Let’s Talk About The Ethereum Classic ETC coin
- Marc Rhodwyn Yabut
- May 15, 2021
- 2 min read
Ethereum’s humble underdog coin is earning its spotlight in the cryptocurrency market race.
Image from ETC Cooperative YouTube
What is an ETC coin?
Ethereum Classic coin or ETC coin debuted last July 2016 as a hard fork of the 2nd ranking cryptocurrency Ethereum. Having a legacy chain of Ethereum ETH, it was created by Vitalik Buterin and Gavin wood.
Its main function is smart contract networking services and having the ability to conduct and support the decentralized applications Dapps. During its release, it impacted the decentralized autonomous organization DAO.
Decentralized autonomous organization DAO amassed an approximate growth of US$150M in the incoming coin offering ICO in the earlier months.
Ethereum Classic ETC first set out to preserve Eth’s blockchain image after an issue that led to a 3.6M stolen Ether coin ETH. During that disaster the Ethereum ETH hammered hard as holders became alarmed of its not so good security.
Image from ETC Cooperative YouTube
ETC circulation in terms of numbers
ETC max supply is 210,700,700. It is 10 times higher than the Bitcoin BTC. On the other hand, ETH has no cap.
Having PoW or proof of work in mining algorithms is its main function. Ethereum Classic ETC is the reward for miners that are validating the blockchain services. ETC block rewards diminishes with respect to time.
The next drop in Proof of work PoW will occur this April 2022 at block 15,000,000. Moreover, after leaving the price from 3.2 ETC down to 2.56 ETC a block.
With no plans to convert proof of stake PoS mining algorithms, developers are working continuously in order to develop its scale of solution services.
ETC’s Security
While Ethereum ETH experienced a controversy, Ethereum Classic ETC then was secured using proof-of-work PoW. But as a minority, it also suffered regular attacks itself.
Blockchain technology is considered as one of the most complex systems in the World Wide Web. Furthermore, it is also costly to work with, making it impossible to be hacked.
Ethereum Classic ETC is powered by blockchain technology. Hence, that alone can answer the question in terms of security.
Where and how can we obtain one?
ETC is widely traded in different cryptocurrency exchanges such as Binance, Coinbase, OKex, etc. Just register into one of those platforms, fund your account and buy your own Ethereum Classic ETC coin. But, be extra careful because transfer of funds is irreversible. Meaning if you commit one mistake then your money will be good as forgotten
According to coinbase, ETC is currently at the price of US$104.27 with an astonishing increase of 23.35%. Its market cap value is US$12.12B with a US$12.37B volume as of this very moment.
As the cryptocurrency market surges, ETC goes with it and will definitely be good for those who are holding ETC tokens.
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