More and more companies are openly showing their support for Ethereum Classic. To the majority of enterprises in the cryptocurrency world, supporting ETC may not make much sense. But Stampery feels there is a good reason to support the pre-hard fork Ethereum initiative. After all, the company wants to let anyone create verifiable records of their data.
Putting personal feelings aside is often difficult for cryptocurrency companies these days. Luckily, Stampery is not among them, as the team leverage blockchain technology to create tamper-proof records of data. That is the primary selling point of an open blockchain after all: immutable and unmodifiable records of digital events.
This also means that it should be entirely impossible to reverse or delete any transaction that has taken place on this blockchain, to begin with. The company strongly feels blockchains should be censorship-resistant, as all protocol-compliant transactions should be included in the ledger at all times. Up until this point, Stampery used both the Bitcoin and Ethereum blockchain to achieve their goals.
That situation had come to change since the Ethereum hard fork, though, as Stampery feels the Ethereum blockchain is not censorship-resistant anymore. The company decided to stick with Ethereum Classic for now, as the hard fork created a dangerous precedent for future rollbacks and modifications.
“For transactions to be final and unmodifiable, blockchains need to be immune to third party interference. This promise was completely broken by Ethereum. Hard forks should only happen when a catastrophic bug puts in danger the core values of the technology. In this case, the consensus mechanism worked just fine. The blockchain was modified simply because a group of people lost too much money and they decided to bail themselves out.”
Albeit the Ethereum Classic hashrate is lower compared to the Ethereum fork, the data protected by Stampery is still anchored to the Bitcoin blockchain as well. If Ethereum Classic would lose a lot of support all of a sudden, Stampery will look for other secure blockchain solutions. This does mean the company is not considering the forked Ethereum blockchain as a worthy replacement for the future.
Image credit 1
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
Bitwise Asset Management has just made its first move into tokenized funds, and it comes…
Binance just made a move that blurs the line between crypto exchange and traditional brokerage…
NEAR Protocol has had a month that most blockchain projects would stretch across an entire…
Something is becoming increasingly clear about Chainlink, the integrations are not slowing down. The protocol…
Blockchain investigator ZachXBT has flagged a major stablecoin freeze that is sending shockwaves through the…
From a primarily interest rate swap niche product, Exponent has developed into an onchain capital…
