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/ethereums-merge-takes-place-within-the-kiln-testnet/
https://ethereumclassic.org/blog/2016-08-13-declaration-of-independence
