What Is Ethereum Classic (ETC)?
Ethereum Classic (ETC) is a cryptocurrency and blockchain platform that emerged as a result of a contentious hard fork from the original Ethereum (ETH) network. The fork occurred in July 2016 following the exploitation of a vulnerability in a decentralized autonomous organization (DAO) smart contract on the Ethereum blockchain.
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Who Are the Founders of Ethereum Classic?
Ethereum Classic is the legacy chain for Ethereum. Its true creator, therefore, is the original Ethereum co-founder -- Vitalik Buterin.In July 2016, a contentious fork occurred on Ethereum when participants disagreed about whether to reverse the blockchain in order to undo the effects of an important hack. The DAO was a decentralized autonomous organisation ( DAO), which raised $150 million through an initial coin offering.Ethereum Classic was created as a network that did not reverse the chain. The developers claim that the project has no "official" team and that anyone can join.
What is Ethereum Classic (ETC) Used For?
ETC can be used in a similar way to ETH, on the Ethereum Classic network. ETC is used to secure the Ethereum Classic Blockchain and as a peer-to-peer (P2P) payment token. Toobit has the live ETC price.
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What is the Ethereum Classic Foundation?
The Ethereum Classic Foundation is not a group of people, but an idea.The Ethereum Classic Foundation, unlike other blockchains that are developed by corruptible central institutions, is a set principles that guide decision-making to maximize ETC's lifespan and prevent it from being captured. It is a robust idea that is resistant to many types of attacks.Participants maintain and refine a doctrine decentralization which can be easily articulated and understood over time.Ethereum Classic's Foundation is the most important and strongest element. ETC was created in response to the DAO and as a recognition that a blockchain’s value and utility are ultimately dependent on its principles. ETC's social and technological layers are designed to prevent outside forces overruling The Code is Law. This is done through the constant pursuit and decentralization maximalism.
How is Ethereum Classic mined?
The miners are a subgroup of nodes on the Ethereum Classic Blockchain. The miners will group transactions into batches and add a time stamp to each transaction, as well as the previous block cryptographic hash or stamp. They also add a random number, called a nonce, that is used for iterating.They then create a new stamp specifically for this block and check immediately if the target is met. If the block didn't reach the target, the miners change the random number iterating as quickly as possible, and then try again. The miners will try again and again until they hit the target.This may be done trillions of time per second. It is called ""proof of work"", because it is only statistically possible for one miner to hit the target in the range of 13 seconds, the standard block-time in ETC.The miner will then send the block for verification to the rest the network and pay the miner's reward as well as the transaction fees.
How Many Ethereum Classic (ETC) Coins Are There In Circulation?
ETC started in a similar state as ETH with the exception of the way the DAO hack transaction was handled.Since its launch, tokenomics has changed, with Ethereum Classic setting a limit to the supply of Ethereum Classic in December 2017. The maximum ETC supply is 210,700,000. This is roughly ten-times Bitcoin's (BTC) while ETH does not have a cap.ETC uses the PoW algorithm which is similar to Bitcoin. Miners are rewarded for validating blockchains in competition. The ETC block rewards decrease with time by 20% every 2 years or 5,000,000 blocks. The next drop is due at block 20, 000,000, approximately in June 2024, from 2,56 ETC to just 2.048 ETC.
How Is Ethereum Classic Different From Ethereum?
Ethereum Classic ( ETC ) and Ethereum (ETH ) are two blockchain networks which share a similar history, but diverge in their philosophy and development.Ethereum Classic was the first version of Ethereum launched in 2015. It's a decentralized open-source platform for blockchains that allows developers build and deploy smart contracts and decentralized applications. Ethereum Classic's network is secured by a Proof-of Work (PoW), consensus algorithm.Ethereum is a fork created from the original Ethereum Blockchain in 2016. The fork was created in response to a hack which resulted in the loss of millions worth of Ether. In order to undo the hacking and restore the funds stolen, the Ethereum community created a hard-fork. Two blockchains were created, Ethereum Classic (ETC) and Ethereum (ETH).The governance approach is one of the biggest differences between Ethereum Classic (Classic) and Ethereum. Ethereum is a centralized platform, where a core team of developers makes all decisions regarding the future of the platform. Ethereum Classic, on the other hand, has a decentralized governance system, where decisions are made by a community consensus.The development roadmap is another key difference. After The Merge, in September 2022, Ethereum switched from a Proof-of-Work consensus algorithm to one based on Proof-of-Stake. Ethereum Classic has focused on keeping its original PoW consensus algorithm and remaining true to its decentralized ideology.
What factors affect FTM Price?
The price of Ethereum Classic (ETC) is influenced by various factors, drawing parallels with those affecting its larger counterpart, Ethereum (ETH). These factors can be broadly categorized into internal and external influences, with specifics including market demand, adoption rates, technological advancements, and overall cryptocurrency market trends.Factors Affecting ETC Price:Market Demand: A crucial driver is the market demand for Ethereum Classic. High demand usually leads to a price increase, and this demand can stem from several sources, such as increased adoption, positive news relevant to ETC, or favorable conditions within the broader cryptocurrency market.Adoption and Use Cases: The extent to which Ethereum Classic is adopted for real-world applications significantly impacts its price. This includes its use in decentralized applications (DApps), which can increase its utility and, consequently, demand.Cryptocurrency Market Trends: Like all cryptocurrencies, ETC's price is also influenced by the overall trends in the crypto market. Bull runs in the market often lift prices across the board, and the reverse is true during bear markets.Technological Developments: Technological advancements or updates to the Ethereum Classic platform can also play a role. Positive changes that enhance the platform's capabilities or security can lead to increased confidence and investment in ETC.Regulation and Security: Regulatory news, both positive and negative, can have an immediate effect on prices. Likewise, security incidents or successful attacks on the Ethereum Classic network can harm investor confidence and negatively impact the price.Market Competition: Ethereum Classic's competition with other cryptocurrencies, including Ethereum (ETH), affects its market position and price. As ETC is the original Ethereum chain, its value proposition compared to ETH and other competitors can influence investor sentiment and market dynamics.Macroeconomic Factors: Global economic factors, such as inflation rates, currency movements, and economic policies, can also affect the investment attractiveness of cryptocurrencies like Ethereum Classic, thus influencing its price.
