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In the summer of 2016, an important event of Ethereum took place. Mark the formation of two new chains through the split of the Ethereum chain.
The two generated block chains are Ethereum Classic (ETC) and Ethereum (ETH).
In this article, we will go with you to learn techniques of Ethereum Classic (ETC), from the reason of formation to its future prediction.
Ethereum Classic (code: ETC) is the foundation blockchain, allow people to build and use decentralized applications (dapps).
Wait! Do you find this definition very similar to the concept of any coin?
Exactly! That is Ethereum (ETH).
So why do these two coins have the same definition?
The simplest answer is that Ethereum has hard fork divided into two chains: Ethereum (ETH) and Ethereum Classic (ETC).
Ethereum Classic is the original chain of Ethereum.
So what was the reason for making Ethereum Classic? Let's go to the next section!
Maybe you are interested in: What is Ethereum (ETH)?
To find out the answer to this question, we go back to the time from July 07.
Before July 07, Ethereum (ETH) and Ethereum Classic (ETC) were a single blockchain called Ethereum.
But because of an error in the fundraising smart contract of DAO (autonomous decentralized organization) made on Ethereum (this is the fault of the smart contract writer, not the fault of blockchain). Hackers took advantage of this vulnerability to draw 3.6 million Ether (equivalent to 50 million dollars at the time).
However, in DAO's smart contract, there is a regulation that the money in the wallet will be locked for 28 days. Therefore, hackers have to wait 28 days to have full rights to use this $ 50 million.
Wanting to rescue investors, the Ethereum Foundation hastily passed a carbon vote decision to launch a controversial bailout by manually changing codes on the blockchain to recover stolen Ether with a hard fork. .
Those who love, support the philosophy of Bitcoin, respect the immutable history of blockchain and oppose this hard fork event decided to refuse to update and stay with the old chain (Ethereum Classic) and use consensus. of the society to solve those stolen Ether.
As of July 20, 07, at block 2016, the two chains of Ethereum and Ethereum Classic were officially split and developed in parallel until today.
As a result, the hard fork resulted in the Ethereum network being split into two chains of Ethereum (ETH) and Ethereum Classic (ETC).
The Ethereum (ETH) blockchain pursues processing speed and plans to move forward Proof of Stake (PoS).
Ethereum Classic is the original Ethereum chain that remains the same system as Bitcoin in terms of a secure, decentralized, autonomous blockchain and continues to be the fulcrum for an economy based on Proof of Work (PoW).
The general purpose of ETC and ETH is to allow people to build and use decentralized applications (dapps). However, the direction of both are completely different.
ETC focuses more on security and usability. ETH, on the other hand, is more focused on performance and scalability.
In addition, there are some differences between ETC and ETH:
Maybe you are interested in: What is Proof of Work (PoW)? The importance of PoW
Before the hard fork, there were more than 82 million Ether in the market. Including 72 million Ether developed by pre-mine development team for ICO and more than 10 million Ether successfully mined from 2014 until the date of hard fork.
After the hard fork event on July 20, 07, Ethereum was split into two chains: Ethereum Classic (ETC) and Ethereum (ETH).
At this time, there are 82 million ETC tokens and 82 million ETH tokens at the same time.
If the user wallet before the fork has 100 Ethereum, then the hard fork in the user wallet also has 100 ETC and 100 ETH. Users can sell ETC or ETH in the market.
This is also an event related to the conspiracy that ETH Foundation and Vitalik have sold off a large amount of ETC to kill the project from "in the bud".
After the DAO Fork event, in March 03, the Ethereum Classic (ETC) community adopted a new monetary policy similar to Bitcoin. ETC has limited the number of coins in the market and set a schedule to reduce mining rewards.
Accordingly, Ethereum Classic limits the supply to VND 210,700,000 and uses the Proof of Work (PoW) mechanism.
You can refer to here: https://ethereumclassic.org/knowledge/what-is-etc
After nearly 5 years of exploitation, more than 55% of ETC has been on the market. The block reward will be reduced by 20% every 5 million blocks (about 2.4 years).
On March 17, 03, Ethereum Classic has reduced the mining bonus from 2020 ETC / block to 20ETC / block.
The following is a schedule for reducing your mining rewards:
Like ETH on Ethereum, ETC promotes processing of network transactions and smart contracts.
ETC is used to pay gas fees in the Ethereum Classic network.
The method of calculating a transaction or on a smart contract is as follows:
Gas Price * Gas Limit + Fees paid for miners
On average, about 21,000 gas per transaction. Fees may be higher or lower depending on the speed of the network.
ETC is used as a reward for miners to help maintain the security and safety of the Ethereum Classic network.
Currently, the reward for one block mined is 3.2 ETC.
The reward will be reduced by 20% for every 5 million blocks mined.
As you know, Ethereum Classic uses the Proof of Work (PoW) consensus mechanism. So you can earn ETC through mining.
Currently, there are two common ways of ETC mining: ETC alone (solo mining) and ETC mining through prestigious ETC mining pools (pool mining).
You follow the link below for specific instructions on how to dig Ethereum Classic: https://ethereumclassic.org/development/mining-resources/
Maybe you are interested in: What is mining? Guide to dig coins for newbies
There are many options for storing ETC, you can refer to below:
Extensions / dApp:
After 5 years of launching, currently ETC coin is ranked 21st on Coinmarketcap and traded on many big and small exchanges.
The average total trading volume in the past 30 days reached more than 1.65 billion dollars. That has to show creditial ETC's are awesome.
ETC is currently the most traded on CoinBene with over 30% of total trading volume.
Maybe you are interested in: What is liquidity? How to check the liquidity? Of any coin
Similar to Bitcoin, ETC has a fixed supply and deflation. This will make future ETC valuable.
Currently, only 55% of ETC is exploited, the opportunity for profit is still very large. This will help ETC attract a large number of miners, making ETC's network more secure.The opportunity for profit is still very large for miners compared to mining Bitcoin.
ETC Labs is the largest operating organization in the ETC ecosystem. ETC Labs is expanding its network by sponsoring various protocols and projects on the ETC network.
I believe that you have also grasped the basic and necessary information about Ethereum Classic (ETC) after reading this paragraph.
I will note some main ideas for you to easily make investment decisions.
After updating the block reward reduction in March, ETC has set out a specific main roadmap for the project's 3.
You can go to the link below to see the route details as well as what ETC has done over the past time: https://ethereumclassic.org/knowledge/roadmap
The goal of the project is to fulfill the promise of blockchain to improve user life using Ethereum Classic.
The project is promoting partnerships with large organizations to address the challenges of deploying this advanced technology.
Some of the major partners of Ethereum Classic include: aws, IBM, Bubspot, NorthBlock Capital, Gitcoin, Swarm, Unicef, ChainSafe ...
Development projects on Ethereum Classic receive support such as business strategy, networking, introduction of investors. Developers are provided with blockchain tools to build dApps.
Take a look at some of the dApps supported on Ethereum Classic:
ETC is a mining coin used for the following purposes: gas fees, rewards, payments.
Hopefully, my last post helped you to have an overview of the Ethereum Classic project as well as the ETC.
And what do you think of the coin after this article? Please share your opinion in the comment section or inside Coin98 Finance.
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