Ethereum V Ethereum Classic
Round 1 : Silbert v Seaman and the Ongoing Ethereum Divide
“Ethereum has the potential to completely change our concept of society.”
Every so often a big idea comes along. Ethereum is one such idea. Building on and extending Bitcoin’s original blockchain implementation, Ethereum has the potential to completely change our concept of society.
Ethereum promises to do this through Smart Contracts. These decentralised pieces of software, running on the Ethereum ‘world computer’, have far reaching implications.
With a monumental change upon us, things are getting divisive.
The Ethereum community is now split over the DAO and decision to hard fork the protocol. The split is real and is manifested in two separate networks and tokens.
Some believe that the hard fork shows a weakness in the governance structure. Others see the ability to hard fork away a theft as a demonstration of strength; an appeal to a type of ‘high court’ in the community.
Despite the best efforts of community leaders to end the vitriol, there is still visible animosity between both camps. Ethereum can be stifled. But it can never really be stopped. Such is the nature of blockchains.
As it continues to spread, the debate continues to intensify.
Silbert v Seaman
This is best demonstrated in the ongoing and very public tussle between David Seaman and Barry Silbert.
Both are public figures and both have taken strong opposing positions. They have been pitted against each other as a result of circumstance.
Barry Silbert is a well renowned financier. He is notable for his work at Second Market. This organisation has considerable standing in the world of mainstream finance.
Barry is somewhat of a bitcoin maximalist and has been pushing bitcoin and its blockchain for some time now. His ventures in the space are Digital Currency Group and Bitcoin Investment Trust. He is directly linked to investments in numerous bitcoin and blockchain companies.
Barry Silbert has not made any effort to hide his scepticism of the Ethereum platform and its utility. Yet, despite his previously negative attitudes, he has thrown his standing and weight behind Ethereum classic.
This surprised a lot of people, considering that both are exactly the same code. It left some to conclude that his support was based only on ideology. Either that or a strategic move against the Ethereum itself. He has also been uncharacteristically vocal about his own stake and position in ETC tokens.
This has bought him in direct challenge with David Seaman. A journalist and digital currency prognosticator, Seaman writes for leading mainstream news publications such as the Huffington Post.
Concerned with Bitcoin’s slowing pace of development, he started championing Ethereum some time ago. He has a sizeable position in ETH which is no secret.
David Seaman has used his personal platform and journalistic standing to openly declare his belief that ETC is actually a scam.
He has suggested that the ETC chain might be in violation of SEC rules. And has taken the battle personally to Barry Silbert on social media platforms like twitter, accusing Silbert of unprofessional conduct and using his position to push an illegitimate and possibly illegal implementation of Ethereum.
Round one goes to…
There is a place for both sides is a free and thinking community. Technique is purely individual. It is a personal means of expression. So long as the intention is good.
Regardless of where you stand it is always important to remember that the greater promise of Ethereum has not changed.
ETC shows by example that we are free to cooperate and collaborate in any way we so choose. If we do this, in the spirit of decentralised organisation, there will be no single monolithic entity exercising too much control.
Therefore round one in this epic battle between Ethereum and Ethereum Classic goes to Ethereum Classic . This is because it has not only survived the hard fork but has risen significantly in value and remains to be an ongoing concern. This is further exemplified by the resurrection of Charles Hoskinson, an Ethereum founder, who has now come out and spoken of his support for Ethereum Classic . Stay tuned for the latest on Charles Hoskinson in round 2..
OASIS.app is part of the MakerDAO system and is the official website and portal for Trading, Borrowing DAI and Saving in the Makerdao system
It is a non custodial platform and service for minting DAI and managing the CDP vaults created by Maker.
The smart contracts have been audited and formally verified and it is the leader in the decentralised finance space.
Here you can see an example of a cdp on oasis.app whioch shows your liquidation price and how to top up your loan, borrow more and see your interest rate accruing every second.
The borrower sends his crypto currency to a smart contract and in return receives an additional amount in DAI into his wallet by the next block (~15 secs).
The user retains full ownership of the crypto currency sent which is locked to the smart contract as collateral and can be retrieved at any time by repaying the amount lent in DAI.
Send 15,000 USD equivalent of ETH to Maker smart contract
Receive up to 10,000 USD worth of DAI in loan instantly
You now have 15,000 USD worth of Ethereum under you custody locked up AND and additional 10,000 USD of DAI in your wallet.
You can do whatever you want with the new 10,000 USD but you have to pay it back plus the stability fee (in DAI or MKR) to unlock the 15,000 USD equivalent of ETH.
If ETH price goes up you win.
If ETH price falls you need to watch your liquidation price .
Maker is an Ethereum based lending platform responsible for the creation of DAI, the world’s first decentralised ‘Stable Coin’ soft pegged to 1 USD.
Maker allows any user to autonomously take out a loan (denominated inDAI) by staking Ether (ETH) as collateral. Other Ethereum based tokens can also be staked as collateral.
The Maker system is inherently permission-less , meaning that there are no requirements other than holding crypto currency or buying DAI to get started.
All loans are issued automatically by a smart contract so no human is involved in the facilitation of any loan.