What Is Ethereum Classic (ETC)? Ethereum isn't the blockchain it used to be, but is that a good or bad thing?

What Is Etherum Classic (ETC)?

Ethereum Classic (ETC) is the original Ethereum blockchain maintained after a hard fork in the code due to The DAO hack. Part of the community wanted the money returned and the hack corrected. The other side wanted to preserve the immutability of the digital ledger.

From 2016 on, it’s been maintained separately by a separate team. This, of course, led to it falling behind Ethereum in development, and by January 2019 a double-spending vulnerability was exploited.

Who Is Ethereum Classic?

When $50 million worth of ETH was stolen in the DAO hack on June 17, 2016, the community was forever split. Some of the groups and development teams that continue to support Ethereum Classic include IOHK Grothendiek, ETC Labs, and the ETC Cooperative.

The teams are spread globally and can incubate blockchain projects. Branding is difficult though, as they’re competing with Ethereum.

Use Cases of Ethereum Classic

Ethereum Classic has all the same use cases (and downfalls) of Ethereum. This means it’s a smart-contract network that supports decentralized application (dApp) development. It also is working on Lightning and Plasma support, interoperability, and mining updates.

How to Mine ETC

ETC is mined using a Dagger-Hashimoto-based Proof-of-Work (PoW) mining algorithm. It’s GPU intensive and only likely to be mined by ASIC rigs. Mining pools are available, though.

The maximum supply of Ethereum Classic is 210,000,000 ETC, and it reached an all-time high price of $47.77 on December 21, 2017, according to CoinMarketCap.

Learn More About Ethereum Classic

If you want to learn more about Ethereum Classic, check out this great introduction guide at BlockGeeks. They’re a reputable crypto media outlet that’s much better than the no-name rag that stole from me and continuously ripped off freelancers like myself. Cryptocurrency and blockchain is still filled with greed like any other industry.

Otherwise, check out this Intro Guide to the Tezos (XTC) cryptocurrency on Thought for Your Penny.

Versability

Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer.

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