In the summer of 2016, an important Ethereum event took place. Marks the formation of two new split chains. Two blockchains were born, Ethereum Classic (ETC) and Ethereum (ETH).
In this article, you will join me to learn about what Ethereum Classic and ETC coin are.
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, we will go way back to July 2016.
Prior to July 2016, Ethereum (ETH) and Ethereum Classic (ETC) were a single blockchain called Ethereum. But because of a bug in the fundraising smart contract of the DAO executing on Ethereum (this is the smart contract writer’s fault, not the blockchain’s fault), the hacker took advantage of the vulnerability, to withdraw 3.6 million Ether, equivalent to $50 million at the 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 save 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 hardfork copy.
Those who love, support the philosophy of Bitcoin, respect the immutable history of the blockchain and oppose this hard fork have decided to refuse to update, stay with the old chain (Ethereum Classic) to settle the stolen Ether. 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 towards Proof of Stake.
Ethereum Classic is the Ethereum root chain that retains the same system as Bitcoin for a secure, decentralized, autonomous blockchain and continues to be the fulcrum for a Proof of Work based economy.
To properly understand the essence of Ethereum and the birth of Ethereum and Ethereum Classic, learn more: What is Ethereum?
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 Token
Key Metrics ETC
- Ticker: ETC.
- Blockchain: Ethereum Classic.
- Consensus: Proof of Work.
- Token type: Coin, Mineable.
- Block time: 13.1 giây.
- 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. At the moment, there are 82 million ETC coins and 82 million ETH coin tokens on the market at the same time.
If the user’s 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 a conspiracy that the ETH Foundation and Vitalik Buterin, the co-founder of Ethereum, sold off a large amount of ETC in an attempt 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 performing a transaction or executing on a smart contract is as follows:
Transaction Fee = Gas Price * Gas Limit + Miners’ Fees
- Block Reward: Rewards miners who 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.
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.
Currently, there are two popular ways of ETC mining: solo mining and mining through reputable mining pools (pool mining).
- 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.
- Join the 5 largest mining pools 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 (ETC) Wallet
There are many options for storing ETC, you can refer to all ETC wallets here:
- Web wallets: MyCrypto, MyEtherWallet, Portis, Squarelink.
- Extensions/dApps: Metamask, Opera, Nifty Wallet, Saturn Wallet, Brave.
- Soft wallets: Coin98 Wallet, Exodus, AToken, Coinbase Wallet, Trust Wallet,…
- Hardware wallets: 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 Coin98 Wallet according to the detailed instructions below:
Step 1: At the main interface, select Receive.
Step 2: Enter Ethereum Classic in the search box.
Step 3: Copy the wallet address and send ETC coin to this address.
How to buy Ethereum Classic (ETC)
Currently, ETC coin is being traded on many different large and small exchanges, you can buy ETC on Binance, Huobi, BitMax, VCC Exchange, etc.
See a more detailed list of ETC-supporting exchanges here.
The Future of Ethereum Classic (ETC)
Similar to Bitcoin, Ethereum Classic has a fixed and deflationary supply. This will help ETC increase in value in the future.
Currently, 64% of ETC is mined, the opportunity for profit is still large. 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.
Is Ethereum Classic (ETC) a good investment?
I believe that you have also grasped the basic and necessary information about Ethereum Classic (ETC) after reading this paragraph.
I will note down some key ideas for you to easily make an investment decision.
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 a detailed roadmap as well as what Ethereum Classic has done in the past, you can see here.
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:
- DApp and Protocol: ETCPunks, Arena Racing, Aqua Bank, OriginalMy, Stampery, Token Bridge, Gitcoin, Celcius Network, Portal.Network,…
- Exchanges: Binance, BitMax, Bitfinex, Huobi, Upbit,….
- Storage wallets: Metamask, MyEtherWallet, Trezor, Ledger,…
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 Coin98!
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