Welcome Back! Ethereum Classic Coins To Be Integrated Into Ethereum Blockchain
Ethereum Classic formally finishes its development cycle and gets back to basics – Ethereum blockchain will support ETC coins soon. To recap, Ethereum Classic chain of blocks got detached from the main cryptocurrency after a well-known hacker attack on DAO.
So-called «bridge of piece» is at the final development stage. Ethereum blockchain will start supporting TETC unique token soon. Ethereum Classic developers team announced it Twitter.
What Will Happen Next?
The general principle looks quite simple – a trusted subject creates Ethereum Classic-based smart contract where the user can block his coins. After that, a Ethereum-based smart contract is created to issue similar amount of TETC. Procedure safety is ensured by Proof-of-Authority (PoA) consesnus.
Some organization (let’s say, KyberNetwork) verifies TETC transaction making. It also verifies Ethereum Classic transactions. To ensure trust, verificator changes its part of crypto currencies, it might be credited to one of the parties if the consensus rules are violated.
The scheme seems to be unfinished, many of its mechanisms require trust. Meanwhile, description of connection between Ethereum and Ethereum Classic blockchains is quite complicated for a regular crypto enthusiast.
However, both projects’ communities can benefit due to cooperation. ETC holders join a more liquid Ethereum market, ETH owners will experience increase influence of network effect.