Ethereum Classic For Investors #18 – What Is Stampery?

Hello everyone. This is Chuck G giving you weekly update for Ethereum Classic (ETC). On this week, I wanted to talk about the latest application.

For those of you that have heard that there aren’t any developers developing for Ethereum classic, it’s still alive and there’s lots of development on the way.

This first one is from Stampery.com. They’re providing solutions where you can verify and certify documents on the blockchain. It’s basically very similar to notarization.

If you want to prove that you had a document in your possession, let’s say on a certain day, you put it on the blockchain because it’s the immutable database. It’s the database you can’t change. It proves that it was there at one point and the blockchain is tamper-evident or tamper-proof.

So they’ve created a new website, called stamped.io. I highly recommend it. It’s free to use and it’s very easy to create a user account.

You just create a username, password, then you got a new account. You don’t have to give them any more personal information than that.

It gives you a very simple option. You just drop any file to certify or verify it, then it certifies and verifies your document on the Ethereum Classic blockchain and the Bitcoin blockchain.

The first document that I certified was the Ethereum Classic declaration of independence. I wanted to try it out and made sure that it’s only Ethereum blockchain.

One of the nice advantages of using both blockchains is it makes it even next to impossible to change it. Then, another nice advantage of having Ethereum classic is it does it quicker. In Ethereum Classic, you have 14 to 15-second blocks and with Bitcoin, you have 10-minute blocks.

What that means is that your document gets verified or certified on the blockchain in 15 seconds at least compared to Bitcoin’s 10 minutes.

What’s nice about stamp Stampery is that they’ve also created an add-in for Microsoft Office. Therefore, you don’t even have to use their website.

Now, in Microsoft Office, if you want to certify or verify a document, you just use a little tool that’s offered by Stampery within them.

There’s a whole blog post written by Michael Platt, an engineer at Microsoft for 23 years, and Ville Rantala, the senior engineer at Microsoft.

I’ll quote the article: “Stampery provides the ability to certify and verify documents against both the Ethereum Classic and Bitcoin via webpage and also through a programmatic API. They wanted to improve their enterprise customer reach by adding Microsoft office as a client in their presence solution.”

The rest of the article covers how they did that technically, which we won’t go into the details of.

I will read the conclusions: “This Microsoft add-in first Stampery API and service allows users to certify and verify documents on the Ethereum Classic and Bitcoin blockchain. This method helps users employ the most appropriate secure method to store both the document and the hash.”

The hash is basically the digital signature from the blockchain that verifies where it is in ETC and Bitcoin.

One important thing to know is Stampery used to be an application that was being developed for Ethereum along with Bitcoin, but due to the DAO hard fork, where they basically bailed out the DAO investors and changed the record of Ethereum.

Therefore, Stampery decided that they had to change blockchains and they switched over to Ethereum Classic.

I will read the article that the CEO of Stampery wrote on Medium. His name is Daniele Levi. He’s the co-founder and CEO at Stampery.

I’ll quote him here in the intro: “Stampery has a clear mission to enable anyone in the world to create a verifiable record of their data. Such a record has to be independently verifiable from everywhere at zero cost. It also needs to be immutable, unhackable, and its integrity mathematically provable”.

He continued: “In this way, as Stampery, we’re enabled businesses and individuals to create an irrefutable proof of digital events. We do so without even touching the original data. There’s no more need to trust a third party to guarantee that happened in the digital space”.

It’s a very important improvement over the current technology. You always need someone or some other thing to verify something. You need to go to a notarize and pay that person to verify something for yours.

Now, you can just put a document on the blockchain and you can prove that it is yours. It’s a very simple way to do it. You just point and click. It really can’t be much simple than that.

The reason why they support Ethereum Classic is, I’m quoting here, “Blockchains need to be immune to third party interference. This promise was completely broken by Ethereum Hard Fork. Hard Fork should only happen when a catastrophic bug puts in danger the core values of the technology. In this case, the consensus mechanism works just fine”.

When Ethereum had the hard fork because of the DAO, Ethereum was working fine. The problem with the DAO was the separate application on top of the Ethereum

I’m quoting again, “the blockchain was modified simply because a group of people lost too much money and they decided to bail themselves out. This is completely unacceptable for Stampery because it creates a dangerous precedent”.

“A powerful government might now decide to push for a hard fork that changes blocks in which we anchor data. They could claim “national interest” for doing so or “too big to fail corporation could force a fork because it wants to wipe all proof of some questionable process recorded on the blockchain”. Because of this, we prefer to anchor our data to a blockchain in which hard fork happens only when a protocol level bug needs to be fixed”.

The CEO is just being very clear about what he’s using Stampery, which is for verifying or certifying documents. He needs an immutable record. Right now, he doesn’t believe Ethereum can do that.

There will be those disagreeing with that opinion. I know the users and developers Ethereum classic would agree with him as do I.

That just goes to show you that there are going to be some companies that are going to be choosing Etherium Classic over Ethereum. The reason is Ethereum classic has proven that it will keep the record immutable.

It will not interfere and it will be neutral in terms of all transactions. There are only valid transactions and invalid transactions. Ethereum classic does not care if some transactions are illegal or offend some national government or whatever.

If the program that Ethereum classic runs on, let’s say it’s a valid transaction, we’ll add that to the blockchain.

That’s the latest and newest application to Ethereum classic. Go to Stampery.com if you want to see more.

If you want to set up an account, go to stamp.io. I highly recommend it. I’m going to go there for any documents or any ideas that I want to prove or I want to keep.

We’ll put the links up below the video. I want to thank everyone for watching this video. We’ll have more weekly updates on Ethereum classic.

In the future, we’ll be talking about the Etherium classic desktop wallet as well as the developments going on with the Ethereum Classic virtual machine, which is some exciting stuff.

Thank you very much. It’s been a great talk and I hope to see you again.

 

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