Altcoin Ethereum Classic. How does the coin feel after the hard fork of the Ethereum mainnet.

2019-12-28 00:00:00:

About Ethereum Classic

Currently, the digital money industry, although it is extremely popular and in demand in the modern world, is still only at the dawn of its existence. Despite the huge variety of different projects and cryptocurrencies, in fact, there are only a few large currencies on the crypto market, which are completely refined and almost perfect. It is in the hands of such giants as Bitcoin and Ethereum that the maximum amount of financial resources is concentrated, which means there are almost limitless opportunities and huge potential for further development.

The invention of digital money itself was an experiment that did not immediately justify itself. The trend towards experiments in the field of cryptocurrency has remained, which is why, on the basis of various projects, new technologies and software are tested, problems and solutions are being sought. It is for this reason that top cryptocurrencies often face difficulties, because they are open source and decentralized. In situations where it is impossible to resolve the dispute about the future fate of the project in simple ways, you have to hard fork the blockchain.

This is exactly the situation that happened in 2016 with Ethereum. Then the DAO venture fund was formed, which in the process of crowdfunding raised $ 168 million. The main goal was to invest the collected funds in new projects that were supposed to work on the basis of smart contracts. However, as a result of a system error, the project was attacked by hackers who managed to steal about $ 60 million. In order to return investors to their assets, the development team decided to deviate from the then current version of the blockchain and hard fork into the Ethereum code. As a result, the system was rolled back to the previous version, and the stolen funds were returned to the owners accounts.

However, not all participants agreed with this decision, many continued to use the original version of the blockchain. This is how the Ethereum Classic project came about. The creators of Ethereum Classic have decided that their project should be based on strict rules:

openness and accessibility for everyone who agrees with the fundamental principles of Ethereum Classic;
using the project to work on decentralized applications based on smart contracts;
supremacy of source code;
any changes are permitted only in order to modernize and improve the network.
Based on the last point, hard forks were carried out in 2016, 2017 and 2018, the main goal of which was to modernize the functionality of the protocol. Thanks to such updates, the development team was able to partially solve the problem of network congestion, add some additional protection methods, increase the level of security, as well as significantly improve the PoW algorithm and form the foundation for the successful development of sidechains.

Currently, many crypto experts and traders believe that Ethereum Classic is a much more promising and more detailed network than its predecessor. The main arguments in favor of this are fixed emission, stability and increased security, versatility and the classic approach to digital currency.

Of course, not everything is so simple, because Ethereum Classic is based on a hacked blockchain, and there are much fewer project developers, which means that the team is not as mobile and active as the Ethereum developers. But it should be said that Ethereum Classic has much more loyal fans who are mostly more experienced in the field of cryptocurrencies, and full user support is a definite plus.

Ethereum Classic features

Ethereum Classic, immediately after its appearance, aroused genuine interest among users, because many believe that this is what a cryptocurrency system should be. Almost immediately after its release on the crypto market, this currency went on sale on the most popular exchanges, including Bitfinex, BTC-e and Kraken. Naturally, when studying Ethereum Classic (assigned ticker on the exchange - ETC), it will have to be compared with the first project - Ethereum (ticker ETH), because it all started with it.

The functioning mechanism of these projects is the same. It consists of launching decentralized applications based on its virtual platform. The areas of use of these digital currencies are also similar. Both ETC and ETH coins can be used to purchase various assets, as well as pay for smart contracts. The main differences between Ethereum Classic and Ethereum lie in the ideology, the approach to the very essence of cryptocurrencies. In order to fully understand the topic, it is necessary to consider the differences between these cryptocurrencies in more detail.

For example, if in Ethereum the blockchain can be changed, if the majority of users agree to this, then in the Ethereum Classic system it is impossible not only to change the blockchain, but also to edit all the data that has already been recorded in the registry.

The mechanism for making decisions within projects is also important. In Ethereum, all important decisions are made by the development company based on the wishes of the platform users. Ethereum Classic is a little less democratic, however, all decisions are made by the developers, coordinating them with the owners of ETC.

The development vector is also important, because the Ethereum platform attracts as many developers as possible. This is due to the fact that, according to the Ethereum management, more users who launch applications are more beneficial for the project. In turn, the Ethereum Classic team does not think so and is trying to form completely secure smart contracts even if this entails a decrease in the number of fans of the ETC cryptocurrency. According to the Ethereum Classic team, application launch security is a top priority.

If we talk about the technical parameters of the two systems, then it should be noted the more powerful throughput of Ethereum Classic (25 transfers per second, Ethereum has only 15), as well as the fact that mining ETC is a much simpler task.

How is Ethereum Classic created?

In order to mine ETC, you need a PC or laptop with a graphics card of sufficient power. This greatly simplifies coin mining, and also makes it much more accessible to ordinary users. The development team took care of ordinary participants and left a list of mining pools through which you can earn coins right on their official website.

The total emission of ETC will be 210 million coins. The development team set the inflation rate at 3 percent per annum, similar to the original Ethereum. However, this will continue only until 2025, after which the extra ETC will be removed from the system. This will help ensure greater stability for the system in the future, as well as protect the project from inflation.

In addition, you can get ETC coins in more standard ways - without using mining. You can simply buy Ethereum Classic or exchange them on one of the cryptocurrency exchanges. This cryptocurrency is traded in tandem with Bitcoin and Ethereum on exchanges such as Binance, Bittrex, OKEx, HitBTC and many others. Finding a suitable exchange is not difficult, because ETC is a popular currency. It is also worth noting that Ethereum Classic cryptocurrency can be purchased for fiat money on exchanges like Yobit or similar ones.

Is Ethereum Classic Infinite?

Unlike the original Ethereum platform, which has unlimited total coins, Ethereum Classic is limited. ETC is an inflationary coin that inflates through block rewards. As mentioned above, such a system will function until 2025, until the total number of coins reaches 210 million. Traditional Ethereum does not have a fixed number of coins, so it is an infinitely inflationary cryptocurrency.

According to the ETC development team, their policy provides the Classic project with greater reliability and stability, thereby guaranteeing users the safety of their contributions. This is due to the fact that the value of coins will not fall due to the constant and endless increase in their number.

Strengths of Ethereum Classic

Ethereum Classic cryptocurrency is a very promising project. If we talk about its strengths, then first of all it is necessary to note the team of experienced developers who are convinced that it is impossible to make changes to the blockchain system and the cryptocurrency code. It is the intransigence in such fundamental issues that provides the project with confidence on the part of ordinary users.

According to the official information from the Ethereum Classic project website, the platform has many different applications that are decentralized. In addition to many similar projects that are already successfully functioning, the development team also announced many other applications that are already being worked on, and they will be released soon. Particularly large and successful projects include Coingame and DappDirect, OriginalMy and Emerald Platform, and many others. In the near future, a dozen more different projects have been announced, which are now in the final stages of development or have already passed into the category of tested prototypes.

Also, the undoubted advantage of the ETS cryptocurrency is that these tokens can be used as means of payment. They can be used to pay for many different goods and services. This digital currency cooperates with platforms such as PayBear, CoinGate, CoinPayments.

It should also be said about other advantages of the Ethereum Classic project, which include:

ample opportunities for various investors;
support for the free development of the blockchain, as well as the tough stance of developers, which attracts many users;
a large fund of depositors and potential investors;
maximum processing speed of all financial transactions.
The Ethereum Classic project has every chance of becoming a digital currency as strong and popular as Ethereum. It is safe to say that ETC will definitely take its rightful place in the world of cryptocurrency over time. Taking into account the fact that Ethereum regularly subjects its project to various experiments, innovations and changes, it is the Ethereum Classic platform that is a fallback airfield for users who have remained faithful to the original version of its blockchain.

Ethereum Classic in TOP currencies

Ethereum Classic is currently in 24th place, according to the CoinMarketCap website. One token costs 3.82 USD. This is not to say that this is a good indicator, because the maximum price for the ETC cryptocurrency was at $ 40. However, over the past year, this token has remained more or less stable, and there have been no sharp and inexplicable jumps in its market value. Now it costs slightly less than usual, but this can be explained by seasonal price reductions.

The market capitalization of Ethereum Classic today is 442,883,050 USD. It must be said that this indicator is very good. The daily trading volume exceeds $ 560 million.

Currently, ETC tokens are not quite suitable for making quick money. However, they are definitely worth keeping in your crypto portfolio, because ETCs are promising and interesting for investors. In the near future, one should not expect sharp jumps in the rate, but the supporters of this cryptocurrency are confident that the demand for this cryptocurrency will still grow.