What is Ethereum Classic (ETC)? To put it simply, Ethereum Classic is a fork of Ethereum currency that occurred in July 2016. Similar to the original Ethereum, it allows developers to create decentralized applications and smart contracts. It also shares many features with its sibling, including being built on an open-source blockchain platform and having a token called "ether." Ready to know more? We got you. The TopCoins’ goal is to provide Australians with up-to-date information on Ethereum Classic and other cryptocurrencies. Stay tuned for pertinent information on the ETC blockchain, Ethereum Classic price to AUD, and ETH Classic price chart, as well as ETC price predictions.
Here's a brief Ethereum Classic timeline: In 2013, Vitalik Buterin first conceptualized the Ethereum blockchain in a white paper to provide a platform for building decentralized applications (Dapps). By 2014, he had teamed up with Dr. Gavin Wood, and together they started working on the design for what would eventually become Ethereum Virtual Machine (EVM). Ethereum was formally launched in 2015. On June 17, 2016, Ethereum suffered a hack on DAO (decentralized autonomous organization (DAO), a $150 million third-party project built on the platform. The hack led to nearly $50 million worth of ether being stolen from users' wallets. The attempt to correct the hack brought forth the fork that separated Ethereum into two: the old chain that didn’t favor any changes to the code became Ethereum Classic. Ethereum (ETH) is the hard fork that happened on the 1,920,000th block, the one that allowed for the return of all of the funds that DAO was able to raise. Ethereum classic, to quote the description on its official homepage, is the “continuation of the unaltered history of the original Ethereum chain.” For those who support the Ethereum classic, the hard fork — and by extension, the creation of Ethereum — clearly violates everything that Ethereum stands for. In July 2016, ETC was officially listed on Poloniex, signaling the official split.
The Market Cap
Market capitalization or market cap is the total circulating supply of crypto, multiplied by its current price. Market Cap is often used to determine the size of a particular currency. ETC started out with a meager price of $0.93 in July 2016 (around $45 million market cap). On December 21, 2017, ETC’s price hit $44.52, with a market cap of $4,387,626,602.
ETC Token Security
ETC utilizes a Proof of Work (PoW) consensus mechanism, a cryptographic protocol that requires one party (provers) to prove to another party (also known as verifiers) that they have expended a certain amount of labor to complete a task. The goal is to validate transactions through agreement. Both ETC and ETH utilize the Ethash proof-of-work protocol, a trial, and error process that helps establish the longest chain since the longest chain of data is the most believable. Disrupting the network would require a significant amount of effort and resources. However, in August 2020, Ethereum Classic suffered from a series of 51% attacks (attacks involving a group of miners taking control of more than half of the network’s computing power, compromising the integrity of transactions). This resulted in millions worth of losses, and in ETC being removed from mining pools.
The Difference Between Ethereum and Ethereum Classic
Looking at the historical market cap of both coins, one sees the most obvious difference between the two coins: their performance. ETH has vastly outperformed ETC in terms of price. Feature-wise, here are the major differences between ETC vs ETH: ETC stays true with the philosophy of the immutability of the blockchain, in other words, the inability for the blocks to be tampered with through modification or deletion. To ETC holders and investors, “code is the law.” ETC has a Proof of Work (PoW) consensus mechanism, while ETH is currently pivoting to a Proof of Stake (PoS) algorithm. ETH has with it most of the original creators of the platform, including Buterin and Wood. ETH boasts a higher hash rate (processing power) than ETC, and a bigger group of around 200 investor corporations called the Enterprise Ethereum Alliance. While ETH’s current market value is way higher than ETC’s, ETC has a handful of fiercely loyal investors and miners who believe in ETC’s philosophy and are willing to hold the currency and campaign for it to get to its former glory.
Who Are the Founders of ETC?
Ethereum was conceptualized by Vitalk Buterin, then 19 years old, in a white paper titled “Ethereum: A Next-Generation Generalized Smart Contract and Decentralized Application Platform.” In the paper, he postulated that blockchain technology could be taken beyond money and finance, and applied to the development of a wide variety of applications across industries. Ethereum was fleshed out by seven other people, bringing the tally to eight co-founders all in all. The other co-founders are:
Anthony Di Iorio
The founders met in a Bitcoin company in January 2014 and rented a house in Miami. A few months later, they met again in Zug, Switzerland to establish the future of the Ethereum platform and Ethereum foundation.
How ETC Smart Contracts Work?
Like ETH, ETC runs smart contracts — agreements between people made foolproof by code. The blockchain serves as an impartial validator to these agreements, ensuring that all criteria and requirements of the transactions are met. The difference between the two is philosophical: the people who are still holding and supporting ETC are those who believe in the “immutability” of the blockchain. They disagree with how the DAO hack was handled, seeing the hard fork as a “bailout” of DAO token holders. ETC smart contracts, then, are truly irreversible, no matter what’s at stake. The idea is if one transaction can be reversed, then all transactions can be reversed, and the blockchain is not truly free of interference and censorship (one of the key tenets upon which Ethereum is founded).
What makes ETC Unique
For all intents and purposes, ETC still is the same platform that runs smart contracts, much in the same way that ETH does. The major difference, as we have discussed above, is the philosophy that guides the platform and all the contracts build on top of it: decentralized and immutable, unstoppable, and irreversible by anyone, regardless of any reason. This difference is probably described best by ETC’s tagline, written proudly on its homepage: “Build unstoppable applications.”
How Many Ethereum Classic Coins Are In Circulation?
ETC has a maximum circulating supply of 230,000,000. For a live circulating supply, please scroll up to the Ethereum Classic Price AUD section above.
Where to Buy ETC Crypto in AU?
An Ethereum Classic wallet is the most secure place you can store the Ethereum Classic currency that you just bought (or are thinking of buying). There are three types of wallets:
Hot wallets - these wallets are connected to the internet, making it easier for users to access their coins for purchase and trade. The major downside to hot wallets is that it is more susceptible to hacks and security attacks.
Cold wallets - a cold wallet allows a user to store their cryptocurrencies offline. It is generally considered to be more secure than a hot wallet. However, hardware cold wallets are not free and need to be checked for compatibility.
Why Buy ETC Cryptocurrency?
ETC’s long-time holders and supporters find value in the immutability of the ETC blockchain. If you share the same values and vision, then ETC might be the right coin for you. It has the same features as ETH without all of the hard forks that change the fundamental rules of the blockchain. For real-time updates on ETC coin price, live market cap, and please scroll up to the Ethereum Classic Price AUD section above.
Is ETC a Good Investment?
Looking at ETC’s price history is a good way to determine whether or not to invest in a currency. ETC’s price history has shown little progress from its bull run in 2017, where it reached the heights of up to $44, after which it plummeted to a disappointing $3 to $5 range in 2018. In 2020, ETC has reached $13, after which it went back to less than $10. While ETC coin hasn’t managed to reach the prices of its more commercially acclaimed sibling, bullish investors find value in ETC’s principles above everything else. To them, ETC represents the core fundamentals of a blockchain ledger which ETH has long deviated from. The sheer amount of attacks and hacks that the ETC network has suffered should also be something that any potential investor should look into. Remember that prices change on a daily, even hourly basis. With that being said, it’s very important to do your due diligence before investing in ETC or any cryptocurrency.
Can I Buy ETC with Paypal?
No. As of writing, Paypal account owners can sell, hold, and buy Bitcoin, Ethereum, Litecoin currency, and Bitcoin Cash, but not Ethereum Classic. Moreover, only US-based Paypal owners can buy crypto on the platform.
How Can I Buy ETC with a Credit Card?
The answer depends on the exchange that you’re buying from. Some trading platforms allow users to fund their accounts through bank transfers, while some only allow trading with another digital currency. Don’t forget to store your purchase in a secure Ethereum classic wallet. We hope we’ve answered “what is Ethereum Classic”, provided you with a good background on ETC vs ETH, and given you a basic Ethereum Classic price chart analysis. Before you buy, hold, and trade ETC, we suggest that you take a minute and read up on ETH Classic’s current and future trends! You can refer to our easy-to-use crypto tracker for ETC’s current price. The tracker conveniently displays other relevant data such as Bitcoin prices and real-time figures for other leading altcoins including Ethereum, Litecoin, Cardano currency, and Bitcoin Cash.