Supporters of two crypto projects with the same name Ethereum, but with a small addition, will not come to a consensus: what should really be considered the original Ethereum? At the very least, it can be said that the “classic” version is the initial stage that underlies the hard fork initiated by most developers.
Many users often think about where to look for current prices, crypto community news, etc. This can be done on specialized sites, thematic pages, such as https://cryptotracker.com/price/ethereum-classic, where fans of this coin can find out all the latest data.
This platform was launched in the summer of 2015 and quickly gathered a large community around itself, which included not only blockchain engineers and crypto-anarchists, but also the world’s largest investors were seriously interested in smart contract technology.
To effectively use the funds received, the DAO project was founded, which was an independent investment fund operating within the Ethereum platform. To guarantee a decentralized management model, the fund had its own tokens, which were distributed among investors. But alas, a vulnerability was discovered in the code of The DAO, and it was found not by one of the members of the Ethereum team, or some hacker, but by an attacker who stole 50 million dollars. Of course, after such an event, the price of DAO tokens and the ETH coin itself and the project were on the verge of bankruptcy.
However, the independence fighters decided to break away by issuing the ETC token, which retained the original source code of the Ethereum platform. The coin almost immediately after entering the market managed to register on the Poloniex exchange, which is distinguished by its strict rules regarding new projects. Bittrex and Kraken followed suit, miners were also interested in the new network, the token of which was easier to mine than the big Ethereum.
As a result, the Ethereum Classic project continues to exist to this day, although in the fall of 2020 the project was on the verge of bankruptcy. The attackers managed to carry out a successful 51% attack, about the likelihood of which white hat hackers warned developers more than once. For some time, the Ethereum Classic network was in a state of complete collapse, but still managed to survive. Let’s look at the future prospects of the Ethereum Classic cryptocurrency.
Difference from Ethereum
We list the main differences between networks:
- in the Ethereum project, decisions on the further direction of the development of the platform are made by the Ethereum Foundation; in Ethereum Classic, something can be changed only after reaching agreement between all development teams. The Ethereum community allows further changes to the code and smart contracts if a majority (51%) of users vote for it. The classic community considers blockchain reshaping to be totally unacceptable;
- emission in the big Ether system is unlimited. ETC has 230,000,000 tokens.
When comparing Ethereum vs Ethereum Classic, the latter looks more orthodox, which attracts many crypto enthusiasts. But, it was the open door policy that attracted DApps developers to the ecosystem. Most stable crypto coins (USDT, USDC) are also based on the Ethereum blockchain. The classic team is also trying to work in this direction, but there is no real progress in the current period. The project has not yet fully recovered from last year’s upheavals, and there can be no talk of any real competition with the “big brother” yet.
Features of mining ETC
Previously, the digital currency Ethereum Classic was mined using the same algorithm as the big Ethereum. At the moment, she switched to a modified version of the Ethash algorithm and now miners, when switching from ETH to ETC, must not only change the pool address and wallet, but also prescribe additional parameters in the PhoneixMiner batch file. In the future, ETC developers plan to switch to the Keccak mining algorithm. This is not yet the final decision, however, the test network on this protocol seems to have already been launched. And in principle, there are serious grounds for such a step.
Benefits of Ethereum Classic:
- absolute decentralization of the network;
- open source;
- fixed amount of coins;
- support of authoritative members of the crypto community.
However, you need to understand that investing in cryptocurrencies is a rather risky business. However, this risk is still justified. We know many examples of how, in a short time, some assets grew by hundreds and even thousands of percent in a short period of time. Therefore, we can safely say that in this case, the risk can pay off and bring good income.
