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3 Positive Changes Coming to Ethereum Classic Very Soon

Despite going through several rough patches in 2020, Ethereum Classic is still moving forward. Several new changes are on the horizon, with the first one needing to be implemented as quickly as possible. A prominent sign, as this project needs some good news. 

Switching to Keccak256

One of the core changes being proposed right now is ECIP-1049. For those unaware, this pertains to changing the Ethereum Classic mining algorithm to keccak256. A more than welcome change, considering how multiple 51% attacks were organized to damage this network throughout 2020. When more than one attack is successful, changing the mining algorithm is a logical option to pursue. Implementing it should be done as quickly as possible.

A new Protocol Compact 2020 has been put forward on GitHub. It aims to move ahead with the ECIP-1049 implementation ahead of other proposed changes. Chasing changes in the short term is what ETC needs right now, instead of further delays. It is an urgent problem, and the situation needs to be addressed head on. 

Given the current lack of market momentum surrounding Ethereum Classic, this can offer some good news to onlookers. Previous blockchain reorganizations haven’t been addressed properly as of yet. Losing those who stick by this ecosystem would put a nail in the coffin for ETC.  Switching over to Keccak256 is the viable course of action, albeit not necessarily the only option to explore. 

The MESS Implementation

Another core change being proposed for Ethereum Classic goes by the name of MESS. It can be found under ECIP-1100, and would introduce Modified Exponential Subjective Scoring. This is another measure to address low hashrate affecting the consensus algorithms. Increasing the finality rate without tampering with current consensus functions is a prominent change, albeit it may only be a temporary one. 

More specifically, under the Protocol Compact 2020 proposal, MESS will be implemented for a maximum duration of five years. Once this period passes, it can either be renewed or will expire automatically. Exploring this option will offer some long-term vision to Ethereum Classic and its ecosystem. 

Ethereum Classic and the Proto Treasury System

The final of three major changes to be proposed is ECIP-1098. Providing constant funding for developer teams and third-party creators will be necessary to keep the momentum going. No blockchain and cryptocurrency project can afford to stand still. In its current state, Ethereum Classic needs all of the positive attention it can get. 

This proposed change will also see the initiation of a Gitcoin grants pool for community development. Relying on donations and voluntarism is no longer a viable option under the current circumstances. The goal is to put 20% of all block rewards into the Treasury over time. 

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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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