

Cryptocoinnews.com, a cryptocurrency news platform, recently interviewed ETC supporter Guo Hongcai. Guo said in the interview:

The current global financial and monetary system will eventually die. Reform is the introduction of an idea and the release of a monster. This monster (Bitcoin) will grow larger and larger and no one can control it.

The article also mentions that Bitcoin will eventually become the basis of global GDP.

Like other technologies, it is almost impossible to predict the development of Bitcoin. Currently, the market value of Bitcoin is close to $12 billion. In a few years, if Bitcoin really becomes the basis of global GDP as Guo predicts, its market value is likely to exceed trillions of dollars.

Dr. Seberino published an article on smart contracts

The article, titled “Smart Contracts and Why They Matter,” states:

Smart contracts can effectively manage assets and avoid unnecessary confusion. In addition, smart contracts deployed in blockchain systems are extremely secure, reliable, and censorship-resistant.

"Let's Talk ETC" youtube channel

Every Tuesday at 7:30pm EST, we will talk about the latest developments in the ETC community. This week's show has a special guest from the ETC mining community. We will talk about mining and blockchain centralization.

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 — 2,858 subscribers
Slack discussion group – 1,491 participants
Telegram (communication app) — 784 users
WeChat — 477 users

Mining community updates:

Miners – 428.15 GH/s (Source: Gastracker.io)

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

91pool – 101.21 GH/s
NanoPool – 83.31 GH/s
EtherMine – 46.85 GH/s
F2pool – 27.56 GH/s
ManekoETC — 27.55 GH/s