Introduction:
Ethereum Classic (ETC) is a blockchain platform that emerged from the Ethereum (ETH) network after a hard fork in 2016.
This hard fork was prompted by a hack that led to the loss of significant amounts of Ether.
While the fork aimed to recover the stolen funds, a portion of users decided to continue using the unaltered blockchain, which is now referred to as Ethereum Classic.
Despite utilizing the same technology, such as Solidity and the Ethereum Virtual Machine, ETC possesses distinct characteristics such as a different monetary policy and a smaller developer and user community.
Additionally, it supports smart contracts and decentralized applications like ETH, but also possesses its own features like a monetary policy aimed at maintaining a stable coin supply.
To sum up Ethereum Classic is a blockchain platform that is based on the original Ethereum blockchain and has its own unique features and a smaller community of developers and users.
What are the benefits of Ethereum Classic?
Ethereum Classic (ETC) has several benefits, which include: Decentralization: ETC is a decentralized blockchain platform, which means that it is not controlled by any single entity. This ensures that the network is secure, transparent, and resistant to censorship.
Smart Contracts: ETC supports smart contracts, which are self-executing contracts with the terms of the agreement written directly into code.
This allows for the automation of complex processes and the creation of decentralized applications (dApps).
Monetary Policy: ETC has a monetary policy that is geared towards maintaining a stable coin supply.
This can provide more predictability and stability for businesses and individuals that use the ETC blockchain.
Immutability: ETC is an immutable blockchain, meaning that once transactions are recorded on the blockchain, they cannot be altered or deleted.
This provides a high level of security and trust in the network. Community-Driven: ETC has a passionate and dedicated community of developers and users who are committed to maintaining and improving the network.
This allows for a more open and transparent development process. Interoperability: ETC can be easily integrated with other blockchain networks, enabling cross-chain transactions and the creation of new, decentralized ecosystems.
In summary Ethereum Classic (ETC) offers a decentralized, secure, transparent and immutable platform that allows for smart contracts and decentralized applications, a monetary policy geared towards maintaining a stable coin supply, a passionate community-driven development, and the ability to interoperate with other blockchain networks.
What's happening with Ethereum Classic?
Ethereum Classic (ETC) is a well-established cryptocurrency that has sustained its position among the top altcoins, with a market capitalization of over $6 billion and trading on major exchanges.
The coin has sparked the attention of investors, leading many to seek accurate price predictions for ETC.
However, some people view ETC as a high-risk investment.
The Ethereum network will transition to a Proof of Stake consensus mechanism, but it will not increase network capacity and thus, it will not affect gas fees.
This change will make Ethereum more environmentally friendly, leaving Bitcoin as the only major blockchain still using Proof of Work.
As stated by the Ethereum Foundation, Ethereum's energy consumption will be decreased by 99.95% as a result of this transition.
Despite this, the transition will not affect the accessibility of digital assets, as the entire transaction history will be transferred. ETC, on the other hand, has no plans to adopt a different mining model.
Ethereum's transition to a more sustainable Proof of Stake system has attracted interest from Ethereum miners to ETC, causing its price to increase.
The question remains, should you invest in ETC and use Ethereum Classic price predictions as guidance?
ETC has seen a 60% increase in the past week and a 150% increase in September, according to CoinMarketCap data.
This surpasses both Bitcoin and Ethereum, making it the top-performing project in the top 50 cryptocurrencies by market capitalization in July.
Vitalik Buterin, the creator of Ethereum, has stated that those who prefer Proof of Work should consider using ETC, stating that "it's a totally fine chain". This statement has been widely interpreted as an endorsement of ETC.
At the moment of the response, Ethereum Classic had a price of $19.37, with a 24-hour trading volume of $94,721,541.
It was ranked #23 on CoinMarketCap, with a market capitalization of $2,673,659,760, a circulating supply of 138,063,286 ETC coins and a maximum supply of 210,700,000 ETC coins.
ETC was 88.68% below its all-time high of $176.16.
