Ethereum Classic (ETC) is a popular cryptocurrency that lives in the shadows of Ethereum (ETH). ETC is known as a hard fork of ETH which was created in 2016. The main use case of ETC is operating a smart contract network and supporting decentralized applications known as DApps.
ETC will remain a proof of work cryptocurrency for the foreseeable future. The currencies consensus mechanism is a solid foundation for building applications although the network has experienced several hacks since 2016. ETC can be mined using GPUs or ASICs although currently many people use GPUS and visit whattomine.com for mining statistics.
March 2018 ECIP-1041 removed the so-called “Difficulty Bomb” that Ethereum Classic received from Ethereum. Ethereum Classic developers allowed Proof-of-Work (PoW) mining to continue indefinitely. The Difficulty Bomb’s purpose on Ethereum was to discourage the continued use of PoW mining as the network shifted to its Proof-of-Stake (PoS) based Ethereum 2.0 chain. Ethereum Classic does not intend to adopt PoS in the future. ETH intends to move to Pos by the end of the year 2022.
Once ETH moves to Pos there should be a rise in demand for ETC. Currently, ETC can be bought at several different cryptocurrency exchanges: BitMart, Binance, Kucoin or Kraken. As of right now, the ETC community uses the Etchash algorithm, but there is a consensus that the community will change to a SHA3 hashing algorithm.
Tokenomics
Max Supply:210,700,000
Circulating Supply: 136,129,088
Market Cap: $4,906,312,954
Fully Diluted Market Cap: $7,593,969,458
Current Price: $36.04
ETC’s commitment to code is strong and improving, the value of ETC will be realized after the ETH 2.0 merge. At this current time, ETC enthusiasts believe that code is the law and the current price of ETC is on sale! People should buy ETC before 2023 and hold their ETC on Metamask.
