What is Ethereum Classic – ETC?

 

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

 

The principles of ETC

 

  • 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.

 

 

The Developers

 

ETCDEV Team is a full-time independent team of software engineers and professionals

 

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

 

ETC goals

 

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.”

 

 

Capped Volume

 

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.

 

 

Mining ETC

 

Ethereum Classic are mined on GPUs.  

There are various mining pools available:-  https://investoon.com/mining_pools/etc

 

 

Join the 2017 ETC Summit

 

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.

 

 

Please leave your questions and comments below:

Download the free Bit-Media App from the Google Play or Apple stores.

Click below and get your FREE BIT-MEDIA APP

Are you a Bitcoin Believer? Test your belief here - The Bitcoin Believers Business Manifesto

 

EOT Wallet /Exchange Review

 

 

EOT, quietly creating the Economy of Things