Cryptocurrency Ethereum Classic (ETC) - online course, calculator, wallet, mining

Key Features

1. Name: Ethereum Classic (ETC).
2. Project launch: 2015
3. Protocol: Proof-of-Work.
4. Mining method: mining.
5. Current stage: ongoing project, active development of new solutions.

Indicators for August 2022:

1. Cap: 210,000,000 units (129,000,000 circulating as of August 2022).
2. Market capitalization: $8,000,000,000.
3. Capitalization rating: #19 according to Coinmarketcap.
4. Community: 59,000 members of the Reddit thread.

Mining Ethereum Classic

The cryptocurrency operates based on the Ethash algorithm. The current block time is 12.99 seconds. The reward for the found block is 3.88 ETC (data: whattomine.com). To other indicators (data: bitinfocharts.com):

Solo mining of Ethereum classic is not profitable. To improve mining performance, most users connect to pools. The full list of mining pools for Ethereum Classic, as of January 20, 2022, is as follows:

• 2miners;
• Altpool;
• Anorak.Tech:
• Clona.ru;
• coinfoundry.org;
• Coming;
• Ethermine;
• F2pool;
• fairpool.io;
• MaxHash;
• MinerGate;
• Nanopool;
• Uupool;
• ZET Technologies.

To mine the “classic” version of Ethereum, Nvidia video cards from 4 GB are most often used. GPU flashing may be required to work with AMD hardware. A popular mining program is Claymore's Dual Ethereum+Decred AMD+NVIDIA GPU Miner.

Current cryptocurrency chart. Rate in BTC and USD. Data: CoinMarketCap

Considering the long period of existence of the project, forecasts for the movement of the ETC cryptocurrency, in most cases, are positive.

general information

Even before the famous split between Bitcoin and Bitcoin Cash, an equally remarkable event took place in the crypto community. As soon as it started operating, the Ethereum network split.

The reason was the hacking of The DAO, the leading organization of Ethereum, and the theft of $50,000,000. Today this would not surprise anyone, but in 2016 it was a shock to the community.

Some of the developers, led by Vitalik Buterin, will make a decision - they need to roll back (no, not give the hackers a bribe) and return the funds to the fold of the Taoists. The noble decision was received ambiguously by both users and part of the community. The case clearly showed that a decentralized network, in general, is not decentralized, and if desired, its creator can move millions at his own discretion.

One of the most ardent opponents of the rollback will be Charles Hoskinson. True, his motive was not concern for the future of the blockchain or even replenishing his own pocket - Charles simply suffered from narcissism in its clinical manifestations and really wanted his small but proud cryptocurrency. This is how ETC will begin its work in a strange way.

But the broadcast is not real.

Here they insist that Classic remains the true Ethereum. From a technical point of view, this is true - the original is ETC, the hard fork is ETH. Later, ETC will take shape as a separate currency, for example, the decision of the ETH team to switch to Proof-of-Stake does not in any way affect the decisions of the competing network.

A little later, Charles will receive specialized medical care, create a successful Cardano (ADA) project and reconcile with Vitalik. The Classic team will face challenges in 2022, having experienced 3 hacks in a month. But it will endure, set a course for integration with ETH services and will keep an eye on Buterin’s actions, offering the best solutions in its network.

A number of teams are making their changes: ETC Cooperative, ETC Labs, ETC Core, Mantis and others.

This is such a strange, but still happy ending. Now let's talk about how it all works.

Forecast

Rate growth

The growth of Ether Classic primarily depends on:

1. from concluding partnership agreements with large companies
2. positive news
3. high interest in him and his product, both from large companies and from the average consumer. However, the growth of the coin rate is also due to other factors:
4. support from the Ethereum platform, since Ether Classic was created to solve the problems of Ethereum, which was necessary for the growth and development of the platform
5. good reputation of the coin and stability: the developers were given freedom of action, no one interfered with the blockchain, as is the case with Ethereum

Depreciation rate

A decline in the growth of the Ethereum Classic rate, or even its collapse, may be due to the following reasons:

1. bad news for the cryptocurrency world in general
2. speculative activity of traders to artificially increase the exchange rate of a coin - this is always followed by a sharp collapse in the rate
3. the termination of support from Ethereum will also negatively affect the growth of the Ethereum Classic rate, but this is unlikely to happen, since Ethereum and Ethereum Classic are subordinate to the same company.

See the description and purpose of the best cryptocurrencies

What is it like?

Classic Ethereum adheres to the principle of immutability: the account and funds cannot be controlled by anyone other than their owner. Even one of the biggest failures in the history of cryptocurrencies - three consecutive successful attacks of 51% - did not change their views and did not force the team to resort to a rollback.

It is an ETC ecosystem of smart contracts - the oldest on the market - with exchanges, tokens, games, document authenticators and much more. The platform offers low fees and high transaction speeds. But this was not enough; Dapp Direct statistics show that most of the DApps here have no audience at all.

Trade is much better. As of August 2022, hands exchange tokens worth $4+ billion daily, and a capitalization of $8 billion is enough to remain in the top 20 largest cryptocurrencies.

The situation may change with the transition of ETH to the staking model, Proof-of-Stake. The change in protocol does not suit everyone, and participants will certainly turn their attention to ETC, which adheres to classic mining and Proof-of-Work.

How to get Ethereum Classic for free

The ETC cryptocurrency has already gone through the process of gaining trust and a stable audience. Currently, the asset boasts a large crypto community, which allows it to maintain high positions in the capitalization ranking.

The Ethereum Classic provision allowed project representatives to avoid the need to organize cryptocurrency distributions. As a result, the opportunities to get free ETC have been reduced to a minimum. To search for such offers, you need to go to thematic forums (for example, bitcointalk).

Technology

Compared to Buterin's Ethereum, the original is no different. But only at first glance, you can find unique technological solutions on the Internet.

Metronome. This is the name of the first cross-chain cryptocurrency created on the basis of Ethereum Classic. For now, Metronome can be moved - make chainhops - between two broadcasts, without resorting to the services of intermediaries. Movements between QTUM and RSK are in the testing phase.

Well, the Metronome authors didn’t work out with explanations in the spirit of “How it works”...

OpenRPC. Emulates OpenAPI, a REST API specification. Allows developers to create applications that are ready for interaction between different blockchains.

Bridges. There are two main ones - PeaceBridge and TokenBridge. The first allows you to check transactions in ether, the second allows you to operate the Wrapped ETC coin. WETC is minted on Ethereum and supports its ERC20 standard.

Coffers. Donations from the community turned out to be not the best way to make money. In the Classic camp, the establishment of a centralized treasury is widely discussed - in general, what the creators of the fork struggled with at an early stage.

TOP 3 Wallets for Ethereum Classic

Working with Ethereum Classic is possible on the basis of various wallets. The official website of the project presents recommended programs. Based on the publication, the top 3 wallets for ETC can be presented as follows:

A full review of crypto wallets is available at the link: TOP 15 best crypto wallets

Where can I buy

On the exchanges. Supported by key contributors:

• Binance;
• Coinbase;
• and others.

After several successful attacks, not every platform is ready to support the project. On the other hand, this did not stop the cryptocurrency from gaining 1,000% since the beginning of the year.

I open CMC, and there is such a candle...

Three key components characterizing the Classic blockchain

Let's look at what makes Ethereum Classic so valuable, and whether ETC can become a competitive alternative to Ethereum.

Moral aspect

As you already understand, the Ethereum classic (ETC) exists for the reason that a certain minority of the Ethereum (ETH) community was very concerned about the consequences of the hard fork. In fact, they invested their mining power into an almost forgotten blockchain.

Thus, in one of his interviews, the main organizer of this project, Arvicco, will assure that by changing its blockchain, Ethereum (ETH) itself abandoned all those values ​​that previously made it especially attractive.

“I think it's great for the Ethereum ecosystem that all people have decent choices. And instead of completely abandoning the standard Ethereum, they themselves decided to create a new separate community with a specific set of their values,” Arvicco claims.

And given the size of this still young market, many investors seem to agree with this opinion.

Strategic component

In addition to people convinced of the value of Ethereum Classic, there were also those who saw opportunities to profit from the split.

For example, when the Polonex exchange just added ETS, its price soared by as much as 310% within just 24 hours.

According to the head of the Ark Invest blockchain system, Chris Burneske, with such a record increase in price and attention, another category of values ​​has appeared.

Thus, Burneske argues that the use of ETS can largely express the rivalry between the cryptocurrencies Ethereum and Bitcoin.

The value of a lost opportunity

It is worth noting that at the beginning of July 2014, the main creator of Ethereum (ETH), Vitaly Buterin, organized a crowdsale, selling 2 thousand units of the ETH cryptocurrency for 1 Bitcoin. And today for 1 BTC you can buy about 50 ETH.

It is also important to mention that just one day before its publication, Ethereum Classic took a record 2nd place in terms of trading volume.

It is also worth mentioning the words of Bitcoin team developer Peter Todd, who tweeted that buying Ethereum Classic at its original price could be added to the long list of missed opportunities, which he greatly regrets.

Instead of concluding, it is worth noting that at the moment the cost of 1 UTC is within only $6–7, which is a very attractive and affordable opportunity for investing in the future, which is confirmed by the actions of many investors, because, as you already know, the Classic was developed on the same algorithms as Ethereum (ETN).

Mining ETC coins

Classic mining is now of great interest among cryptocurrency miners. It’s easier to mine than Bitcoin or Ethereum, and the rate is rising. Why not make money? Ethereum Classic preserves the original, censorship-resistant, immutable, decentralized Ethereum. Miners do not have to build huge farms to mine cryptocurrency, pay thousands for electricity and rent of premises. A normal powerful PC and an outlet are enough.

Mining pools for ETC mining. A pool is a server that distributes block calculations among miners. Unlike solo mining, pools generate less income, but are more private. Each pool has its own commission on profits.

Ethereum Classic mining pools: