What is ETHEREUM CLASSIC? Functions under the symbol of ETC

Block is an open source platform based on chain technology. It provides users with convenience by providing a decentralized application. The Ethereum Classic is a crypto money value called “Classic Ether / ETC”. Classic ether symbol is processed on crypto money exchange under the symbol of ETC. Ethereum Classic’s departure from Ethereum took place in 2016. ETC, an open source project developed by volunteer programmers, runs on a completely decentralized network that allows third-party applications and smart contracts to be executed.

 

Among the new entrants to the crypto world, there was a lot of confusion about why there were two Ethereums. Before responding to what the ETC is, it is critical to know the events that led to the creation of the Ethereum Classic. Founders who are Ethereum, Vitalik Buterin, Gavin Wood and Jeffrey Wilcke, began working on a next-generation blockchain in 2014 that wanted to implement a generic, totally reliable, intelligent contract platform.

Ethereum Definition

What is ETH
What is ETH

Ethereum is a transparent block platform that works in blockchain technology, allowing users to build decentralized applications and use smart contracts. Ethereum is not centered like Bitcoin, so it can not be controlled. Unlike the Bitcoin protocol, however, Ethereum is designed to be adaptable (separable) and flexible. So, we can call it an easy platform to use, which means that it has a straightforward usage of its applications for everyone who is interested in this platform.

At first, Ethereum was born

Vitalik Buterin, a Russian programmer, created Ethereum. Vitalik is the person who noticed the block technology early on and found Bitcoin Magazine at the same time. In late 2013, he set up Ethereum to do things Bitcoin could not do and officially declared Ethereum in January 2014 at the North American Bitcoin Conference in Miami, USA. Ethereum was not built solely for encryption. At the same time, you can encode, run and walk around DAPPs and smart contracts on the Ethereum Platform.

What is Ethereum Classic
What is Ethereum Classic

How was Ethereum Classic created?

When hard fork was applied, users who did not switch to it did not update their software and continued mining in block chains that did not have this application. Since hard fork application also creates incompatibility between new and old versions, users who have been mining in old block chains have automatically allocated their block chains up to 1920000 block chains equivalent to Ethereum.

The Team Behind the Ethereum Classic (ETC)

ETC BTC chart of Binance
ETC BTC chart of Binance

The idea behind Ethereum Classic is an unnamed Russian programmer. The team behind the ETC usually prefer to be behind the scenes. Most team members use aliases. The ETC community and team are much smaller than the “new” ETH community.

Note: The Ethereum Classic will change its monetary policy by setting a fixed currency limit of 230 million ETC until the end of this year.

Positive ones Negative ones
It does not violate the rule of ” invariance ” which is one of the most important states of Blockchain.
Very recently, he won the support of big players.
There is a problem accessing new updates in the ethereum chain. (Such as transition to Proof of Stake)
  Important people, including the founders of Ethereum, passed on Ethereum.
  The output of the Ethereum Classic was perceived as an insult and attack on Ethereum users.
Many people are said to be filled with frauds.

Next generation blockchain technology

Blockchain technology is the technological base of Bitcoin first published in 2008 by the mysterious writer Satoshi Nakamoto entitled “Bitcoin: Electronic Cash System between Spouses”. The use of block chains for more general use was also discussed. A blockchain; a distributed computing architecture in which each network node carries out the same processes that are allocated to the blocks. Only one block can be added at a time, and each block contains a proof of mathematical (POW) that confirms that the previous block has been viewed sequentially. In this way, all users’ personal information/ID/preferences are totally in safe with the encrypted codes. So, the platform’s database is in a common point on the Internet. Nodes that protect and authenticate the network are encouraged by protocol-encoded economic incentives.

Result

Ethereum Classic Chart of Poloinex
Ethereum Classic Chart of Poloinex

We came to the end of our writing on what Ethereum Classic is. It should not be forgotten that Ethereum made a spectacular return in the face of an absolute catastrophe. The real power of Ethereum is more than anything. Ethereum is not just a currency; is a platform where people can build projects that will set the future.

What does this mean for ETH and ETC? ETH has lots of talented developers on its side and grows stronger. Now with the support of the EEA, it will be even better. The value of any currency stems from the confidence that people hear about it, and the confidence in ETH will grow steadily over all these factors. Many experts predict that ETH will be the second crypto money to break this record after Bitcoin breaks the $ 1,000 barrier.

Unfortunately, the same thing can not be said for ETC. ETC in the eyes of the public, the Ethereum family will always be the black sheep. At the moment, ETH is about 15 times more valuable than ETC and cannot get a better result. Also, the fact that the ETC is known to be full of fraud reduces people’s confidence, which reduces its value. Will it be erased entirely from the market? No. I say growth potential is not much? Maybe, maybe not.

ETC chose to protect the original chain and continue with it; this is the beauty of blockchain mechanics and free capitalism.

The future is bright for ETH and will continue to grow. ETH is living proof of what the Ethereum community can do. Faced with a severe crisis, they glued together and found a truly elegant solution. ETH will be in the future, and if you are supporting Ethereum and you believe what it means, you should be at the ETH camp.

References: https://www.forbes.com/sites/bernardmarr/2018/02/02/blockchain-a-very-short-history-of-ethereum-everyone-should-read/#4cd096321e89

https://www.reddit.com/r/EthereumClassic/

 

Ethereum Classic

Road Map

2018

• Remove Difficulty Bomb
• Emerald Wallet for Mobile
• Emerald SDK/Project
• Sidechains
• Enable new opcodes for compatibility with Ethereum
• IPFS integration
• SputnikVM optimizations and JIT Compilation
• Improved caching for faster performance (StateDB)

2019

• Scalability improvement and sharding
(towards to 1,000+ tx/sec)
• Light client for IoT and Mobile
• Interoperability with other blockchains
• Improve cryptography on EVM
(for zero knowledge proof, homomorphic
encryption, etc)

2020

• Hybrid consensus research
• Mesh networks

Ethereum Classic Telegram

Ethereum Classic Reddit

Ethereum Classic Website

About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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