Ethereum Classic A Smarter Blockchain that Takes Digital Assets Further
Ethereum Classic (ETC) is a peer – to – peer, open – source blockchain – based distributed cryptocurrency computing exchang, decentralized platform that runs on smart contracts.
The ETC platform is consist of the following nodes:
- Geth – this node uses the Go programming language which provides a multi – purpose command line tool that operates a full ETC node. Geth allows users to mine Ether Classic, transfer funds between digital wallets, create Smart Contracts, and handle accounts. It contains more than 40% new code since the ETH Hard Fork which establishes active development.
- Parity – this node uses the Rust programming language which provides reliability, smooth performance, and code clarity. Because of that, Parity claims to be “The world’s fastest and lightest Ethereum client”.
- Multi – Geth – from the name itself, this node supports multiple blockchains. It is developed by the Ellaism Project as a fork of Go – Ethereum.
- Network Status – the name says it all, this node contains all the details of Ethereum Classic’s (ETC) network status via a separate website.
Fun fact: Did you know that Ethereum Classic (ETC) was created out of a decentralized autonomous organization (DAO) hack and a rational debate between the Ethereum core team and its community? Given that incident, Ethereum Classic is actually a split version of the Ethereum blockchain.
In addition to that, the name of this cryptocurrency did not come from any of the founding members; it was actually coined by the DAO community!
The Special Features of Ethereum Classic (ETC)
The Ethereum Classic (ETC) core team aims to be the “best cryptocurrency in the digital market”. With this intention, the cryptocurrency exchange platform comes with the following special features:
- ETC mode of payment in online business/es – get paid in ETC with the products and services that you are purely marketing online (this is best for online workers and freelancers).
- Transaction finality – any valid transaction on the platform is final and immutable.
- Smart contract – this contract serve as digital applications that operates through programmed instructions and follows the Ethereum Classic principle “Code is Law”. Essentially, smart contracts promote transparency, traceability, and guaranteed safe transactions.
- Turing complete VM (virtual machine) – Turing complete refers to a virtual machine that can operate any program regardless of the network’s language. This special feature gives users the capability to develop applications and write codes that can decipher any rational and computational problem via mining.
- Gas system – this special feature serves as the integral part of the platform’s transaction pricing mechanism; the Gas system rewards various users on the different kinds of mining activities executed.
Ethereum Classic (ETC) ICO Profile Information
The ICO acronym stands for “Initial Currency Offering” and/or “Initial Coin Offering”. Initial Coin Offering refers to an individual who offers potential investors some units of a new cryptocurrency platform or a new crypto – token in exchange of legal tender or other cryptocurrencies.
On the other hand, an Initial Coin Offering is the unregulated way of crowdfunding is used for the development of new cryptocurrency endeavors. An ICO is typically used as a source of capital by company startups to avoid the demanding procedures required by financial institutions such as banks.
With that being said, we have provided tables below indicating the detailed ICO profile information of the Ethereum Classic (ETC):
|ETC ICO OVERVIEW||PERCENTAGE|
|Complete Metrics Score||Total of 69%|
|Major Exchanges Trading Activity||81% Liquidity|
|Source Code Repository Activity||80% Developer|
|Social Media and Discussion Board||51% Community|
What is the Potential Price of a Classic Ether (ETC) Coin
Classic Ether (ETC) coin is the unit of a digital currency (native asset) that issued by the ethereumclassic.github.io platform. Surprisingly, every transaction made on the ETC platform contributes to the increase of its cryptocurrency value.
To enumerate, ETC coin price increased from $1.40 USD on March 2017 to $23.01 USD by June 20, 2017, unfortunately, ETC price plummeted to $7.69 USD on September 2017.
Without further ado, we have provided tables that indicate the potential price of Classic Ether (ETC) this 2018:
|ETC Coin Information||Details|
|Current Price||$17.7758 USD (0.00272043|
|Initial Release Date||July 30, 2015|
|Market Capitalization Rank||#16|
|Coin Price Hourly Change||+2.59%|
|Coin Price Daily Change||+5.45%|
|Coin Price Weekly Change||+21.28%|
|ETC Coin Investment Information||Details|
|Market Capitalization||$1,796,577,833 USD (274,779 BTC)|
|Available Supply||102.8 million ETC|
|Circulating Supply||102,810,813 ETC|
|Total Supply||102.8 million ETC|
|Trading Volume (24 Hours)||$288,210,519 USD|
|Trading Volume (24 Hour Low)||$16.64 USD|
|Trading Volume (24 Hour High)||$17.66 USD|
|All – Time High||$44.34 USD|
|Since All – Time High||-60%|
|All – Time High Date||01 – 14 – 2018|
|Return of Investment (ROI)||+3900%|
|ETC Miscellaneous Information||Details|
|Genesis Date||July 30, 2015|
|Block Time||0.2 minutes|
List of Classic Ether (ETC) Trading Exchange Sites
To get you started, the Classic Ether (ETC) coin can be traded on the following licensed exchange sites below:
|ETC EXCHANGE SITE||TRADING PAIR||PRICE|
|Huobi||ETC/USDT; ETC/HT; ETC/CNY||$17.46 USD; 4.842571 HT; 65.79 CNY|
|OKEx||ETC/USDT; ETC/BTC; ETC/ETH; ETC/OKB; ETC/BCH||17.739 USDT; 0.00271742 BTC; 0.03780445 ETH; 4.5649 OKB; 0.01981341 BCH|
|Binance||ETC/BTC; ETC/USDT; ETC/ETH||0.002717 BTC; 17.7386 USDT; 0.038168 ETH|
|CoinEx||ETC/BTC; ETC/BCH||0.002701 BTC; 0.0242357 BCH|
|Upbit||ETC/KRW; ETC/BTC; ETC/USDT; ETC/ETH||19990 KRW; 0.002698 BTC; 17.51233825 USDT; 0.0381794 ETH|
|ZB||ETC/USDT; ETC/BTC; ETC/ZB; ETC/QC||17.54 USDT; 0.002699 BTC; 24.97 ZB; 118.05 QC|
|Coinsuper||ETC/BTC; ETC/USD||0.00271635 BTC; $17.57 USD|
|HitBTC||ETC/BTC; ETC/USD; ETC/ETH||0.0027 BTC; $17.89 USD; 0.038122 ETH|
|Bittrex||ETC/BTC; ETC/USDT; ETC/ETH||0.00268157; 17.0000021 USDT; 0.0381974 ETH|
|Poloniex||ETC/USDT; ETC/BTC; ETC/ETH||17.54079347 USDT; 0.00269101 BTC; 0.03817027 ETH|
|Kraken||ETC/USD; ETC/ETH||$17.56 USD; 0.038229 ETH|
|EXX||ETC/USDT; ETC/ETH; ETC/HSR; ETC/CNYT; ETC/QC||16.92 USDT; 0.0376 ETH; 0 HSR; 116.73 CNYT; 0 QC|
|Gate.io||ETC/USDT; ETC/BTC; ETC/ETH||17.48 USDT; 0.002692 BTC; 0.038304 ETH|
|ABCC||ETC/USDT; ETC/BTC||17.0864 USDT; 0.002576 BTC|
|EXMO||ETC/USD; ETC/BTC; ETC/RUB||$17.606 USD; 0.00268499 BTC; 1100 RUB|
|FEX||ETC/BTC; ETC/USDT||0.002692 BTC; 17.5902 USDT|
|Bibox||ETC/BTC; ETC/ETH||0.00269357 BTC; 0.03817577 ETH|
|Indodax (Bitcoin Indonesia)||ETC/IDR||255600 IDR|
|Exrates||ETC/USD; ETC/BTC||$17.08994 USD; 0.002657655 BTC|
|KuCoin||ETC/BTC; ETC/ETH; ETC/KCS; ETC/USDT||0.00269236 BTC; 0.0375306 ETH; 6.6693 KCS; 17.677004 USDT|
|YoBit||ETC/BTC; ETC/USD; ETC/ETH; ETC/DOGE; ETC/WAVES; ETC/RUR||0.0026755 BTC; $17.78817601 USD; 0.03783769 ETH; 6800.5620021 DOGE; 6.12306063 WAVES; 1079.6855 RUR|
|Novadex||ETC/BTC; ETC/ETH||0.00269801 BTC; 0.0381794 ETH|
|Coinroom||ETC/PLN; ETC/GBP; ETC/EUR; ETC/USD; ETC/CHF; ETC/NOK; ETC/DKK; ETC/CZK||69.7823 PLN; 12.9621 GBP; 15.5159 EUR; 17.1163 USD; 0 CHF; 0 NOK; 0 DKK; 0 CZK|
|Cryptopia||ETC/BTC; ETC/USDT; ETC/LTC; ETC/DOGE; ETC/NZDT||0.00268528 BTC; 17.47583925 USDT; 0.20623006 LTC; 6806 DOGE; 23.86505845 NZDT|
|Bithash||ETC/RUB; ETC/USD; ETC/BTC; ETC/EUR||1058.892159 RUB; $17.542 USD; 0.002691 BTC; 14.533579 EUR|
|Coinexchange||ETC/BTC; ETC/ETH||0.00265 BTC; 0.03410196 ETH|
|Braziliex||ETC/BRL; ETC/BCH; ETC/USDT||67.52 BRL; 0.00029 BCH; 2.399 USDT|
|C – CEX||ETC/BTC; ETC/USD; ETC/LTC; ETC/DOGE||0.00245 BTC; $14.5 USD; 0.185 LTC; 6361.801249 DOGE|
|Novaexchange||ETC/ETH; ETC/MOON; ETC/BTC; ETC/LTC; ETC/ESP2; ETC/DOGE; ETC/KIC||0.03333333 ETH;90000 MOON; 0.0025 BTC; 0.03599001 LTC; 5050.00000002 ESP2; 700.00000019 DOGE; 2474.9781395 KIC|
|Bit – Z||ETC/BTC||0.002488 BTC|
|CPDax||ETC/BTC; ETC/KRW||0.00257168 BTC; 14050 KRW|
|BTC Trade UA||ETC/UAH||423.0198616789 UAH|
The Team behind Ethereum Classic (ETC)
Even though Ethereum Classic (ETC) was formed out of a hack in June 2016 and served as a split version of the Ethereum (ETH) blockchain, the platform is backed up by a development team.
The ETC development team is comprised of software engineers and brilliant professionals. Here are the key people behind the “beautiful disaster” of Ethereum:
Board of Advisors
The Ethereum Classic (ETC) Road Plan
The Ethereum Classic development team pursues to be a better extension of the Ethereum blockchain. With this in mind, take a glimpse of the following milestones is accomplished by the ETC road plan through the years:
May 26, 2016 – Slock.it has proposed a $1.5 million USD (paid in ETC by crowdfunding) which is said to guarantee TheDAO reliability.
May 27, 2016 – DAO curator Vlad Zamfir has called out TheDAO moratorium by citing its game – theoretical safety issues; TheDAO crowdsale has officially ended and has raised $150 million USD.
June 9, 2016 – a recursive call bug dangerous security flaw – has been disclosed by the co – founder of Bitcoin Foundation, Peter Vessenes.
June 12, 2016 – Slock.it founder, Stephan Tual assured the public that TheDAO funds are safe despite of a recursive call bug.
June 17, 2016 – TheDAO has been hacked with Ether being mutely drained while the re – entry bug has been applied. Because of this, the Ether price has plummeted for 50% as the Griff Green officially announced the hacking of TheDAO; as a result, TheDAO splitting mechanism allotted a month of resolution to recover the funds. This has been done with the help of the Foundation and the community to implement a soft fork.
June 21, 2016 – A group of “white hat” hackers secured 70% of TheDAO funds.
June 24, 2016 – The Ethereum Foundation has released a “soft fork” client which censored the hacker’s transactions; gas limit lowered.
June 28, 2016 – July 15, 2016 – the Ethereum community argues about the pros and cons of Hard Fork implementation. This resulted to a controversial Hard Fork which was announced by the Ethereum Foundation and Slock.it; the Hard Fork has been turned on as default by 3rd party “coin vote”.
July 23, 2016 – With the implementation of block 1920001, Ethereum Classic (ETC) is born; Poloniex , the biggest Ethereum (ETH) exchange, officially lists ETC on its platform.
August 15, 2016 – Ethereum Classic declared independence from the Ethereum Foundation.
October 25, 2016 – ETC team built network upgrades.
December 11, 2016 – 7 full – time developers officially joined the ETC team; with the implementation of block 3000000, ETC built an upgrade to prevent Difficulty Bombs and replay attacks.
February 20, 2017 – long – term contributors and volunteers formed the ETCDEV team.
March 1, 2017 – ETC has adopted a fixed – cap monetary policy similar to Bitcoin’s emission schedule.
March 7, 2018 – ETCDEV team has hired Richard Schumann, a user – interface and user – experience design, to improve the graphics and usability of the ETC platform.
The Ethereum Classic (ETC) Projects
The team behind Ethereum Classic (ETC) aims to be the “very first decentralized, immutable public computing platform”. With this intention, the ETCDEV team has come up with the following upcoming projects for the years ahead:
- To finally eradicate the Difficulty Bomb which is planned at Hard Fork code activation block 5,900,000
- To release an Emerald Wallet
- To complete sidechain prototype which consist of multiple phases
- To release the very first Proof – of – Concept demonstration
- To optimize and make Sputnik VM a default in the Earned Value Management (EVM) in the Geth node
- To enable new ETH opcodes: EIP – 140, EIP – 214, EIP – 211 in the mainnet
- To refactor and reapply StateDB layer with an integrated and accessible architecture
- To improve ETC scalability with a target of 1,000 transactions per second
- To add Light Client for internal of things (IoT) and mobile compatibility
- To allow interoperability with other blockchains
- To improve the cryptography on ETC EVM for zero – knowledge proof, homomorphobic encryption, and the like
- To conduct a Hybrid consensus
- To build Mesh networks
As has been noted, the future of Ethereum Classic builds on its mantra that “Code is Law” and “Immutability at All Costs”. While it was intended to be an extension of Ethereum, ETC is likely to detach itself as new special features are being introduced. In the long run, ETC might prove to be a better option as it is considered [somewhat] safer than ETH as the ETCDEV team take strategical actions to strengthen the future of this cryptocurrency.