Ethereum Classic (ETC)
Ethereum Classic (ETC) is a hard fork of Ethereum (ETH) that launched in July 2016. Its main function is as a smart contract network, with the ability to host and support decentralized applications (DApps). Its native token is ETC.
Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmap diverging further and further from each other with time.
Ethereum Classic first set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH.
Coin network hashrate(H/s):
|Max Supply||Network H/s||Algorithm||BlockNo.||Proof Type||Start Date|
|210,700,000 coins||PoW||30 July 2015|
|Website||DifficultyAdj.||Mkt. Cap. Penalty||Current Supply||Block Reward|
Who Are the Founders of Ethereum Classic?
Ethereum Classic is in fact the legacy chain of Ethereum, and its true creators are therefore the original Ethereum developers — Vitalik Buterin and Gavin Wood.
A contentious hard fork on Ethereum occurred in July 2016, when participants disagreed over whether to revert the blockchain to cancel out the effects of a major hack. This impacted The DAO, a decentralized autonomous organization (DAO) which had raised approximately $150 million in an initial coin offering (ICO) several months earlier.
Ethereum Classic came into being as the network which did not revert the chain. Developers state that there is no “official” team attached to the project, and that its “global development community is a permissionless 'do-ocracy,' where anyone can participate.”
How does Ethereum Classic work?
Similar to Ethereum and its native unit ETH, Ethereum Classic users pay fees in ETC to execute smart contracts, and you can think of it as the fuel that keeps the whole thing running (which is why those fees are called “gas”). Gas fees pay miners which solve “proof of work” puzzles using sophisticated computers to help verify the network.
A key distinction, however, is that Ethereum is planning to migrate from “proof of work” mining to a new system called “proof of stake.” Ethereum Classic has no such plans, and intends to keep traditional mining on its own blockchain after Ethereum migrates.
Like ETH, new ETC is issued to the circulating supply as a reward for miners as new blocks of transactions are added to the blockchain. Unlike ETH, which doesn’t have a fixed supply, ETC has a maximum supply of 210,700,000 coins.
How is ETC mined?
Powerful computers mine ETC, adding it to the circulating supply. While Ethereum Classic can be mined using widely-available graphics processors, it’s most likely not profitable unless you use an ASIC, a specialized device designed for crypto mining.
arket capitalization, developers, and network security as measured by total mining power. Over its history, Ethereum Classic has been subject to numerous “51% attacks” in which malicious actors control a majority of the mining power and were thus able to spend coins they didn’t actually own (also known as a double spend attack).
FAQ and Forum
- What is the smallest amount of Ethereum Classic I can buy?
The minimum order size for Ethereum Classic on Buy/Sell is 0.00000001 ETC. Small amounts of ETC can be traded on bitFlyer.
- How much is the Ethereum Classic trading fee?
There is no trading fee for Ethereum Classic on Buy/Sell, but there is a spread.
- How much is the withdrawal fee for Ethereum Classic?
The Ethereum Classic withdrawal fee is 0.005 ETC.
- When can I trade Ethereum Classic?
Ethereum Classic can be traded 24 hours a day, 365 days a year, including weekends and holidays (excludes maintenance times).
- Is Ethereum Classic worth mining?
Currently Ethereum Classic can be profitably mined with Jasminer X4 Server (2500 MH/s) if your electricity costs are lower than 0.897 USD per kWh and with Nvidia CMP 170HX if your electricity costs are lower than 0.312 USD per kWh.