Ethereum Classic (ETC) Price

History of Ethereum Classic (ETC)

Ethereum Classic (ETC) has an interesting history that dates back to the creation of the Ethereum blockchain. To understand Ethereum Classic, we need to take a trip back to 2015 and explore the events that led to its emergence.

In July 2015, Ethereum (ETH or ether), an innovative decentralized platform enabling the execution of smart contracts, conducted a public Initial Coin Offering (ICO) to fund its development. The ICO successfully raised funds, and the Ethereum blockchain went live in July 2015.

However, the Ethereum blockchain experienced a significant event in June 2016. The DAO (Decentralized Autonomous Organization), a complex smart contract-based investment fund built on Ethereum, was hacked, resulting in the theft of a substantial amount of ethers (ETH), the native cryptocurrency of Ethereum.

In response to the hack, the Ethereum community faced a difficult decision regarding how to handle the situation. Ultimately, they decided on a controversial solution known as a hard fork. This hard fork involved rolling back the blockchain to a point before the DAO hack occurred and refunding the stolen funds to the affected investors. The hard fork also created a new version of the blockchain, now known as Ethereum (ETH). This is how the two separate blockchains started.

However, not everyone in the Ethereum community agreed with this decision. Some members strongly believed in the principle of preserving immutability and maintaining a blockchain without any form of censorship or interference. With this conviction, they chose not to follow the hard-forked version and continued mining and supporting the original Ethereum blockchain. This led to the birth of Ethereum Classic (ETC) on July 20, 2016.

The Ethereum Classic network represents the continuation of the original Ethereum blockchain, maintaining the state of affairs before the DAO attack. It follows the principle of "code is law," emphasizing the importance of immutability and non-interference in blockchain transactions and smart contracts.

Since its creation, Ethereum Classic has continued to develop and grow its community. It has attracted developers, blockchain enthusiasts, and supporters who are passionate about the principles of decentralization and immutability. ETC aims to provide a platform for building decentralized applications and executing smart contracts, while staying true to the original Ethereum vision.

While Ethereum (ETH) remains the more widely recognized and adopted version of the blockchain, Ethereum Classic (ETC) represents the persistent ideals and beliefs of its supporters who advocate for the unfaltering integrity and immutability of blockchain transactions and smart contracts.

ETC vs. ETH

Ethereum Classic and Ethereum were originally one project but split in 2016 due to differing philosophies. In 2022, Ethereum transitioned to Proof of Stake, while Ethereum Classic remained with Proof of Work. This marked the first significant technological divergence between the two chains.

Despite this difference, ETC and ETH are still quite similar technologically, and ETC maintains compatibility with the Ethereum Virtual Machine (EVM), allowing for easy deployment of contracts between the two platforms.

The total supply of Ethereum (ETH) coins is not limited, meaning it does not have a maximum supply cap. In contrast, Ethereum Classic (ETC) has a fixed coin supply with a maximum limit of approximately 210 million ETC coins, and its block reward reduces by 20% every 5 million blocks, or approximately every two and a half years.

The Founders of Ethereum Classic (ETC)

The founders of Ethereum Classic (ETC) are not different from the founders of Ethereum (ETH). Ethereum was created by a group of individuals led by Vitalik Buterin. However, Ethereum Classic emerged as a separate entity due to a difference in consensus following the DAO crack incident.

Vitalik Buterin, a prominent figure in the blockchain industry, is widely recognized as the creator of Ethereum. He envisioned a platform that could enable the execution of smart contracts and decentralized applications (DApps) on a blockchain. Alongside Buterin, other early contributors to Ethereum included Gavin Wood, Joseph Lubin, Anthony Di Iorio, and several others.

After the DAO hack and the subsequent hard fork that led to the creation of Ethereum (ETH), Ethereum Classic (ETC) was mainly supported and advocated for by community members who disagreed with the decision to roll back the blockchain. However, Ethereum Classic does not have specific founders separate from those involved in the early days of Ethereum.

The Ethereum Classic community is composed of developers, miners, enthusiasts, and supporters who believe in the principles of decentralization, immutability, and non-interference. While the trajectory of Ethereum Classic differs from Ethereum, both projects share a common foundational history with Ethereum Classic arising as a result of differing viewpoints on the contentious DAO hack and hard fork.

How Does Ethereum Classic Work?

Ethereum Classic (ETC) works on a similar principle to the Ethereum blockchain network, as they share a common foundation. ETC operates as a decentralized platform for executing smart contracts and building decentralized solutions. Here's how Ethereum Classic works:

Consensus Mechanism

ETC relies on a Proof-of-Work (PoW) mining algorithm, which performs like Bitcoin — miners are rewarded with new coins for validating the blockchain in competition with each other. They must contribute their computational power to solve complex mathematical puzzles to validate and add a new block to the blockchain.

The ETC block reward decreases with time, with the next drop due at block 15,000,000, roughly in April 2022 — from 3.2 ETC to 2.56 ETC per block. This process ensures the security and immutability of the ETC network.

Smart Contracts

ETC supports the execution of smart contracts, which are self-executing agreements with predefined rules and conditions written in Turing-complete programming languages such as Solidity. These smart contracts facilitate the exchange of digital assets, enable decentralized applications, and automate various processes with no intermediaries.

EVM Compatibility

Classic Ethereum is compatible with the Ethereum Virtual Machine (EVM), which allows developers to write and deploy smart contracts on the ETC network using popular programming languages like Solidity. The EVM provides a runtime environment for executing smart contracts, ensuring consistency and compatibility across different Ethereum-based blockchains.

Decentralized Applications

Developers can build decentralized applications on top of the Ethereum Classic blockchain. These DApps can leverage smart contracts and interact with the ETC network to perform various functions, ranging from financial transactions to decentralized governance systems. Users can access and interact with these DApps using decentralized wallets or interfaces.

Immutable State

Ethereum Classic adheres strongly to the principle of immutability, meaning that once transactions or smart contracts are recorded on the blockchain, they cannot be altered or modified. This feature ensures the trust and transparency of transactions, providing a robust foundation for various decentralized applications and use cases.

Governance

Ethereum Classic operates with a decentralized governance model, allowing community members, developers, and miners to participate in decision-making processes. Proposals for changes or improvements to the network can be suggested and voted upon, with consensus determining the direction of ETC development.

Why is Not Ethereum Classic as Popular as Ethereum?

Classic Ethereum (ETC) has not achieved the same level of market capitalization and popularity as Ethereum (ETH) for several reasons:

Market Perception

Ethereum (ETH) is generally regarded as the original and more widely recognized version of the Ethereum blockchain. It has a larger market capitalization and a larger user and developer community, contributing to its higher demand and, subsequently, a higher price.

Ethereum Classic (ETC)‌ is often seen as the alternative or minority chain, which may impact the perceived value of the crypto asset.

Network Effects

Ethereum (ETH) has experienced significant network effects due to its adoption and integration into numerous decentralized applications, blockchain projects, and exchanges. The network effect occurs when the value and utility of a network increase as more participants join. This widespread adoption and usage of Ethereum contribute to its higher demand and price compared to Ethereum Classic.

Development and Upgrades

Ethereum (ETH) has a more active and dynamic development community that consistently works on improving the protocol and introducing new upgrades, such as the upcoming move to Ethereum 2.0 with its scalability improvements. These continuous developments and upgrades can create a positive sentiment and attract more investors, potentially leading to a higher price. Ethereum Classic (ETC) has a smaller development community and has not seen as many significant upgrades, which may hinder the growth of Ethereum Classic prices.

Perception of Security

The controversial DAO hack and subsequent hard fork, which resulted in the creation of Ethereum Classic, had a significant impact on the perception of security for both Ethereum (ETH) and Ethereum Classic (ETC). Some investors and users may view Ethereum (ETH) as a more secure option since it underwent a hard fork to rectify the hack and refund affected investors.

Ethereum Classic (the ETC Coin), on the other hand, remained true to the principle of immutability and did not reverse any transactions. The varying approaches to security may influence market sentiment and affect the relative prices of both cryptocurrencies.

Ethereum Classic (ETC) Price Today

Changelly offers a comprehensive price chart, reflecting the market price of Ethereum (ETC), with a current market cap (market capitalization), 24 hour trading volume, recent price change, as well as a circulating supply and total supply of ETC coins. We update our ETC to USD price in real time.

Apart from the live price of the ETC cryptocurrency, through our ultimate Ethereum Classic price chart, you can also learn about the Ethereum Classic price history, including the asset’s all-time low and all-time high price.

The highest price paid for the ETC token is $176.16. The lowest price paid for the ETC token is $0.45. The average price of Ethereum Classic today is hovering at the $20 mark.

Although the Ethereum Classic coin is among the top 30 crypto assets in terms of market capitalization, its market price can fluctuate dramatically. Read our Ethereum Classic ETC price prediction to know what factors can affect the ETC price and how the Ethereum Classic ETC price may perform in the future. With our ETC price statistics and Ethereum Classic forecast, you can armor yourself with the right data to fuel your investment choices.

Users can easily trade Ethereum Classic tokens on various cryptocurrency exchanges.

The market cap of the ETC crypto is some of the largest in the crypto market, surpassing $2B. A high market cap suggests the asset is widely traded in the crypto market, and investors feel confident in its liquidity.

Changelly is the ultimate destination for crypto users to buy ETC tokens or any other digital asset, like Bitcoin Cash, USD Coin, or Binance Coin. With our user-friendly interface, immediate transaction executions, and reasonable exchange rates, Changelly is never the wrong choice when you want to buy crypto.

If you wish so, you can also easily sell ETC for your local fiat currency or other digital assets on our cryptocurrency exchange platform. With our detailed ETC price statistics and Ethereum Classic price prediction, you can make weighted decisions about buying, selling, or holding ETC tokens.

Note trading cryptocurrencies is a risky endeavor. Along with studying the Ethereum Classic price movements, an Ethereum Classic investor should consider performing their own research on the Ethereum Classic project and follow Ethereum Classic news for the latest announcements and updates before purchasing ETC coins.

The market of any cryptocurrency can fluctuate radically within a short period because of various factors, such as market demand, investor sentiment, regulatory pressures, technological advancements to ETC’s protocol, and macroeconomic events.