Ethereum Classic (ETC) – IOHK would do great by bringing NIPOPOW to the Ethereum Classic blockchain
There is an ongoing twitter poll by Classic is coming about the innovations that the community would want IOHK to bring to ETC. In the list, there is Formally verifiable EVM, Nipopow, Sidechains, and Mantis for ETC and ETH developers. All these innovations are great and would add a big deal of value to Ethereum Classic (ETC). In fact, IOHK should probably consider all of them. However, if they choose one, then NIPOPOW would add the most value for ETC at this point.
Nipopow stands for Non-interactive proofs of proof-of-work. The idea behind Nipopow is to allow for the verifiability of events on the blockchain without connecting to the blockchain or having to download all block headers.
This is a big deal because it allows for the development of extremely efficient mobile wallets. This, if implemented would play a role in the fast adoption of ETC. That’s because not everyone has space or the desire to download the entire blockchain in order to run a full node. Most people, the majority, who will drive it’s growth are mobile users with SPV wallets.
This effectively makes Nipopow a critical innovation to the long-term growth and adoption of Ethereum Classic. Without efficient mobile wallets, ETC, and all other blockchains will struggle in the long run. That’s why it is such an important innovation and would add to it’s long-term prospects if it is implemented.
Nipopow would also give Ethereum Classic (ETC) interoperability. As this space grows, it is becoming clear that no one blockchain has all the answers. This makes interoperability such an important component to any blockchain. Therefore, Nipopow adds to the value of ETC in the sense that it allows blockchains to link to each other, in a manner that mirrors APIs.
For instance, by using Nipopow, a smart contract on ETC can execute on the basis of instructions or action on another blockchain. This would play a huge role in driving up the levels of adoption on the ETC blockchain by developers writing complex smart contracts that make use of multiple blockchains. This would drive up demand in ETC and push up its value, and price, going into the future.
But whether IOHK brings this innovation to ETC now or in the future, Ethereum Classic’s value will grow, as it continues to execute on its roadmap. Next year, the ETC team will be working to give the ETC blockchain IoT capabilities. Considering how big IoT is projected to grow in coming decades, it will drive up the value of the ETC blockchain significantly. It has an edge in this market because of its secure nature. ETC is one of the most secure ETC blockchains, and this will be critical in its growth in IoT. That’s because for machine-to-machine communication to happen effectively, especially in sensitive industries, security will have to be a top priority. With such potential, it is clear that the future of the ETC blockchain is great.