Ethereum Basic - MEETING THE CHALLENGES OF SCALING
Introduction and problems
The recent upgrades in the Ethereum network – St Petersburg and Constantinople – have been wrought with controversy and exposed many deep issues. One thing that has become clear is that true decentralization has no place in Ethereum: most developers failed to have their proposals and opinions considered. Only a few figures ultimately decided the future of the network, leading to the introduction of such controversial measures as block reward reduction. At the same time, the presence of the so-called “difficulty bomb” - even though defused for the next 12 months – functions as a pressure factor that forces miners to accept each new upgrade.
The launch of Constantinople also demonstrated that the key problems
– scalability, gas fees, and efficiency – will take a very long time to be solved unless decisive measures are taken. The proposed transfer to Proof-of-Stake mining may take another several years, the network will remain slow, and the volatility of transaction fees will stay high.
Ethereum Basic is a new cryptocurrency that focuses on resolving the most urgent issues of Ethereum and at the same time promoting decentralized governance. The developers behind Ethereum Basic see the following problems as requiring immediate attention:
- Scaling: increasing network capacity using on-chain and off-chain solutions;
- Removing the difficulty bomb to decrease pressure on the miners to accept future upgrades;
- Transfer to PoS that should be complete and comprehensive, not partial as foreseen by the Casper framework;
- Implementing ASIC-resistance;
- Gas fee optimization;
- Making the network more currency-agnostic;
- More incentives for full nodes;
- Introduction of a functional voting mechanism.
As a measure to stimulate the circulation of Ethereum Basic, every Ethereum holder can claim ETBC coins for free at a 1:1 ratio. In order to distribute free coins, a snapshot of the network will be taken on May 16, 2019, at 16:00 GMT to ensure that only those users who hold ETH at the moment of the snapshot receive free coins.
This White Paper provides an introduction to the solutions that will be implemented by the Ethereum Basic team within the first 15 months after the launch of the network. It should be noted that Ethereum Basic is not a hard fork of Ethereum and will not create a forced split in the chain. Rather, Ethereum Basic should be viewed as a new Ethereum-based cryptocurrency that can be used and mined completely independently from Ethereum. The “fork” is better described by Vitalik Buterin’s term “spoon”. A limited amount of ETBC coins will be pre-mined and awarded to current Ethereum holders as an incentive to participate in the growth and development of the network. Details on the coin distribution and bounty program as provided in the last section of the document.
Solutions and implementation
> Solutions for promoting decentralization
> Permanent removal of the difficulty bomb The so-called “difficulty bomb” was introduced as the EIP2 and aims to motivate the transition to the Proof-of-Stake mining mechanism. Under this concept, the difficulty of finding new Ethereum blocks increases exponentially – first very gradually and almost
imperceptibly, then faster and faster until finding a new block becomes almost impossible. At this point, confirmations of new transactions on the Ethereum network would cease – no new blocks would be added to the network, and consequently the system would stop to function. Needless to say, this would also bring any mining income to an end.
The proclaimed rationale behind the difficulty bomb is that without such an “axe” hanging over miners, transiting to PoS could take an indefinite amount of time. However, the work on developing the PoS procedure was going much slower than expected, and the difficulty bomb became a real risk, as average block time was rising steadily.
In the recent Constantinople and St Petersburg forks, the difficulty bomb was delayed for 12 months in the hope that by that time, the network will be ready for the transition to PoS. However, if that does not happen, the danger of the “Ethereum Ice Age” will return.
The developers of Ethereum Basic are convinced that the issue with the difficulty bomb goes much deeper than just the question of motivating the community to accept PoS. In spite of the evident advantages of PoS, the fact of a forceful imposition of the difficulty bomb on the community goes against the underlying principles of Ethereum as a decentralized currency. Indeed, any miner who refuses to accept an Ethereum hard fork at this point will be forced to remain on a chain that will inevitably (and soon) enter the Ice Age. This makes declining an upgrade an unviable option. In essence, the difficulty bomb is a less than a motivational tool and more of a cunning way to make all miners accept each new upgrade. The right to make a free choice is formally retained, but in fact the alternatives are either going with every new update (however controversial) or staying on a chain that is doomed.
This is exactly what happened with the recent Constantinople upgrade: though it included a very controversial reduction in block rewards (“thirdening”), almost everyone accepted it in order to avoid the Ice Age.
The Ethereum Basic team is intent on upholding the principle of true decentralization. For this reason, the difficulty bomb will be completely and permanently disabled in Ethereum Basic. To achieve this, the component that exponentially increases difficulty (epsilon, or int(2**((block.number // 100000) - 2)) will simply be removed. Instead, the difficulty will increase (or decrease) gradually proportionally with the hashrate. This will allow the investment market to find a proper economic equilibrium at each given price of ETH.
Ethereum Basic (ETBC) is a new cryptocurrency designed to resolve the most pressing challenges faced by Ethereum and promote decentralized governance. ETBC . It will feature an extensive set of tools, mechanisms and services that are already fully operational but have not been included in the Ethereum update schedule:
> Transfer to PoS that should be complete and comprehensive, not partial as foreseen by the Casper framework
> Scaling: increasing network capacity using on-chain and off-chain solutions
> Removing the difficulty bomb to decrease pressure on the miners to accept future upgrades
> Introduction of a functional voting mechanism
> Making the network more currency agnostic
> More incentives for full nodes
> Implementing ASIC-resistance
> Gas fee optimization
ETBC coin - emission and distribution
Coin ticker: ETBC Mining protocol: first PoW, then transfer to ProgPoW as an intermediate stage, then full transfer to PoS
Mining: CPU, GPU, ASIC-resistant thanks to ProgPoW Initial emission: 2 000 000 ETBC Network snapshot date: May 16, 2019, 16:00 GMT Network launch date: May 26, 2019, 16:00 GMT Initial distribution: 95% of the pre-mine will be distributed among current ETH holders in the form of an airdrop and among bounty program participants. Each ETH holder can claim ETBC coins at a 1:1 ratio. It is worth noting that the distribution is planned as an airdrop: users do not need to exchange their ETH for ETBC, new coins are provided for free as an incentive. A snapshot of the Ethereum network will be taken on May 16, 16:00 GMT to verify current ETH holders. To claim free ETBC, one needs to hold ether in their private wallet at the moment of the snapshot. 1 ETBC will be sent to the wallet per each unit of ether that the user holds. Exchange wallets cannot be used to claim free ETBC.
Implementation Roadmap
Q4 2018 – Q1 2019 Developing the overall implementation plan of the project, forming the team Q2 2019 Launch of the official site; issuing and distributing the premined 2 000 000 ETBC coins; start of the bounty program; start of PoW mining; listing ETBC on several exchanges. May 16, 2019 – Blockchain snapshot. May 26, 2019 – Launching main network. Q3 2019 Work on the DEX module, preparing for the introduction of ProgPoW and base fee system; launch of incentives for full nodes; adding more exchanges. Q4 2019 Launch of the basefee+tip system and expected reduction of gas fees up to 80%, alpha launch of the decentralized exchange XDEX, work on implementing the 0x protocol; first voting sessions among full nodes. Q1 2020 Launch of 0x and etherless transaction using Lava Network, testing the PoS mechanism; beta release of XDEX with 0x integration; selecting several projects for zero-fee listing on XDEX. Q3 2020 Switch to the PoS consensus protocol; scaling using Plasma.
More information can see the link below:
Website - https://ethereum-basic.com
Wallet - https://etbcwallet.com
Whitepaper - https://ethereum-basic.com/whitepaper.pdf
Github - https://github.com/ethereumbasic
Twitter - https://twitter.com/EthereumBasic
Telegram - https://t.me/EthereumBasic
Username : Bitcoinissatan
ETH address :
0x9D7C69Ba1C7C72326186127f48AF6D61Ff95496D
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