What is Ethereum Classic (ETC)?May 17, 2018 at 21:00
Ethereum Classic (ETC) is a blockchain solution which allows the implementation of decentralized applications and smart contracts which has been proven useful in the fields of banking, file storage, insurance, identity and reputation services, among others.
ETC was created in 2016 after a $50 million hacking occurred in its decentralized autonomous organization, a venture capital fund where investors vote on how to allocate capital for projects in the blockchain network.
Due to the said incident, developers of the Ethereum network had to perform a hard fork and reset the blockchain back to block 1920000 in order to return the stolen funds to people which also paved the way for the creation of a new cryptocurrency which is now the Ethereum (ETH).
However, users of the network were divided on the said move. Those who were against it stayed on the old network and distinguished it as Ethereum Classic, arguing that there should be no outside influence on what was supposed to be an unchangeable blockchain.
It can be noted that all balances, wallets, and transactions that happened on Ethereum until the hard-fork are still valid on ETC. Likewise, one of its unique features compared to ETH is its firm belief that its network must never be censored and be changed regardless of any incident that may occur in the future.
ETC uses the same technological machine as the original Ethereum platform that allows the absence of an intermediate in any transactions and also claims that it has a stricter security compared to ETH.
At present, developers of Ethereum Classic are busy on creating the Emerald Desktop Wallet that will eventually serve as an ETC trustless wallet, aside from other side chains for the network’s scalability.
Where to buy?
Currently, ETC can be traded with BTC and ETH on Bittrex and Poloniex. It can also be purchased directly with USD on Bitfinex.
Is it mineable?
At present, ETC has a current supply of 101,691,804 tokens, estimated to reach its cap of 230,000,000 by 2050.
It can be noted that the Ethereum network has a built-in difficulty bomb that makes mining with proof of work harder over time to force all miners to switch to proof of stake in the future. However, ETC will pause the said difficulty bomb as it plans to remain using proof of work.