The live price of Ethereum Classic is - per (ETC / USD) with a current market cap of $2.80B USD. 24-hour trading volume is - USD. ETC to USD price is updated in real-time. Ethereum Classic is -% in the last 24 hours with a circulating supply of 151.96M.
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Ethereum Classic (ETC) is a decentralized open-source computing platform that was launched in 2016 as an alternative to the Ethereum network and issues a cryptocurrency of the same name. Like Ethereum, Ethereum Classic provides smart contract functionality and supports the deployment and use of decentralized applications (DApps).
Ethereum DAO was hacked in 2016, resulting in a fork of its blockchain, and Ethereum Classic was born. The current Ethereum network is the new chain after the fork, while Ethereum Classic is the original old chain that was hacked.
After the hack, the Ethereum DAO community voted and eventually decided to move the Ethereum network to the new chain after the fork, but some people still adhered to the principle of "code is law" and wanted to keep the old chain. However, if all investors stayed on the old chain, the economic situation of the DAO would be affected. After moving to the new chain through an emergency rescue plan, investors can recover their losses.
Ethereum Classic and Ethereum have many similarities. Both support issuing ERC-20 tokens. However, the difference is that Ethereum Classic is not compatible with upgrades to the Ethereum network (e.g. Ethereum merges). In addition, Ethereum Classic retains the Proof of Work (PoW) consensus model, while Ethereum switches to Proof of Stake (PoS). ETC prices are updated in real time on Binance.
Like Ethereum, the Ethereum Classic blockchain offers more functionality than Bitcoin, and users can use the Ethereum Classic network to access distributed applications supported by smart contracts.
Due to the availability of smart contracts on Ethereum Classic, hosting tokens and building decentralized applications (DApps) are possible on the ETC blockchain. In other words, applications launched on Ethereum Classic can issue and manage their native tokens. This system is similar to the system we are familiar with on the Ethereum blockchain.
In addition to the peer-to-peer transactions supported by Ethereum Classic, it also provides smart contract capabilities. Therefore, it promotes an ecosystem where users can deploy or access decentralized applications and cryptocurrencies.
ETC serves as the payment currency of the blockchain. Users can transfer value denominated in ETC on Ethereum Classic. Additionally, it can be used to pay fees, especially when executing smart contract-enabled applications or transferring Ethereum Classic-based tokens.
ETC anchors the mining economy of the Ethereum Classic ecosystem. The Ethereum Classic blockchain network rewards miners with ETC tokens every time they add a transaction block to the blockchain.
According to the market trends of ETH and ETC on the Euro Exchange, the price of ETC has historically been closely correlated with the price fluctuations of ETH.
Unlike most cryptocurrencies, ETC was not born through a public sale or other crypto financing methods such as ICO. Instead, it was created due to changes in the Ethereum environment that gave rise to two independent blockchains.
After the split, Ethereum Classic decided to implement some core changes in ETC's issuance system as part of a plan to consolidate its position as an independent blockchain. After reaching a consensus on the implementation of ETC's monetary policy, the development team launched the Gotham update in December 2017. This update limited the supply of ETC.
While there was no official maximum limit on the total supply of ETC before the Gotham update, its implementation limited the number of ETC tokens that could exist to 210.7 million. In addition, the issuance rate of ETC was modified so that the block reward would decrease by 20% every 5 million block interval.
This move established ETC as a deflationary asset. The emission rate is designed to tighten over time, in the hope that its supply will gradually fall below demand and increase the value of the token.
On the same day that the Ethereum Classic blockchain network deployed the Gotham update, the ETC halving protocol implemented the first block reward reduction. As a result, the block reward awarded to miners was reduced from 5 ETC to 4 ETC.
In March 2020, ETC cut its block reward by another 20% to 3.2 ETC for the second time. In April 2022, another 20% block reward reduction was implemented (from 3.2 ETC to 2.56 ETC). According to the 5 million block emission schedule, the next reward reduction event will occur in 2024.
Unlike Ethereum, which has no limit on the token supply, ETC adopts a deflationary policy, limiting the total token supply to 210.7 million.
Ethereum Classic is a sister chain of Ethereum, both of which are derived from the Ethereum blockchain that was originally launched in 2015.
In 2016, as Ethereum's smart contract capabilities were established, a protocol called the DAO emerged as the first decentralized autonomous organization. The DAO was supposed to allow participants to pool funds and jointly decide on the projects they would invest in.
Due to the DAO's leading position and the viability of its use case, it raised $150 million worth of ETH in a crowdsale. But unfortunately, The DAO's smart contract had a vulnerability.
After a security incident threatened the reputation of the original Ethereum blockchain, most Ethereum developers and stakeholders chose to move to a forked or upgraded blockchain where the hacker's influence would be eliminated. However, miners and users were unhappy with the move and decided to continue using the original Ethereum blockchain, which later evolved into the Ethereum Classic blockchain network.
Ethereum Classic is the original old chain of Ethereum before the hack, created by Vitalik Buterin in 2016.
ETC is used on the Ethereum Classic blockchain in a similar way to ETH on the Ethereum network, and can be used for peer-to-peer (C2C) payments, ensuring the security of the Ethereum Classic blockchain. The price of ETC is updated in real time on Binance.
The maximum supply of ETC tokens is 210,700,000. As of writing, its circulating supply is 142,248,088.
An evaluation of the ETH and ETC charts shows that the latter closely follows the price movement of the former. However, this can be attributed to the fact that the second largest cryptocurrency ETH often drives the entire crypto market.
Ethereum Classic uses the Proof of Work (PoW) consensus model.
ETC kicks off the reduction schedule after 5 million blocks are added to the blockchain. Since it takes about 2.5 years to process 5 million blocks on Ethereum Classic, the subsequent block reward reduction will occur sometime in the third quarter of 2024.
Ethereum Classic is the original old chain before the Ethereum DAO hack. Although similar in functionality to Ethereum, Ethereum's consensus model shifted to Proof of Stake (PoS) after the merger, while Ethereum Classic still uses the Proof of Work (PoW) consensus model and does not plan to change.
The Ethereum Classic to other currencies exchange rate?
