Ethereum Classic (ETC) is an open-source, decentralized cryptocurrency which has appeared as a result of Ethereum hardfork in 2016. The reason for the fork was the need to change the program code to increase the level of security. This is an attempt to keep the Ethereum blockchain unchanged by a part of the community that opposed the DAO hard fork.
Ethereum Classic (ETC) cryptocurrency is supported by Barry Silbert, head of the Digital Currency Group. The ETC community adherer to a more strict ideological framework. Ethereum was just a manifestation of liberalism in the world of crypto, whereas Ethereum Classic is a conservative manifesto which is referred to as authentic Ethereum.
Ethereum Classic is definitely not a twin brother of Ethereum. However, they have a common origin. How does Ethereum Classic cryptocurrency differ from Ethereum and can it overshadow the success of a relative? Let’s find out what Ethereum Classic cryptocurrency actually is with Changelly!
Table of Contents
Nascence of the new Ethereum
The scandal happened on 17 June 2016. The unknown attacker managed to withdraw more than $60 million forms the DAO fund. This event went down in history as an Ethereum crucial moment. The community proposed three options:
- Implement a softfork and rollback the system
- Make hardfork and reset smart contracts, which the attacker implemented
- To not interfere in the process
On July 20, the second option was chosen. This day appeared 2 versions of Ethereum: Ethereum (ETH) and Ethereum Classic (ETC).
Hardfork helped to return all stolen funds. Ethereum developers switched to the new branch. Among them were Vitalik Buterin, Charles Hoskinson, and Gavin Wool. Opponents of the hardfork remained on the old blockchain and named it as Ethereum Classic (ETC).
Ethereum Classic (ETC) Coin Value
Ethereum Classic (ETC) cryptocurrency began to gain popularity on 23 July, when the Poloniex exchange started ETC trading. In 2 weeks ETC was added to Bitfinex, Kraken and MinerGate pool. The approximate number of coins is 210-230 million.
Ethereum Classic is now on the 21st place of market cap size among all cryptocurrencies. The cryptocurrency tested all-time high point on December 21, 2017. The price was $47.77. The lowest price of ETC was registered on 25 July 2016. Ethereum Classic coin was worth only $0.45.
🗒️ You can check out the price-list formation and more details about the coin on BitcoinWiki.org.
Ethereum Classic (ETC) Blockchain Review
Ethereum Classic works through the blockchain with smart contracts. Smart contracts are contracts with prescribed conditions that are automatically executed when these conditions are reached. From a technical point of view, the Ethereum Classic has its own compiler, thanks to which it has become much easier to program smart contracts.
The Ethereum Classic network provides standard mining based on the Ethash algorithm and the Proof of Work confirmation system. Mining is carried out using video cards. Miners of the ETC have benefited from the fork because now they were able to exit the pools and start working independently. AMD and Nvidia video cards with a capacity of 3 GB or more are suitable for Ethereum Classic mining. With the help of special calculators, you can calculate the effectiveness of mining.
Let’s look at the advantages of Ethereum Classic (ETC):
- The ideology of decentralization and free development.
- More opportunities for mining.
- Higher speed of the transactions than in ETH.
You can read more about the technical part in the ETC White Paper.
Ethereum operates on the “ether” cryptocurrency, with which the Ethereum Classic (ETC) of the Ethereum Classic platform has nothing in common. It’s time to discuss the differences between these two cryptocurrencies.
Ethereum (ETH) vs Ethereum Classic (ETC)
Adherents of ETC are categorically against any changes in the blockchain, as community representatives believe that this destroys the integrity of the system. In the ETH cryptocurrency, changes are possible, but only after the founders have studied the attitude of users to such changes.
All Ethereum Classic decisions are made by several development teams. At the same time, decisions at ETH are made with the help of a special fund. Users make their own suggestions.
At the moment, ETC has voids in its blocks due to lower liquidity. As this cryptocurrency is popularized, it is expected that the blocks will be gradually filled. Ethereum doesn’t have such a problem.
In most other aspects, Ethereum Classic completely copies the Ether platform. The identity of the source code at the initial stage of separation led to the fact that many users could sell their coins twice – both as ETH and as ETC. However, the continuous development of Ethereum always leaves his colleague a step behind.
|Market Cap (curr.)||$24,113,821,878||$717,606,283|
|Hash Rate||171 TH/s||8.2 TH/s|
|Mining Profitability||$0.122 Day for 1 MHash per second||$0.0199 Day for 1 MHash per second|
Ethereum Classic Roadmap
Ethereum Classic developers published the new roadmap for 2019 and 2020. You can see some highlights of ETC plans below.
Ethereum Classic 2019 Roadmap
- ETH Compatibility
- JSON-RPC Schema
- Multi-network Explorer tool
- Chain monitor & analysis tooling
- Embedded SVM
- ETC JIT Compiler
- Smart Contract IDE
Ethereum Classic 2020 Roadmap
- EVM LLVM Backend
You can explore more about Ethereum Classic future development in its detailed Roadmap.
Ethereum Classic Latest News
During the videoconference held on June 20, the Ethereum Classic developers came to a problematic consensus on the hardforks network called Atlantis. Despite specific differences, it was agreed that the update would take place at block 8,772,000. As expected, it will be found around midnight UTC on September 17 of this year.
In May, ETC developers disagreed on what improvements the upcoming hardforks should contain. However, they found a consensus on the 10 proposals that should be included in the code of the future hardforks.
The Atlantis update is paired with a slightly later upgrade called Agharta and should activate the changes that were formally proposed for the original Ethereum network in 2017. Their goal is to improve interoperability between the two blockchains and facilitate the migration of decentralized applications (dApps) from one network to another.
Ethereum Classic (ETC) Wallets
For storage of ETC you can use quite a wide range of wallets: hot and cold.
- Atomic Wallet is a popular multi-wallet, which supports ETC coins storage.
- Emerald is a desktop cryptocurrency wallet for ETC. Available in two options: a full node and a remote node.
- Exodus is a multi-wallet, that supports 100+ cryptocurrencies. You can store your ETC assets on mobile or computer device. Compatible with Trezor wallet.
- Saturn Wallet is a functional cryptocurrency wallet, which stores ETH and ETC. The wallet operates as a browser extension compatible with Google Chrome, Firefox, and Brave.
- Ledger Nano Wallets are hardware cold wallets that can store your assets offline. Trezor wallets are also compatible with ETC cryptocurrency.
- Jaxx Wallet is available for all types of platforms: Windows, Linux, Mac OS, iOS, Android.
Where to trade Ethereum Classic (ETC)?
It’s easy to exchange ETC coin due to a significant number of platforms accepting this cryptocurrency.
Buy Ethereum Classic (ETC) at Changelly
Changelly platform offers you a way to buy ETC with your banking card swiftly, safely, and with minimal authentication procedure. The fiat payment process is powered by our partner Indacoin and takes just a few simple steps to take.
The purchase option is open both via our website and the Exchange Widget that can be found at our partners’ resources.
Ethereum Classic Summary
Four independent teams are working on Ethereum Classic, including the IOHK team led by Charles Hoskinson, one of the founders of the Ethereum Foundation, which is known for the Cardano project. In addition to them, the guys from EthCore, led by Gavin Wood, the former co-founder of the Ethereum Foundation and the author of Parity, as well as the ETC Dev team and Ethereum Commonwealth are involved in the development.
All of these organizations make up a mighty team of developers that can lead ETC to success. But frankly speaking, we often see in the news Ethereum and its new developments and integration.
As a result, Ethereum Classic is the original, non-circular version of Ethereum. It comes with many of the same features and benefits as Ethereum and continues to evolve actively to this day. Will it be at the same place as the Ethereum one day? We’ll see.
Disclaimer: This article about Ethereum Classic (ETC) should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements.
Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.