Ethereum Classic (ETC) is a decentralized platform boosted by smart contracts. The platform does not demand third-party intervention. This platform would soon be near to Ethereum (ETH) once the network tokenizes this platform.
The platform recently shared a blog on its site written by its developer and saying that the team is making all the efforts to create a set of smart contracts which the company would install on both the blockchains these smart contracts’ set will help to bring consistency across these chains. This new project or venture of the team of ETC developers is named as Peace Bridge. Peace Bridge would assist in making ETC complimenting with the Ethereum network (EN). The company is planning to introduce this new ETC-ETH bridge soon in the near future.
The company would tokenize the Ethereum Classic coin as TETC, and it will run the TETC on top of the Ethereum network. The design of this new offering is very simple. The platform would have one custodian who would build a smart contract, and the other would be the user who will have to lock the tokens. Then, a mining smart contract present on the Ethereum blockchain would print TETC.
The process will not end here. There has to be some system which can authenticate the process. The platform has an authority who will assure if the TETC printed are in compliance with ETC. This authority would in charge of the transaction a and transfers related to ETC. These custodians would have to deposit some stakes to assure the platform and the system that they would not misbehave. These blockchains are public blockchains.
The platform is designed in such a way that it would hardly need centralized authority. In the case of double spending found transactions in the platform , the custodian is held responsible for double-signing, and the concerned double-signed amount is slashed from the custodian’s stake.
At the time of this news, the Ethereum Classic holds the 18th largest position in the cryptocurrency in the market. This token has a market capitalization worth $470 million and one units can be bought for $4.32, at present. Ethereum is the second largest blockchain network.