The price Ethereum Classic today is 38.58 USD, and the trading volume in 24 hours - 1,575,350,786 USD. The crypto asset has grown by 5.86% over the day. Currently, the coin’s market capitalization is 5,258,000,256 USD, and has 136,281,061 coins in circulation with the max supply of 92,411,714,946 coins ETC.
What is Ethereum Classic (ETC)?
Ethereum Classic (ETC) is a hard fork of Ethereum (ETH), launched in July 2016. Its main function is a network of smart contracts with the ability to host and support decentralized applications (dApps). Its own token is ETC.
Since its launch, Ethereum Classic has sought to distinguish itself from Ethereum, the technical roadmap of the two networks has diverged more and more over time.
The project first intended to preserve the integrity of the existing Ethereum block chain after a major hacker attack resulted in the theft of 3.6 million ETH.
Who are the founders of Ethereum Classic?
Ethereum Classic is actually an inherited Ethereum chain, and therefore its real creators are the original Ethereum developers-Vitalik Buterin and Gavin Wood.
A controversial hard fork occurred in July 2016, when participants disagreed over whether to return the blockchain to neutralize the consequences of a serious hack. This affected the DAO, a decentralized autonomous organization (DAO) that raised about $ 150 million in an initial coin offering (ICO).
Ethereum Classic originated as a network that did not change the chain. The developers claim that there is no "official" team attached to the project, and that everyone can participate in its global developer community.
What makes Ethereum Classic unique?
Ethereum Classic, with its fixed monetary policy, believes that it can serve as a means of saving (like Bitcoin). This may be of interest to investors, who can expect that over time, ETC tokens will become more scarce.
The network itself, like Ethereum, can be used to develop and run decentralized applications. A small number of decentralized applications are currently available but this number is growing.
Given that Ethereum Classic is so compatible with Ethereum, there are also prominent experts in the community who suggest a kind of symbiotic collaboration between the two blockchains.
How many Ethereum Classic (ETC) coins are in circulation?
ETC started out in a technical state very similar to ETH, except for how DAO hacking transactions were handled.
However, since the launch, there have been changes in tokenomics: participants voted to limit the ETC offer in December 2017. Thus, the maximum offer is 210,700,000 ETC, which is about ten times more than Bitcoin (BTC), while ETH has no limit.
ETC uses a pow mining algorithm that functions as BTC miners are rewarded with new coins for checking the blockchain in competition with each other. The ETC block reward decreases over time, and the next decrease should occur in block 15000000, around April 2022-from 3.2 ETC to 2.56 ETC per block.
How is the Ethereum Classic network protected?
The Ethereum Classic network is protected with Proof-of-Work, but as a minority chain, it itself has been subject to regular attacks.
These include several 51% attacks to gain control of the mining hashrate and perform false transactions and double-spend coins, the last of which occurred in August 2020.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.