Absolutely not! We will distribute ETBC for free, so you will not need to pay anything. You are only required to hold some ether in a personal crypto wallet at the time of the network snapshot on May 16, 2019.
Unfortunately no. It is not technically possible to send free ETBC to exchange addresses. We recommend that you transfer your ETH into a personal wallet (like MEW or MetaMask) before the snapshot; you can send it back to the exchange afterwards.
Yes. It is our priority to make ETBC mining profitable for all users. Thanks to the ProgPow protocol, we can effectively protect the network from large mining farms, which create such a large centralization problem for Ethereum.
ETBC will use several measures to promote decentralization: 1) ASIC resistance to prevent the concentration of hashrate; 2) a voting procedure to decide on all the key issues; 3) A proprietary decentralized exchange. You can read more about these features in our White Paper.
It is an ASIC-resistant mining protocol designed to minimize mining rigs’ control over the hashrate. The algorithm for completing a block is changed frequently and unexpectedly: CPU and GPU miners can simply update their software, while ASIC producers would have to make a completely new chip, which makes the whole process unprofitable.
It’s true that all important decisions about the development of Ethereum are taken by a handful of people, but it doesn’t mean that you cannot have a voting procedure. In fact, any full node in Ethereum – and by extension, in ETBC – can vote using the extra_data field when sealing a block. For users who do not run a full node, it is a bit tricker but totally doable. In essence, a mining pool needs to make it known which option it will vote for, and a miner will just have to join the pool that represents his or her opinion. More details are available in our White Paper.
New blockchain projects will be selected and curated by the community, with preference given to those that promote decentralization and useful blockchain applications, such as scaling protocols and AI. There will be no listing fee, and transaction fees will be minimized thanks to the introduction of relayers – network members who will maintain orderboooks and broadcast new trading orders. Taking order placement off the chain will cut total fees roughly in half compared to other Ethereum-based decentralized exchanges.
The Ethereum Basic network will include relayers who will carry out etherless transactions – in a nutshell, users who act as relayers will accept ETBC as their fee and then send transactions to the blockchain, relieving others from the need to have ETH to pay for gas.
3 ETBC, just as it was in Ethereum before the recent forks. We believe that incentivizing independent miners should always remain a priority.
We are planning a full transition by the end of 2020; before that time, a special ProgPoW protocol will be in place to minimize the influence of ASIC miners.
Not exactly. A hard fork requires all miners to either accept or reject an update, choosing just one network. A good example of this is Ethereum Classic. ETBC is different: you can go on using both cryptocurrencies – this is also known as a “hard spoon”. We are not trying to create a competitor for ether; we want to provide a viable and efficient alternative to demonstrate what a real decentralized currency can look like.