The altcoin news today show that Ethereum Classic outlines new policies and procedures based on its core principles, as it enters a new era in development. The organization that stands behind ETC recently tweeted:
“Today’s money, property, and agreements depend on centralized systems, controlled by traditional institutions, corporations and other trusted third parties, i.e., “security holes.”
The organization expressed their problem with modern money, property and agreements and how it is all about them running largely on centralized systems such as financial institutions, tech companies and several other types of industries which are controlled by the trusted third parties. In this case, the trusted third parties become the security holes.
As you probably know from reading our cryptocurrency news, ETC is the native currency of Ethereum Classic, using public key cryptography to hold the secret private keys related to the public accounts. Speaking of, the accounts and balances are safely kept and being monitored in the fully replicated decentralized ledger.
Using ETC, it is very possible to program ETC as well as other forms of property which are managed within the system. Now that Ethereum Classic outlines new rules, the future cash flows of ETC can be secured, transferred and negotiated. Also, real-life property such as vehicles, collectibles and real estate can be programmed into the network.
According to Sydney Ifergan who is known as “the Crypto Expert” on Twitter and his recent post:
“Smart contracts like those in Ethereum Classic ETC can be used to regulate the organizational processes, thus facilitating smart decision making in all departments and decision making systems. The next step is global distribution.”
As Ethereum Classic outlines the new rules, we can also see that they plan to strengthen the Board of Directors and the policies and procedures which are focused on the core principles and objectives of ECC. A recent update on Twitter from them read:
“The association has recently welcomed “Elaine Ou (@eiaine), Roy Zou (@realroyzou), and @CraigSalm aboard the new #ECC Board of Directors!”
Meanwhile, ETC has been steady after its block reward reduction. Many wondered how the altcoin would perform considering the market uncertainty as of lately. Today, Ethereum Classic (ETC) is trading at $4.80 with a 3% loss on the day following a new market-wide drop.
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