What is Ethereum Classic (ETC) and Why is it Unique?

Ethereum Classic (ETC) Cryptocurrency is a hard fork of Ethereum (ETH) launched in 2016. The primary function of the Ethereum Classic (ETC) Cryptocurrency is working as an innovative contract network with the ability to host as well as support the different decentralized apps or dApps. The native token of Ethereum Classic (ETC) Cryptocurrency is ETC.

Since the launch of Ethereum Classic, it has merely sought to differentiate itself from the popular cryptocurrency Ethereum with the two technical roadmaps of the networks diverging further from one another with time. Furthermore, this crypto has first set out to preserve the integrity of the existing blockchain of Ethereum after the happening of a major hacking event that led to the theft of 3.6 million ETH.

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Who Are The Founders Of The Ethereum Classic (ETC) Cryptocurrency?

The Ethereum Classic (ETC) Cryptocurrency is, in fact, the legacy chain of the famous cryptocurrency Ethereum and the actual creators of this crypto are the original developers of Ethereum. They are Vitalik Buterin and Gavin Wood.

Furthermore, a contentious hard fork on Ethereum occurred in July 2016 when the participants disagreed over whether to revert the blockchain in order to cancel out the effects of a major hack. This impacted the decentralized autonomous organization or DAO, which raised about $150 million in an ICO (Initial Coin Offering) several months ago.

Ethereum Classic Cryptocurrency came into being as the network that did not revert the chain, and the developers also stated that there is, as such, no official team attached to the project. In simple words, the global development community is a permission democracy where anyone can participate.

What Makes Ethereum Classic (ETC) Cryptocurrency Unique?

The main aim of the Ethereum Classic (ETC) Cryptocurrency is to preserve the Ethereum blockchain as it was initially, without any artificially countering of the DAO hack. The appeal was first to those participants who disagreed with the response of Ethereum. Still, the legacy network has since gained a broader fan base that majorly includes investors such as Barry Silbert, the Chief Executive Officer of investment firm Grayscale.

As a voluntary organization, different Ethereum Classic (ETC) Cryptocurrency developers do not focus on turning the network into a for-profit entity. Still, the users do pay the transaction fee as with Ethereum. The miners collect them based on work done as per the POW (proof of work) mining algorithm.

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Additionally, unlike Ethereum, the Ethereum Classic (ETC) Cryptocurrency has no plans to convert the POS (Proof of Stake) mining algorithm. At the same time, multiple developers continue to work on various future improvements, such as scaling solutions.

How Many Ethereum Classic (ETC) Cryptocurrency Coins Are There In Circulation?

The Ethereum Classic (ETC) Cryptocurrency is in a very similar technical state to the Ethereum, except for how the DAO hack transactions were handled. Since its launch, changes in tokenomics have taken place, with various participants voting to cap the supply of this token in December 2017. Therefore, the entire collection is 210,700,000 ETC, roughly ten times more than Bitcoin (BTC), while ethereum has no cap.

How Is The Ethereum Classic (ETC) Network Secured?

This network is safely secured with the help of POW (Proof of Work), but as a minority chain, it has suffered regular attacks in itself. It further includes around 51% attacks in order to gain control of the mining hash rate and execute spurious transactions.

Ethereum Classic (ETC) Cryptocurrency Live Data

The live Ethereum Classic (ETC) Cryptocurrency price is USD 33.96 with a twenty-four-hour trading volume of USD 360,372,191. We update our ETC to the price of USD in real-time. Furthermore, the Ethereum Classic (ETC) Cryptocurrency is down 3.12% in the last 24 hours, and the currency ranking is at 33 with a live market cap of around USD 4,546,234,299.

Primary Image referred from coincentral.com

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