In the summer of 2016, an important event of Ethereum took place. Marks the formation of two new chains through the Ethereum chain split. Two blockchains were born, Ethereum Classic (ETC) and Ethereum (ETH).
In this article, you will go with me to learn about What is Ethereum Classic and ETC coinfrom the reason for its formation to its future prediction.
What is Ethereum Classic?
Ethereum Classic is a Blockchain platform developed and created based on Ethereum’s Blockchain technology, allowing anyone to build and use decentralized applications (dApps). Ethereum Classic is the original chain of Ethereum next to Ethereum (ETH).
Ethereum Classic Hard Fork Event
To find out the answer to this question, you and I will go back to the time period from July 2016.
Prior to July 2016, Ethereum (ETH) and Ethereum Classic (ETC) were a single blockchain called Ethereum. But because of an error in the fundraising smart contract of KNIFE (decentralized autonomous organization) implemented on Ethereum (this is the fault of the smart contract writer, not the blockchain), Hacker took advantage of this vulnerability to withdraw 3.6 million Ether, equivalent to 50 million USD 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 and support the philosophy of Bitcoin, respecting the immutable history of the blockchain and opposing this hard fork has decided to refuse to update, stay with the old chain (Ethereum Classic) and use social consensus to settle the stolen Ether there. 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.
As a result, although the lost money was recovered, the consequences of this hard fork caused the Ethereum network to split into two chains, Ethereum (ETH) and Ethereum Classic (ETC).
- Ethereum (ETH) blockchain pursues processing speed and plans to move forward Proof of Stake.
- Ethereum Classic is the Ethereum original chain that retains the same system as Bitcoin for a secure, decentralized, autonomous blockchain and continues to be the fulcrum for an economy based on Bitcoin. Proof of Work.
Learn more about What is Ethereum? to properly understand the essence of Ethereum and the details of the birth of Ethereum and Ethereum Classic.
Difference between ETH vs ETC
The common purpose of Ethereum with Ethereum Classic is to allow anyone to build and use decentralized applications (dapps). However, the direction of the two is completely different.
- Ethereum Classic focuses more on security and usability.
- Meanwhile, Ethereum is more focused on performance and scalability.
In addition, there are still some differences between ETC and ETH:
Detailed information about ETC coin
ETC coin exchange rate today
You can track ETC coin prices on Techtipsnreview Markets right at: markets.Techtipsnreview.com/currencies/ethereum-classic
Techtipsnreview Markets is a page that helps you to update real-time prices as well as view detailed information about Token Metric of a certain project. In more detail, you can visit the homepage and community page of the projects or filter the coins/tokens by Marketcap, Transaction volume,…
Key Metrics ETC
- Ticker: ETC.
- Blockchain: Ethereum Classic.
- Consensus: Proof of Work.
- Token type: Coin, Mineable.
- Block time: 13.1 seconds.
- Block Reward: 3.2 ETC per block.
- Total Supply: 210,700,000 ETC.
- Initial Circulating Supply: 116,319,790 ETC.
ETC Token Allocation
Before the Hard Fork, there were over 82 million Ether in the market. Consists of:
- 72 million Ether is pre-mine development team for ICO.
- More than 10 million Ether were successfully mined from 2014 until the Hard Fork.
After the Hard Fork event took place on July 20, 2016, Ethereum was split into two chains, Ethereum Classic (ETC) and Ethereum (ETH). Right now the market exists at the same time 82 million ETC coins and 82 million ETH coin tokens.
If the user wallet before the Hard Fork has 100 Ethereum, then after the Hard Fork the user’s wallet will have 100 ETC and 100 ETH simultaneously. Users can sell ETC or ETH on the market.
This is also an event related to the conspiracy that the ETH Foundation and Vitalik Buterinthe co-founder of Ethereum, sold off a large amount of ETC aiming to kill the project from “in its infancy”.
After the DAO Fork event, in March 2017, the Ethereum Classic community adopted a new Bitcoin-like monetary policy. Ethereum Classic has limited the number of coins on the market and introduced a reduced mining reward schedule.
Accordingly, Ethereum Classic limits the supply to 210,700,000 ETC coins and uses a Proof of Work (PoW) mechanism.
ETC Token Release Schedule
After almost 5 years of mining, more than 55% of ETC is on the market. The block reward will decrease by 20% every 5 million blocks (about 2.4 years). On March 17, 2020, Ethereum Classic reduced the mining reward by 20% from 4 ETC/block to 3.2ETC/block.
Here is the mining reward reduction schedule:
ETC Token Use Case
Like ETH on Ethereum, ETC leverages the processing of network transactions and smart contracts.
- Gas Fee: Payment of gas fees in the Ethereum Classic network. An average of about 21,000 gas per transaction. Fees may be higher or lower depending on the speed of the network. The way to calculate the fee for making a transaction or executing on a smart contract is as follows:
Transaction Fee = Gas Price * Gas Limit + Miners’ Fees
- Rewards for Block Reward: Rewards for miners that help maintain the security and safety of the Ethereum Classic network. Currently, the reward for a block mined is 3.2 ETC. The reward will decrease by 20% every 5 million blocks mined.
Learn about: What is Gas Price & Gas Limit? Tips to optimize Gas Fee when trading
How to mine ETC coin?
As you know, Ethereum Classic uses the Proof of Work (PoW) consensus mechanism. So you can earn ETC through mining coins (Mining).
Currently, there are two popular ways of ETC mining: solo mining and mining through reputable mining pools (pool mining).
Solo mining:
- You download one of these software to your desktop: Antminer E3, Bminer, Claymore Miner, Cruxminer, Easy Miner, Phoenix Miner…
- Install software.
- Register your ETC wallet address with the software.
- Find IPs to mine.
Pool mining:
- Brothers join the 5 largest mining pools today to increase profits when mining ETC: Ethermine, Nanopool, MiningPoolHub, 2Miners, Beepool.
- In addition, you can join other mining pools such as: 1stPool, 2Miners, AntPool, BTC.com, BoomPool…
For detailed instructions on how to mine Ethereum Classic, please visit here.
Ethereum Classic Wallet
There are many options for ETC storage, please refer to all ETC wallets here:
- Web wallet: MyCrypto, MyEtherWallet, Portis, Squarelink.
- Extensions/dApps: Metamask, Opera, Nifty Wallet, Saturn Wallet, Brave.
- Soft wallet: Techtipsnreview Wallet, Exodus, AToken, Coinbase Wallet, Trust Wallet,…
- Hardware wallet: Ledger, Trezor, SafePal, Ellipal, Bitski, CoolBitX, HTC Exodus,…
- Other wallets: CryptoSteel, ColdTi, Blockplate, BillFold, Hodlinox,…
You can store ETC coins in wrapped form on the Binance Smart Chain network with Techtipsnreview Wallet Follow the detailed instructions below:
Step 1: At the main interface, select Receive.
Step 2: Import Ethereum Classic in the search box.
Step 3: Copy the wallet address and send ETC coin to this address.
Where to buy ETC?
Currently ETC coin is being traded on many different large and small exchanges, you can buy ETC on Binance exchange, Huobi, BitMax, VCC Exchange…
Refer to the detailed list of ETC-supporting exchanges here.
The Future of Ethereum Classic
Similar to Bitcoin, Ethereum Classic has a fixed and deflationary supply. This will help ETC coin increase in value in the future.
Currently, only 55% of ETC is mined, the opportunity for profit is still huge. This will help ETC attract a large number of miners to keep Ethereum Classic’s network secure, moreover, the opportunity to make profits is still very large for miners compared to Bitcoin mining.
ETC Labs is the largest active organization in the Ethereum Classic ecosystem. ETC Labs is expanding the network by sponsoring numerous protocols and projects on the Ethereum Classic network.
Should I invest ETC coin?
I believe that you have also grasped the basic and necessary information about Ethereum Classic (ETC) after reading this paragraph.
I will note some key ideas for you to easily make an investment decision.
Roadmap
As the Ethereum Classic ecosystem continues to grow naturally, independent development teams follow the principles, making Ethereum Classic a single, truly decentralized, immutable and ever-evolving network.
For detailed roadmap as well as what Ethereum Classic has done in the past time, you can see here.
Partnership
The goal of the project is to fulfill the promise of blockchain to improve users’ lives using Ethereum Classic. The project is fostering partnerships with major organizations to address the challenges of implementing this innovative technology.
Some major partners of Ethereum Classic include: aws, IBM, Bubspot, NorthBlock Capital, Gitcoin, Swarm, Unicef, ChainSafe…
Ethereum Classic Ecosystem
All projects developed on Ethereum Classic receive support such as: business strategy, network connection, investor referral. Ethereum Classic’s ecosystem has now been expanded with many different arrays and projects, including some prominent names such as:
- DApps and Protocols: ETCpunks, Arena Racing, Aqua Bank, OriginalMy, Stampery, Token Bridge, Gitcoin, Celcius Network, Portal.Network,…
- Exchanges: Binance, BitMax, Bitfinex, Huobi, Upbit,….
- Storage wallet: Metamask, MyEtherWallet, Trezor, Ledger,…
summary
Hope my last article has helped you have a better overview of Ethereum Classic as well as ETC coin.
What do you guys think about this Ethereum Hard Fork? How will ETC grow in the future? Do not hesitate to comment below the article to discuss with Techtipsnreview!
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Source: What is Ethereum Classic (ETC)? Complete ETC . Cryptocurrency
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