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In the context of the blockchain industry, the term “security” means to depend the least possible on trusted third parties when it comes to money and software applications to manage that money.
A large part of the people who use these technologies come from advanced free nations, who tend to forget their revolutionary origins, and former lack of freedom, and have been attracted to the industry just for the speculative side, and, some, perhaps for the innovation.
However, proof of work (POW) blockchains such as Ethereum Classic (ETC) were invented to avoid the abuse of government, corporations, elites, and special interests.
This abuse is increasing even in advanced countries. Soon, the threat of global government, digital passports, CBDCs, constant health emergencies, climate hysteria (as seen by the attacks on POW), and generalized techno-tyranny will tend to enslave us, and the only escape will be non-compliance, and non-compliance will only be possible through technologies such as Ethereum Classic.
ETC has a unique set of attributes that no other network shares combined:
POW: ETC is proof of work, which is the most secure consensus mechanism.
Digital gold: ETC is digital gold because it is POW and because it has a fixed monetary policy with a cap at 210,700,000 coins.
Programmable: ETC is programmable with smart contracts which makes it programmable digital gold.
Fully replicated: ETC is a fully replicated blockchain, which gives it redundancy globally protecting it from any contingency, caused either by nature or man.
Composable: ETC is composable because all its data is unified under one single blockchain.
The largest one: ETC is the largest POW smart contracts blockchain in the world since Ethereum migrated to proof of stake (POS) in September of 2022.
The fallacy regarding Bitcoin (BTC) programmability, for example, is that smart contracts really don’t exist inside BTC because they run on layer 2 systems. If apps are not inside Bitcoin’s highly secure environment, then they are not secure.
The security of Ethereum Classic is unrivaled because all the components to run decentralized applications are inside its highly secure proof of work system.
On top of that, any system that is divided in layers and separated components cannot be composable.
Composability, the ability to execute multi-application transactions in one execution, is a major advantage of an integrated system as ETC.
Composability reduces settlement times and frictional costs, therefore further reducing risks in the use of any kind of application.
There is a narrative in POS circles that POS networks such as Ethereum are superior to POW blockchains such as Bitcoin and ETC because POS offers deterministic finality, but POW offers only probabilistic finality.
This is a naive argument because both POS and POW are probabilistic, but the probability of reversing transactions in POS is much higher than in POW!
POS has no barrier to re-write the ledger, but POW has an enormous physical barrier.
POW blockchain transactions are irreversible not because the protocol has man made rules prohibiting it, or what they call “deterministic finality”, but because of the magnitude of the work that would be needed to do so, which could be called “physical finality”.
This makes ETC decentralized applications orders of magnitude more secure, thus better, than Ethereum’s.
The web3 concept suffers of the same fallacies as the layered concept, that supposedly makes plain vanilla POW blockchains as Bitcoin programmable, and the POS concept, that supposedly makes networks as Ethereum have higher finality guarantees.
The layered fallacy is that just the mere fact that the smart contracts are not inside a POW environment, and that any connectivity between blockchain systems must be insecure, necessarily makes the web3 less secure than using a single integrated network as ETC.
The POS fallacy is that man made rules of finality are inconsequential if the whole blockchain may be trivially reversed because it doesn’t have any proof of work done at all.
All this means that if the web3 will depend on separated components and some of those will be POS, then any application running on this paradigm will be as weak as its weakest link.
In summary, Ethereum Classic is the environment where the most secure applications in the world will exist because it is a proof of work blockchain, it has a fixed monetary policy, it is programmable, fully replicated, composable, and is the largest one in the world with this combined design.
These attributes in the same integrated system provide the highest level of decentralization, thus trust minimization, thus security for any application hosted in it.
Thank you for reading this article!
To learn more about ETC please go to: https://ethereumclassic.org