Ethereum Classic (ETC)

Ethereum Classic (ETC)

Rank #31

$20.69

1.75%

0.0007 BTC

ETC
USD

MARKET CAP

$2.79 B

ALL TIME HIGH

$176.16

VOLUME 24H

$386.926 M

CIRC. SUPPLY

134.85 M

VOL/MCAP

14.00%

TOTAL SUPPLY

210.7 M

DILUTED MCAP

4.367 B

MAX SUPPLY

210.7 M

1H USD

-0.98%

24H USD

1.75%

7D USD

11.68%

30D USD

-44.57%

60D USD

-46.39%

90D USD

-28.32%

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Ethereum Classic Price Chart

24h Change

1.75 %

Ethereum Classic - ETC Profiles

History

The DAO hack gives rise to Ethereum Classic

The DAO hack and resulting $2 split the Ethereum network into two separate chains: $2 and Ethereum Classic (ETC). The DAO was an Ethereum-based venture fund that managed to raise ~$150 million in Ether in an April 2016 $2. A few months later (July 2016), an attacker exploited a bug in one of The DAO's smart contracts, enabling the hacker to steal 3.6 million ETH of the funds collected in its ICO.

A divide in the community formed around how to resolve the issue. One camp believed reverting the chain, thus erasing the hack from the network's history, was necessary to preserve the longevity of Ethereum. The other side reasoned mutability was antithetical to the ethos of crypto networks and refused to accept a ledger rewrite. The divide led to a contentious hard fork at block 1,920,001, and the legacy chain that did not reverse its transaction history rebranded to Ethereum Classic.

Before the DAO fork split the original Ethereum chain, there was just one group of users, service providers, developers, investors, and other network participants. The hard fork or "irregular state change" split not only the protocol layer but also the social and application layers. As the legacy chain, Ethereum Classic inherited the components outlined within the Ethereum whitepaper. At the time of the fork, Ethereum Classic was still identical to Ethereum regarding these original components. However, it soon began to diverge away from Ethereum by announcing its own roadmap and vision.

Philosophy and monetary policy change

The Ethereum Classic (ETC) community stresses the core principals of censorship resistance and (most prominently) immutability. And as a continuation of the Ethereum blockchain, it features a Turing-complete $2 language to support the development of more complex $2. The Ethereum Classic community governs the network by the motto "Code is Law," which instills the belief that ETC transactions and dApps are truly censorship-resistant and immune to any third party interference.

ETC later (March 2017) adopted a new, Bitcoin-like monetary policy fit with a fixed supply cap and disinflationary emission schedule. The $2 network. Instead of monetary flexibility (and some uncertainty), Ethereum Classic now features a max supply of 210,700,000 tokens and miner reward reductions every five million blocks. And unlike Ethereum, the community intends to stick with $2 as its consensus and token issuance mechanism.

Development teams and future developments

ETC's structure varies from most blockchain projects, incorporating multiple development teams (IOHK, ETC Labs, and ETC Cooperative), each with their own goals. In general, most of these teams have focused on providing sidechain $2 solutions, improving development tools (SDKs), and promoting cross-chain transactions so others can build on Ethereum Classic. Some of these efforts, including Connext's state channels and ChainSafe's bridge to Ethereum and Cosmos SDK-based chains, have already launched.

ETC is one of the few cryptocurrencies where investors can gain exposure to it through a traditional brokerage and or retirement account. Grayscale Investments created an Ethereum Classic Investment Trust (ticker ETCG) that allows investors to gain exposure to ETC without having to store or secure it directly.

51% attacks

As a minority chain using the Ethash mining algorithm, Ethereum Classic has been the target of multiple 51% attacks. The first attack occurred in Jan. 2019, when crypto exchange Coinbase $2 a deep chain reorganization of the Ethereum Classic blockchain. The number of identified reorganizations eventually increased to a total of fifteen, twelve of which contained double spends, totaling 219,500 ETC (~$1.1 million).

In Aug. 2020, Ethereum Classic suffered three more 51% attacks. The first one resulted in a successful double-spend of 807,260 ETC (~$5.6 million at the time). The <a class="MuiTypography-ro

Ethereum Classic is very similar to Ethereum because it shares a common origin. It’s a blockchain that allows other applications to be built atop it. These decentralized applications, or dapps, use code known as smart contracts so that people can exchange money, property, or anything else of value without a middleman. ETC is the native currency of the network. The Ethereum Classic network also enables dApps on the platform to issue their own tokens, including NFTs.

What is Ethereum Classic (ETC)?

Prior to July 2016, Ethereum (ETH) and Ethereum Classic (ETC) were a single blockchain called Ethereum. But because of a bug in the fundraising smart contract of the DAO (decentralized autonomous organization) executing on Ethereum (this is the smart contract writer’s fault), the hacker took advantage of the vulnerability to withdraw 3.6 million Ether, equivalent to $50 million at that time.

However, in the DAO smart contract, it is specified that the funds in the wallet will be locked for 28 days. Therefore, the hacker has to wait 28 days to have full access to this $50 million. Wanting to rescue investors, the Ethereum Foundation hastened through the decision of Carbon Vote to launch a controversial bailout package, by manually changing the code on the Blockchain to recover the stolen Ether with a copy. hardfork.

Those who love, respect the immutable history of the blockchain and oppose this hard fork have decided to refuse to update, stay with the old chain (Ethereum Classic) and use the consensus of society to settle the stolen Ether. Results on July 20, 2016, at block number 1,920,000, two chains of Ethereum and Ethereum Classic were officially split and developed in parallel until today.

Outstanding Features

What is the project trying to achieve?

  • Allowing anyone to build and use decentralized applications (apps).
  • Unlike many other blockchain projects, Ethereum Classic does not have a central organizing committee calling the shots, so what gets implemented in the protocol is determined through an organic, meritocratic, emergent system, rather than top-down.
  • Ethereum Classic, like Bitcoin, does not have a roadmap in the traditional software development sense, but rather a process that allows good features to be implemented if and when they come along and are approved by the community.

What is the unique selling point?

ECIPs

The Ethereum Classic Improvement Proposal (ECIP) process is how upgrades to Ethereum Classic are discussed and rigorously vetted by its developer community. This process is open, and anyone can contribute by drafting an ECIP that may one day be included in Ethereum Classic.

Move Slowly & Don’t Break Things

Typically, implementing new features requires overwhelming support or, at least, no significant opposition from the Ethereum Classic community, making ETC, like BTC, fairly cautious in its technological development. With no central group biasing decisions about what upgrades are implemented, the threat of a chain split due to significant pushback means that Hard Forks on ETC tend to be safe, incremental and above all non-contentious.

Rather than a “move fast and break things” mentality, which can cause financial harm if things go wrong, significant updates are typically mulled, refined and tested over long periods before being implemented into the protocol so that consensus can be properly reached before a fork.

Additionally, care is taken to ensure that, as much as possible, contracts that were deployed as far back in 2015 can faithfully operate in perpetuity and that Code is Law is maintained.

Inherited Innovation

Ethereum Classic maintains compatibility with Ethereum Virtual Machine, it inherits all the innovations that happen on other EVM chains, including contract systems, developer tooling, libraries and other general concepts funded by and developed primarily for these other chains.

Optimistic Rollups, a promising Layer 2 technology that enhances scalability via off-chain transactions, is an excellent example of this. Thanks to the nature of Free Open Source Software, millions of dollars of research and development were spent by projects and teams that had no association with Ethereum Classic. This innovation, thanks to generalized EVM compatibility, has indirectly increased the utility and value of ETC.

Looking Ahead

As of writing, 2022 has just arrived, and ETC is beginning the year experiencing a surge of activity. A litany of new apps and users have organically coalesced, and the ETC ecosystem is starting to show signs of network effects, which will snowball adoption as the network becomes more useful and valuable.

Recent growth is partly thanks to a growing army of Ethereum Classic content creators and influencers who have been creating videos and memes, driving adoption through social media.

The Merge

Ethereum mainnet chain, although experiencing some minor delays, is looking increasingly close to completing a migration away from Proof of Work to Proof of Stake, known as The Merge. For Ethereum Classic this will be an extremely relevant event, as it seems likely newly evicted GPU miners will be looking towards other chains to mine, and Ethereum Classic is an obvious choice.

The migration of miners from ETC to ETH will likely bring a new wave of interest to the Ethereum Classic ecosystem, increase the security of the network, and accelerate adoption and network value.

EVM Versioning

With Ethereum Classic aiming to maintain Code is Law for many decades, if not centuries to come, a feature of major utility will be that of versioning of deployed contracts. This provides several significant advantages to the long term operation and maintenance of Ethereum Classic, notably that it makes it far easier to maintain Code is Law whilst still providing flexibility for upgrading contract execution in the future.

Rather than worrying about whether a protocol change, such as gas repricing, would break old contracts, versioning would mean deployed code is guaranteed to always run on a compatible version of the EVM based on the block number it was deployed to. In additional, future contracts could opt-in to functionality that would otherwise break old contracts, meaning Ethereum Classic can provide new technology like signature schemes, add or modify opcode behavior, etcetera, without affecting existing applications.

Layer 2

It is becoming increasingly clear that the only reasonable ways to scale blockchains is in layers. With Bitcoin’s Lightning Network spearheading this promising new domain, Ethereum is following in the form of State Channels, Optimistic Rollups, zk-Rollups, and other emergent technologies.

Layer 2 promises to provide adequate assurances of decentralization and trustlessness, with much greater transaction throughput by managing state off-chain and using the base chain for settling this state. In theory, there is no upper bound to the number of transactions per second in many Layer 2 systems, and can satisfy civilization-scale usage requirements.

With Ethereum Classic’s EVM and commitment to Proof of Work that will eventually dominate mining in ETCHash or SHA3, it will be one of the few choices for a Sovereign Grade base layer that can support a full range of L2 solutions.

What is the difference between Ethereum and Ethereum Classic?

One of the main differences between Ethereum is that it has plans to migrate from proof of work (PoW) to a new system called proof of stake (PoS). Ethereum Classic, however, intends to keep traditional mining on its own blockchain after Ethereum migrates to PoS.

Also, similar to ETH, new ETC is issued to the circulating supply as a reward for miners and has a maximum supply of 210,700,000 coins, whereas ETH has no fixed supply.

Originally, the Ethereum blockchain was created as a single blockchain in 2015, but in June of 2016, the blockchain was hacked resulting in $60 million of stolen crypto. As a result, a hard fork was performed to secure the network, hence how the new Ethereum emerged and created two separate versions.

Now that we know the difference between ETH and ETC, we can discuss how each one is used.

Read More: Click Here

Ethereum Classic Price Live Data

ETC Price

$20.69

Trading Volume

$386.93 M

All Time High

$176.16

1hour Change

-0.98%

24hours Change

1.75%

24hours Range

1.90%

24hours Low

$31.05

24hours High

$33.12

Liquidity ±2%

$1,415,063.72 B

Bids -2%

$14.15 M

Asks +2%

$16.37 M

Market Cap

$2.79 B

Fully Diluted Market Cap

4.36 B

Circulating Supply

134.85 M

Total Supply

210.70 M

Max Supply

210.70 M

Ethereum Classic Markets

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