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What is Ethereum Classic?
Ethereum Classic (ETC) is a blockchain-based decentralized platform that emerged after the infamous DAO hack that resulted in the loss of millions of dollars in Ethereum (ETH) in 2016. While Ethereum forked to reverse the hack, a group of developers decided to stick to the original code and start a new blockchain, which they called Ethereum Classic.
Takeaways
- Ethereum Classic (ETC), a byproduct of the 2016 DAO hack, embodies the principle of immutability and facilitates the creation of smart contracts and dApps, similar to its progenitor Ethereum (ETH).
- ETC utilizes the Proof-of-Work (PoW) consensus algorithm, which maintains 24h operations of the ETC blockchain, and its classic price is influenced by market demand.
- Its unique selling point is its adherence to the original Ethereum protocol’s principles – decentralization, immutability, and resistance to censorship, which is reflected in the Ethereum Classic price.
- When juxtaposed with ETH, ETC is seen as a more ‘pure’ form due to its unwavering commitment to the original Ethereum chain, despite ETH’s reputation for greater innovation and scalability.
- In comparison to Bitcoin (BTC), ETC offers unique features and upholds an unchanged historical record, but BTC, with a higher cap, dominates due to its robust reputation and substantial trading volume.
Founders
The founders of Ethereum Classic are a group of anonymous developers who believe in the principles of decentralization, immutability, and censorship resistance. They saw the DAO hack as a violation of these principles and decided to maintain the original Ethereum blockchain, which they believed embodied these values.
How ETH classic works
Ethereum Classic works on the same principles as Ethereum. It is an authorityless platform that allows developers to build and deploy automated agreements and dApps. However, unlike Ethereum, Ethereum Classic is focused on maintaining the original code and protocol, without any changes or upgrades.
To ensure the security and immutability of the network, Ethereum Classic uses a proof-of-work (PoW) consensus algorithm, similar to Bitcoin. Miners engage in a competitive race to solve intricate mathematical problems, ensuring the validation of transactions and the addition of new blocks to the blockchain.
One of the unique features of Ethereum Classic is its commitment to decentralization. The network is not controlled by any central authority or organization, and anyone can join the network and participate in the consensus process. This makes Ethereum Classic more resilient to attacks and censorship, as there is no single point of failure.
Despite its contentious beginnings, Ethereum Classic has garnered a devoted following of supporters who embrace its vision of a decentralized and unchangeable blockchain. While Ethereum continues to dominate the market for building dApps and automated contracts, Ethereum Classic has found its niche as a secure and reliable platform for financial applications and other use cases that require a high level of security and scalability.
Summary
In conclusion, Ethereum Classic is a unique and innovative network that stands the test of time. Its commitment to decentralization, immutability, and censorship resistance make it a powerful tool for developers and users who value security and reliability.
Whether you’re a developer looking to build a dapp or a user looking for a secure platform for financial transactions, Ethereum Classic has something to offer.
How does the ETC security work?
Ethereum Classic is a decentralized platform that provides a high level of security through its consensus mechanism. The security of the network is maintained through a proof-of-work (PoW) algorithm, which is used to validate transactions and add new blocks to the blockchain.
To perform a transaction on the Ethereum Classic network, a user must first create a digital signature using their private key. This signature is then broadcast to the network and validated by nodes using the PoW algorithm. Once the transaction is validated, it is added to the chain and becomes a permanent part of the network’s history.
One of the key benefits of Ethereum Classic’s security model is that it is resistant to attacks such as double-spending and 51% attacks. This is because the PoW algorithm requires a significant amount of computational power to perform these types of attacks, making them prohibitively expensive for most attackers.
Furthermore, the Ethereum Classic network incorporates a built-in incentive system that motivates nodes to operate with integrity and adhere to the network’s rules. Nodes that validate transactions and add new blocks to the chain are rewarded with newly minted ETC, while nodes that attempt to cheat the system are penalized by having their rewards reduced or eliminated.
Takeaway
Overall, the security of the Ethereum Classic network is maintained through a combination of cryptographic techniques, consensus mechanisms, and economic incentives.
This ensures that the network remains secure and reliable even in the face of potential attacks or malicious actors. Ethereum Classic (ETC) is an authorityless crypto that provides a secure and efficient way of peer-to-peer transactions.
Comparing to Bitcoin
Ethereum Classic (ETC) and Bitcoin (BTC) are two players in the vast world of cryptocurrencies, each with its unique dynamics and distinct features.
Bitcoin, the founding patriarch of all cryptocurrencies, stands tall in the market. Since its inception, it has maintained a strong hold on its position, thanks to its robust community and continuous trading volume. As the de facto gold standard in the crypto world, it’s revered for its finite supply, secure network, and potential as a hedge against inflation. At the time of writing, the Bitcoin price is relatively high, transacting for thousands of USD per BTC.
On the other hand, Ethereum Classic is a more underappreciated hero in this landscape. Emerging from a hard fork of Ethereum in 2016, it has preserved the original Ethereum chain and its principles. The Ethereum Classic community is passionate about preserving its unaltered history, steadfast resistance to change, and unwavering dedication to the original vision.
This faith has maintained the Ethereum Classic price in the market, despite the adversities. While its USD value may not yet rival that of Bitcoin, its importance in the cryptocurrency space cannot be undermined.
However, the relationship between Ethereum Classic and Bitcoin is not strictly competitive. Rather, they coexist, offering alternatives to different sets of users. Ethereum Classic’s features attract a certain audience, while Bitcoin’s strong reputation and high value make it a preferred choice for many traders.
Bitcoin Cash
Of course, we cannot discuss this crypto universe without mentioning Bitcoin Cash. Introduced as an offshoot of Bitcoin in 2017, Bitcoin Cash aimed to resolve some of Bitcoin’s scalability issues. Yet, it serves as a reminder that while the crypto race is wide and varied, the strength of the community and commitment to core principles, as seen in both BTC and Ethereum Classic, play vital roles in their lasting impact.
In summary, while the Bitcoin and Ethereum Classic prices may differ, as well as their trading volumes, the essence of these cryptocurrencies lies in the unique value they bring to the table, each championed by their respective communities.
How to Mine Ethereum Classic
1. Find a top mining software
To mine ETC, you need good mining software. Some of the best mining software for ETC include Claymore, Phoenix Miner, and Ethminer. You have the freedom to select the option that best aligns with your specific requirements and preferences.
2. Set up your hardware
To mine ETC, you need powerful hardware such as high-end graphics cards like the RTX 3090 and Radeon VII. You also need a motherboard, RAM, a power supply unit, and a cooling system. Ensure that your hardware is compatible with the mining software you select.
3. Connect to a mining pool
Mining as part of a pool is recommended for better profitability. You can find a mining pool that suits your needs online and connect to it using the mining software.
4. Select a profitable region
The cost of electricity can vary depending on the region you’re in. Select a region with lower energy costs to maximize your profits.
How to buy Ethereum Classic
1. Find a top exchange
The easiest way to become a stakeholder in Ethereum Classic is from a cryptocurrency exchange. You can look for a top exchange by doing some research online. Binance, Coinbase, and Kraken are some of the most popular exchanges for buying ETC.
2. Set up an account
Once you’ve found a top exchange, create an account by providing your details and verifying your identity.
3. Add a payment method
To buy ETC, you need to add a payment method such as a credit card, bank transfer, or PayPal. Make sure the payment method you choose is verified and secure.
4. Buy Ethereum Classic
Once you’ve set up your account and added a payment method, you can buy ETC by placing an order on the exchange. Make sure to double-check the details of your order before confirming the transaction.
Can Ethereum Classic reach $1000?
No, technically Ethereum Classic can hit $1000, but it is very unlikely to happen. While ETC has an authorityless and immutable blockchain, it still faces challenges such as scalability and high transaction fees. Some expect the price of ETC to reach about $24 in 2023, $115 in 2027, and $353 in 2030.
To reach $1000, the ETC price will have to rise by 47 times, and its market cap will have to reach $137 billion. However, this seems unlikely, and even if it does happen, it would require a substantial investment and a lot of time. It’s important to note that these are just predictions, and there is no guarantee that ETC will reach those levels.
What sets Ethereum and Ethereum Classic apart from each other?
Comparing to Ethereum
Compared to ETH, ETC is more committed to the principles of decentralization and immutability. While ETH has undergone several hard forks in the past to address security vulnerabilities and scalability issues, ETC has remained true to the original Ethereum blockchain.
This has led some to view ETC as a more pure form of Ethereum, while others see it as a less innovative and less scalable alternative.
How to use it
Like Ethereum (ETH), ETC is built on the principles of decentralization and immutability, but with a focus on preserving the original values of the Ethereum protocol.
To use ETC, you first need to acquire some tokens. This can be done by either mining or buying ETC on a cryptocurrency exchange. Mining involves solving complex mathematical equations to validate transactions on the ETC network, while buying involves exchanging other cryptocurrencies or fiat currency for ETC.
Once you have ETC, you can use it to pay for goods and services or to participate in authorityless applications and automated agreements on the ETC protocol. Unlike traditional centralized applications, dApps built on the ETC protocol are not controlled by a single entity, but by the protocol of users who participate in them.
Summary
In summary, ETC is an authorityless platform that enables the creation of smart contracts and dApps. To use ETC, you need to acquire tokens by either mining or buying them on a cryptocurrency exchange. Compared to ETH, ETC is more committed to the original principles of the Ethereum protocol but may be less innovative and scalable.
Latest news Cardano Ceo starts twitter controversy
ETC is now a scam and it's only purpose is for insiders to dump on those they recruit with blind hope of some magical future that will never come. There is no roadmap, innovation, team, or vision. It's just anger and toxicity. The Twitter account was built up from years of effort…
— Charles Hoskinson (@IOHK_Charles) May 19, 2023
Charles Hoskinson has critiqued Ethereum Classic (ETC), stating that the protocl, developed through Input Output Global’s hard work and technological innovation, has been unjustly tarnished by scam activities.
He further argues that Ergo, a project he is presently engaged with, is the rightful representation of what ETC was intended to be. Ergo aims to rectify current blockchain limitations such as scalability, interoperability, and security.
Disclaimer
Please note that this article is just for informational purposes and is just a presentation not an inducement to make any financial decisions. Always do your own research and check out our Disclaimer below. Also they market cap is a prediction from a third party and should not be taken for granted. Do you own research and create your own market cap prediction.
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