More to Know About Ethereum Classic (ETC)

Ethereum Classic (ETC)

Maybe you’re wondering what Ethereum Classic is and why it exists or what the key differences are between Ethereum Classic and Ethereum. Here’s a quick introduction to Ethereum Classic (ETC), its history, and how it differs from Ethereum.

There is so much Ethereum Classic news out there but what is Ethereum Classic and why should you care? But in this article, we will learn more about Ethereum Classic and what makes it stand out.

Ethereum Classic History

Ethereum Classic is the original Ethereum blockchain, as it existed before the DAO hard fork in 2016 which created Ethereum (ETH). The Ethereum Classic team believes that “code is law” and opposes the Ethereum Foundation’s decision to hard fork the Ethereum blockchain to refund investors who lost money in the DAO hack.

What you need to know:

  • Year founded: 2015
  • Leadership: Ethereum Classic Labs, Ethereum Classic Cooperative, ETC Dev
  • Key people: Charles Hoskinson, IOHK; ETHGlobal; Anthony Diiorio, Jaxx & Decentral; Ethereum Classic Ventures
  • Headquarters: London, United Kingdom

This is basically the Ethereum Classic History.

Ethereum Classic (ETC) vs Ethereum (ETH)

Today, Ethereum Classic is its own separate blockchain with its own currency (ETC). Ethereum (ETH) is the currency of the Ethereum network that resulted from the DAO hard fork.

There are a few key Ethereum Classic vs Ethereum differences:

  1. Ethereum Classic rejected the hard fork that created Ethereum (ETH), keeping the original blockchain and protocol intact.
  2. Ethereum Classic is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
  3. Ethereum (ETH) is also a decentralized platform that runs smart contracts, but it has different economic rules than Ethereum Classic.
  4. Ethereum Classic is committed to immutability and censorship resistance, meaning that once a transaction is verified and added to the blockchain, it cannot be reversed. Ethereum (ETH) has no such commitment and has been known to change or reverse transactions when necessary.
  5. The Ethereum Classic community is smaller than Ethereum’s, but it is growing steadily. Ethereum Classic is supported by a number of well-known organizations and individuals in the cryptocurrency space. Ethereum (ETH) is supported by a much larger community, including some of the biggest names in the crypto world.

Ethereum Classic and Ethereum are both excellent platforms with their own strengths and weaknesses. Ethereum Classic is the original Ethereum blockchain, and it is dedicated to immutability and censorship-resistance. Ethereum (ETH) is a newer platform that has different economic rules, and it is supported by a much larger community.

Ethereum Classic Community

In November 2020, Ethereum Classic (ETC) continued to see strong growth and adoption with several noteworthy announcements and integrations.

Ethereum Classic Labs announced a partnership with Chainlink to bring secure smart contracts to Ethereum Classic. This will allow Ethereum Classic to offer the same features and security as Ethereum (ETH), while still maintaining its own unique blockchain.

In addition, Ethereum Classic (ETC) was added to the Coinbase Pro trading platform, giving it more exposure to potential investors and helping to increase its liquidity.

Ethereum Classic (ETC) is also gaining traction as a development platform, with the launch of the ETC-focused IDE, Remix IDE. This will make it easier for developers to build Ethereum Classic-based applications and will help to increase the overall adoption of Ethereum Classic (ETC).

The Ethereum Classic (ETC) community is one of the most active and supportive in the cryptocurrency space. The Ethereum Classic subreddit has over 30,000 subscribers and is a great place to stay up-to-date on all things Ethereum Classic (ETC).

Ethereum Classic Use Cases

Ethereum Classic can be used to create dapps, tokens, and smart contracts.

Some Ethereum Classic use cases include:

  1. Decentralized exchanges
  2. Identity management
  3. Supply chain management
  4. Tokenization of real-world assets
  5. Gaming platforms

This is how Ethereum Classic is being used today to create a more decentralized future. But you cannot use this if you do not have Ethereum Classic.

How Does Ethereum Classic Work

Ethereum classic works through a system of smart contracts that are executed on the Ethereum Virtual Machine (EVM). The EVM is a decentralized platform that runs on Ethereum classic’s blockchain. It enables developers to create and deploy decentralized applications.

Smart contracts are self-executing contracts that are written in code. They are stored on the Ethereum blockchain and can be used to send and receive payments. Ethereum classic’s smart contracts are Turing-complete, which means they can be used to create complex applications.

There are third party sources that Ethereum classic can use to interact with smart contracts. These sources include Oraclize, Ethereum Alarm Clock, and Ethereum Bridge.

Ethereum Alarm Clock

A Service that enables Ethereum classic users to schedule transactions. Oraclize is a data oracle service that provides access to off-chain data. This alarm clock is not what you use to wake up in the morning.

It functions like a decentralized cron job. One example is making a payment to someone in the future or scheduling a transaction to occur at a certain time. With Ethereum Alarm Clock you don’t have to worry about the other person not receiving the payment or the transaction not occurring when it’s supposed to.

Ethereum Bridge

A tool that allows Ethereum Classic to interact with Ethereum’s smart contracts. It is mostly used for Ethereum Classic’s development and testing. Ethereum Bridge is also used to port Ethereum’s smart contracts to Ethereum Classic.

Ethereum classic has a monetary policy that caps the total supply of ETC at 210 million. There is no premine or ICO for Ethereum Classic. The block reward starts at 5 ETC and decreases over time. One example of Ethereum classic’s use case is Decentralized Autonomous Organizations (DAO).

Ethereum Classic Price

ETC’s current price is 16.70 USD and you can monitor it through price live data on Ethereum Classic’s website. Ethereum Classic is currently ranked at 17 on CoinMarketCap with a market cap of 0.1643USD.

Ethereum Classic has a circulating supply of 135.49M ETC price and a maximum supply is still unknown. Ethereum Classic is traded on many cryptocurrency exchanges such as Binance, Huobi Global, OKEx,, and more. You can store your ETC in a wide variety of wallets such as Atomic Wallet, Trust Wallet, Ledger Nano S, Trezor Model T, and more.

Ethereum Classic Mining

Ethereum Classic mining is the process of verifying and adding transactions to the Ethereum Classic blockchain. Ethereum Classic miners are rewarded with ETC for their work. Ethereum Classic uses the proof-of-work (PoW) consensus algorithm.

Ethereum Classic’s mining difficulty adjusts every block to ensure a consistent block time of approximately 15 seconds. Ethereum classic miners can choose to mine solo or in a pool. Ethereum Classic’s mining pools include, F2Pool, MiningPoolHub, Nanopool, and more.

Transaction fees on the Ethereum Classic network are paid to the miners. The fees are used to incentivize miners to include transactions in their blocks. Ethereum Classic’s transaction fees are lower than Ethereum’s.

Ethereum Classic’s Block Reward

The Ethereum Classic block reward is 5 ETC. The Ethereum classic block reward decreases over time. One of the benefits of Ethereum Classic’s block reward is that it reduces inflation. Ethereum Classic’s block reward is currently halving every 5,000,000 blocks.

The value of Ethereum Classic’s block reward depends on the price of Ethereum Classic. If the price of Ethereum Classic goes up, then the value of the block reward will also go up.

Ethereum Classic’s Mining Pools

Ethereum classic mining pools are groups of miners that work together to mine Ethereum Classic. The past performance of a mining pool is a good predictor of its future performance. Ethereum classic miners can choose to mine solo or in a pool.

The benefit of mining in a pool is that the miners share the rewards. Ethereum classic mining pools also have a lower minimum hashrate. The downside of mining in a pool is that the miners do not have full control over their hashrate.

Ethereum’s Future and Roadmap

Ethereum Classic has a strong team of developers and a passionate community. Ethereum Classic’s roadmap includes plans to improve scalability, security, and privacy. Ethereum Classic is also working on Ethereum 1.x compatibility.

One of their plans is to increase the Ethereum Classic block size to 2MB. This will improve Ethereum Classic’s scalability. Ethereum Classic is also working on implementing sharding. Sharding will further improve Ethereum Classic’s scalability.

Ethereum Classic USDC

Ethereum Classic USDC is a stablecoin that is pegged to the US dollar. This is one of their plans to improve Ethereum Classic’s scalability. Ethereum Classic USDC will be issued by CENTRE, a consortium of Circle and Goldman Sachs.

Ethereum Classic USDC will be backed by physical US dollars. Ethereum classic miners will be able to use Ethereum Classic USDC to pay for transaction fees.

Final Say

Ethereum classic is not a duplicate of Ethereum blockchain. Ethereum Classic is a separate Ethereum blockchain that has its own token, mining pools, and roadmap. Ethereum Classic miners will be able to use Ethereum Classic US

Always make sure to do your own research.