Ethereum Classic (ETC) is the original Ethereum blockchain from which a hard fork resulted in the evolution of the present-day Ethereum (ETH) network and cryptocurrency following the DAO hack. Now existing as two separate blockchains, Ethereum Classic remains true to its brand while remaining the “original Ethereum” with smart contract functionality even as Ethereum evolves further.
The Ethereum Classic blockchain is the world’s first and longest-running decentralized network with smart contract functionality. The network maintains the principle of ‘Code is Law,’ letting dApps operate just as they were programmed, in a censorship-free, zero downtime, decentralized and transparent ecosystem.
The ETC coin is the native cryptocurrency of the Ethereum Classic, which combines the most vital features of Bitcoin (BTC) philosophy and Ethereum (ETH) technology. Also known as Ether, ETC is mined to generate rewards for nodes within the network that validate transactions in the blockchain.
Ethereum Classic is a public, open-source, decentralized blockchain-based computing platform that can execute smart contracts. It enjoys EVM compatibility and utilizes a proof of work consensus mechanism to secure its network.
You can learn more about Ethereum Classic(ETC) at our KuCoin Blog.
Ethereum Classic shares the underlying technology with the Ethereum blockchain. It employs proof of work consensus, supports smart contracts, has dApps deployed on its network, and allows users to conduct decentralized, encrypted transactions quickly and cheaply.
The Turing-complete programming language allows applications to run without third-party interference or the threat of censorship. The Ethereum Classic's market is also EVM-compatible, which means that dApps designed for Ethereum can also be deployed on this network.
Sticking to the core philosophy of the legacy Ethereum blockchain, the Ethereum Classic blockchain enjoys significant support from the Ethereum Foundation and several known players in the industry and mainstream businesses. Some teams developing the Ethereum Classic ecosystem include Ethereum Classic Consortium, ETC Cooperative, ETC Core, ETC Labs, and Gödel Labs.
The Enterprise Ethereum Alliance (EEA), which consists of JP Morgan, Credit Suisse, ING, Mastercard, Accenture, AMD, and more, also offers support. However, most of the interest from the EEA has shifted to Ethereum after the hard fork, leaving a relatively lower interest in developing Ethereum Classic.
The Ethereum Classic crypto ETC can be used in several ways, including:
ETC is the native cryptocurrency of the Ethereum Classic ecosystem. It is used to pay fees for transactions and interactions with dApps running on the blockchain and for executing smart contracts.
Consumers and businesses can conduct transactions and make payments using ETC coins. The cryptocurrency allows for a decentralized, highly secure digital transfer of payments with very low transaction fees.
The Ethereum Classic coin is among the largest crypto assets by market cap and enjoys high trading volume and liquidity on exchanges worldwide. You can buy or sell ETC, trade it against other cryptocurrencies, or choose to hold it if you believe in the long-term potential of the Ethereum Classic platform. Check the latest Ethereum Classic price, ETC market cap, and 24-hour trading volume, and perform fundamental, technical, and sentiment analysis on the Ethereum Classic price chart before entering a new trade.
You can invest in ETC and grow your holdings by lending liquidity to exchanges such as KuCoin. Head to the KuCoin Crypto Lending section to lend liquidity in Ethereum Classic over seven days, 14 days, or 28 days to generate attractive returns.
You can also participate in mining Ethereum Classic and generating ETC rewards by helping validate transactions on the blockchain. You can receive a portion of the reward in ETC coins for your efforts and grow your portfolio.
Ethereum Classic (ETC) is one of the oldest and largest cryptocurrencies by market cap and enjoys considerable attention from investors. Based on its past performance, it is an exciting crypto asset to trade if you wish to diversify your portfolio.
The Ethereum Classic price statistics could enjoy support whenever the crypto market enjoys a strong bullish sentiment. Such an upbeat mood not only sends the price of market leaders higher but increases investor confidence in buying altcoins such as ETC.
The ETC price action could trend higher as the Ethereum Classic ecosystem grows in the future and more dApp developers build and deploy their applications on it. This could increase the on-chain activity of the blockchain, drive the Ethereum Classic price higher, and make ETC more valuable to invest in and hold.
Although Ethereum Classic is the original Ethereum blockchain from which the DAO hack caused the hard fork, several differences exist between the blockchains. Let’s look at some of the key differences:
ETH, the native digital asset of Ethereum, is the second-largest cryptocurrency by market cap among digital assets. The ETH price is also far higher than the Ethereum Classic price, while ETC enjoys a market cap that ranks it as the 28th largest crypto in the market as of June 2022.
Ethereum Classic has a fixed maximum supply of 210.7 million coins and a circulating supply of over 135 million as of June 2022. On the other hand, Ethereum’s ETH has a total supply of over 121 million at the time of writing.
While Ethereum Classic and Ethereum presently use a proof of work consensus mechanism for securing their networks, Ethereum has plans to migrate to a proof of stake model with ETH 2.0.
The Ethereum Classic network has suffered multiple majority attacks or 51% attacks since its launch, which resulted in the creation of the Ethereum network from a hard fork in the first place. Meanwhile, Ethereum’s blockchain is considered one of the most secure ones in the market, having experienced no attacks to date.
Although Ethereum Classic supports smart contracts and supports dApps, the number of decentralized applications operating on its ecosystem is far lower than those on Ethereum. Notwithstanding the difference in numbers, the Ethereum Classic blockchain has several advantages that could support its future growth and keep it relevant, despite facing stiff competition from Ethereum and other new entrants in the market.
As the continuation of the original Ethereum blockchain, Ethereum Classic remains committed to maintaining its original motto of providing a censorship-resistant platform for dApps. As long as the community supports the open-source blockchain, it could grow. However, it is unlikely that the Ethereum Classic ecosystem could ever compete with Ethereum, which remains the largest ecosystem hosting dApps.
As a cryptocurrency, ETC offers greater usability as it enjoys lower transaction fees than Ethereum’s ETH. In addition, the Ethereum Classic blockchain has not yet faced any network congestion issues and maintains its plans to continue using proof of work consensus to secure its network.
Mining can be a lucrative way to generate ETC while contributing your efforts towards validating transactions and creating new blocks on Ethereum Classic. Here’s how to get started with mining ETC:
⧫ Invest in mining equipment. Ethereum Classic mining requires GPU mining rigs. Research online to find the best-suited ETC mining rigs that work for you.
⧫ Set up an account with a wallet that supports Ethereum Classic (ETC) crypto.
⧫ Find an ideal mining software and install it on your mining rig.
⧫ Configure the mining software and link your ETC wallet address to it. This will ensure that the ETC rewards you earn are stored securely.
⧫ Start mining by submitting your hashrate and receive Ethereum Classic crypto in your wallet.