Ethereum Classic (ETC) begins its Resurrection

By Gideon6ix | CryptoNuances | 26 Mar 2022


Ethereum Classic (ETC) begins its Resurrection

by Gideon Six

After months of prolonged stagnation, a fireball of rising price has overtaken Ethereum Classic. Why was the token inert for so long? What has caused this recent spike? Should you jump back onto the circling bandwagon? Like and Share.

A Bit of Background

Ethereum Classic (ETC) exists as a strong dissent against the response to a DAO attack that caused internal uproar amongst Ethereum supporters. Many wanted to change the blockchain- which to others, meant betraying the underlying principles of blockchain. This led to the creation of a hard-fork. Ethereum Classic would maintain its virtue, while Ethereum- backed by its creators, would capitulate to the enraged. 

Since those eventful days, Ethereum Classic has been a thorn in the side of the giant that is Ethereum- a constant reminder that while paying a price for integrity- it could not be stopped. The first lines from its Declaration of Independence strongly echo that sentiment “Let it be known to the entire world that on July 20th, 2016, at block 1,920,000, we… stood united…to continue the original Ethereum blockchain that is truly free from censorship, fraud or third party interference.”

Recent History

From January of this year to around mid-March the price and volume has oscillated steadily in the $24-34 range with a daily volume between $250-400 Million spread across all exchanges. Since the 18th of March, ETC has experienced an explosion in its growth. As of this writing, it is currently trading at $47.71 on $1.51B in Volume, increasing its Market Cap to roughly $6.4Billions!

Dissent in Ethereum

It is no secret that the switch from a Proof-of-Work (POW) to Proof-of-Stake (POS) has been long overdue. Now reaching its crux, Ethereum is currently performing its final Mainnet testing of POS on Kiln. What happens to the miners now? Well, they have the option to go to BTC, or as many have already begun doing, move back to ETC. ETC is more than ready to handle the influx of miners to its network. The additional advantage of being able to directly convert ETC to fiat through NOWPayments_io makes this a lucrative proposition. It seems the OG Blockchain is ready to welcome everyone back with wide-open, loving arms.

The Socials

Twitter - @eth_classic  639.1k Followers

Instagram-Probably not Official 2,224 Members 

LinkedIn- Ethereum Classic LinkedIn 2,483 Followers

Discord-  https://discord.gg/dwxb6nf

Reddit- r/EthereumClassic  64k Members

Telegram- @ethclassicofficial 28093 Members

Facebook- Official ETC 19.1k Members

Youtube- Not Found

TikTok- Not Found

Twitch- Not Found

Medium-https://medium.com/tag/ethereum-classic

Github- https://github.com/ethereumclassic 16 Members


Emission Schedule

 

Date               Era        Block          Block Reward         Total Era Emission

2015-07-30   Era 1     1                  5 ETC                     25,000,000 ETC

2017-12-11   Era 2     5,000,001   4 ETC                     20,000,000 ETC

2020-03-17   Era 3    10,000,001  3.2 ETC                  16,000,000 ETC

2022-04-15   Era 4    15,000,001  2.56 ETC               12,800,000 ETC

2024-05-07   Era 5    20,000,001  2.048 ETC             10,240,000 ETC

The Team 

Ethereum Classic has no “Official Team”, though it is operated by Volunteers through a Cooperative. The Original Founds Vitalik Buterin and Gavin Wood left the project after the hard fork to continue on with Ethereum.

LinkedIn shows 16 employees for Ethereum Classic. I will list the first few.

Bob Summerwill- Executive Director, @bobsummerwill- 15k followers on Twitter. Has been successfully programming since before this writer was born.

Gamals Ahmed- Community Manager- Business Developer

Mike Boremi- Adviser- Eats, Sleeps and Breathes Blockchain. 

Daniel Kaminski de Souza- ETC Developer and Evangelist

Summary

Since it appears Ethereum is finally moving to POS, ETC has suddenly become much more attractive to investors and miners. I will definitely be keeping my eye on further developments. ETC seems poised to hit a new ATH-and soon. As always, my opinions are just that and should never be misconstrued with proper, educated, sound, legal or financial advice. 

 

All the best!

 

References

https://coinmarketcap.com/currencies/ethereum-classic/

https://coinmarketcap.com/alexandria/article/ethereum-vs-ethereum-classic

https://dailycoin.com/ethereum-classic-etc-recent-developments-and-future-events-price-updates-community/

https://dailycoin.com/ethereums-merge-takes-place-within-the-kiln-testnet/

https://ethereumclassic.org/blog/2016-08-13-declaration-of-independence

https://www.investopedia.com/terms/h/hard-fork.asp#:~:text=What%20Is%20a%20Hard%20Fork,version%20of%20the%20protocol%20software.

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Gideon6ix
Gideon6ix

Entrepreneur, Crypto Enthusiast, Author, Minds Profile- Gideon6ix- https://www.minds.com/gideon6ix/about Twitter- @gideon_6ix


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