Ethereum Classic (ETC): Explanation Of The Ethereum Fork

Since Ethereum was originally conceived in 2015 by Russian-Canadian programmer Vitalik Buterin, it was intended to establish an alternative to Bitcoin and to serve as a blockchain suitable for smart contract applications. It is essentially a fork of Ethereum, with Ethereum coins having the same monetary value as ETH.

However, it was decided to drop the project’s original token (ETH) due to its slow scaling prospects. Instead, Ethereum Classic (ETC) was introduced on July 30th, 2016 to preserve the original project’s integrity. ETC initially started with a market capitalization of $7 million. By April 2018, the value of ETC had exceeded $800 million. The creator of Ethereum, Buterin, donated 20% of his Bitcoin holdings, amounting to over $4.6 million, to build ETC.

Why Ethereum Classic is unique?

It is a blockchain that runs on the original Ethereum protocol. The DAO hack was a huge issue, which caused many people to disagree with how the problem was handled.
That’s where Ethereum Classic came in, offering a way for those who disagreed with the response to Ethereum to get back on board. The appeal of ETC started with those who were upset by how things are managed.
The Ethereum Classic Development team is a voluntary organization that does not plan to turn the network into a for-profit entity. Users pay transaction fees, and miners collect them based on the proof-of-work mining algorithm. Unlike Ethereum, Ethereum Classic has no plans to convert to a proof-of-stake mining algorithm, and multiple developers continue to work on future improvements.

 

Ethereum Classic (ETC) Price

ETC Price Data

The Ethereum Classic (ETC) price today is $67.97 USD with a 24-hour trading volume of $2,636,250,644 USD. Ethereum Classic is down 0.69% in the last 24 hours. The current CoinMarketCap ranking is #21, with a live market cap of $8,776,567,511 USD. It has a circulating supply of 129,118,990 ETC coins and a max. supply of 210,700,000 ETC coins.

If you would like to know where to buy Ethereum Classic, the top exchanges for trading in Ethereum Classic are currently Binance, Huobi Global, Bithumb, Coinbase, CoinTiger, OKEx, Hotcoin Global, Tokocrypto. Source: Coinmarketcap.

What is the difference between Ethereum and Ethereum Classic (ETC)?

While both Ethereum and Ethereum Classic are both cryptocurrencies, Ethereum has a broader focus: it is used to power “smart contracts,” decentralized applications (DApps), and other digital solutions that are “happening in real-time”. At its core, ETH is a blockchain protocol used to encode and verify transactions without relying on a third party to validate them, hence its popular name. Meanwhile, ETC is a fork of the Ethereum blockchain. Unlike with Bitcoin, there is no split in the blockchain, meaning that all transactions made on the original Ethereum network (ETH) will be kept on the original blockchain (ETH) and not changed on the fork.

How does Ethereum Classic (ETC) work?

ETC works in a similar way to ETH, with two main differences in focus. First, while Ethereum’s scripting language allows users to add completely new transactions and accounts to the blockchain, ETC’s system offers fewer account permissions to increase security.

Second, and most importantly, Ethereum Classic was originally created as a network that was not going to be a cryptocurrency, but a decentralized application platform. The means by which ETC earned its value was through ether-backed operations.

ETC: An analysis of the current situation It is worth noting that Ether (ETH) and ether-related holdings within any ETC ecosystem should only be considered as crypto assets and not investment assets. However, as of August 7, ETC is trading at a small premium of 0.

Ethereum Classic (ETC) Faucet

Blockhash

  • Blockhash is a free ETC faucet.
  • Click every 5 min.
  • No limit claims
  • Minimum possible rewards upto 300 ETC
  • Expresscrypto wallet required for withdrawals.
  • Referral commission 10%.

FCNetwork

  • FCNetwork is a free ETC faucet.
  • Click every 0 min.
  • No limit claims
  • Minimum possible rewards upto 300 ETC
  • Expresscrypto wallet required for withdrawals.
  • Referral commission 10%.

Conclusion

Ultimately, each hard fork needs to choose its own purpose and path and to continue evolving as the Ethereum community wants. While it may be reasonable for certain types of projects to seek to fork off the legacy chain, the best route for all players is to respect and follow the existing rules and be proactive in ensuring the safety of users.

Must Read: What is Terra (LUNA)? A Quick Guide for Beginners

Leave a Comment