Ethereum Classic (ETC) is a “smarter blockchain, it is a network, a community, and a cryptocurrency that takes digital assets further”. Value can be sent peer-to-peer and ETC allows for smart contracts that operate autonomously and immutable, they cannot be modified.
ETC IN THE NEWS
Our engineering team is beginning final testing of Ethereum Classic on Coinbase products. We expect final testing to be completed by Tuesday, August 7, at which point we expect to announce that we’re ready to accept inbound transfers of ETC.https://t.co/l7smcSY3q8
— Coinbase (@coinbase) August 3, 2018
- Technology: the longest running smart contract blockchain in existence
- Community: a strong and principled community, many of whom have been around since the beginning.
- Immutability: a conservative approach to changes here which avoids splits and protects your money
How did ETC come about?
It all started with the DAO – an Ethereum project. The DAO (distributed autonomous organization) raised $ $162m in Ether (cryptocurrency of the Ethereum network) through a crowdsale in May 2016. Anyone could participate as long as they had Ether. Unfortunately, in June, the DAO was hacked and $60 million worth of Ether was stolen.
The Ethereum community held a vote where the majority agreed to change Ethereum’s code to get the funds back to investors. The minority who did not agree with the decision continued to mine the old version of the blockchain, Ethereum Classic.
ETCDEV team maintains Classic Geth, a main client for the ETC blockchain and has contributed original projects, such as; Emerald Platform, to help others develop on the ETC blockchain; Emerald Wallet for end users and SputnikVM as a standalone, modular, embeddable and IoT ready EVM.
Meet the Team
Our goal is to make ETC ubiquitous across the world with developers integrating our blockchain wherever they need. This will ultimately allow users to effortlessly experience blockchain’s benefits.”
Ethereum Classic instituted an ECIP 1017 monetary policy end 2017. The rules stipulate that starting at block 5 million, the block reward will drop from 5 to 4 ETC – eventually the block reward will be zero.
There will be a maximum hard cap around 210 and 230 million ETC tokens making ETC deflationary.
Ethereum Classic are mined on GPUs.
There are various mining pools available:- https://investoon.com/mining_pools/etc
Get your copy of What is Bitcoin
This e-book on Amazon explains what Bitcoin is, it explains that Bitcoin (BTC) is a virtual currency, digital, not physical, and independent of banks. Useful links and resources for the newbie and advanced Bitcoiner or cryptocurrency enthusiast.
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