What is ETC coin? A comprehensive introduction to ETC coin project in one article

Ethereum Classic (ETC), forked from Ethereum in 2016, emphasizes immutability and maintains the original Ethereum blockchain with Constantinople and Petersburg upgrades.

Oct 08, 2024 at 04:18 am

What is ETC Coin?

1. Overview

Ethereum Classic (ETC) is a decentralized blockchain platform that emerged as a hard fork of the Ethereum (ETH) network on July 20, 2016. ETC maintains the original Ethereum blockchain, which implements the Constantinople and Petersburg upgrades.

2. History and Genesis

ETC emerged as a response to a major hack of the Ethereum network in 2016, where $50 million was stolen. The ETC community opposed the Ethereum foundation's decision to perform a hard fork that would restore the lost funds, arguing that it violated the principle of immutability of the blockchain.

3. Key Features

ETC shares many similarities with Ethereum, including its support for:

• Smart Contracts: Executable code that runs automatically on the blockchain
• DApps (Decentralized Applications): Applications that operate on the blockchain without central authority
• EVM Compatibility: Runs Ethereum Virtual Machine (EVM) bytecode, enabling the execution of smart contracts developed for Ethereum

4. Differences from Ethereum

• Immutability: ETC adheres to the immutability of the blockchain ledger, making it more difficult to reverse transactions.
• Ethereum Classic Improvement Proposals (ECIPs): ETC has its own set of improvement proposals that guide its development.
• Community Focus: ETC is heavily driven by its community and does not have a single centralized entity controlling it.

5. Use Cases

ETC is primarily used for:

• Decentralized Applications: Building and deploying DApps that are unaffected by potential changes in the Ethereum network.
• Smart Contracts: Creating and executing contracts that can automate business processes and remove the need for intermediaries.
• Cryptocurrency: ETC is traded and used as a store of value or medium of exchange.

6. Tokenomics and Supply

• Ticker: ETC
• Total Supply: 210,700,000 ETC (unchanged from ETH)
• Block Reward: 3.2 ETC per block

7. Mining

ETC uses the Ethash proof-of-work algorithm, which requires specialized hardware to solve complex mathematical problems and earn block rewards.

8. Community and Ecosystem

ETC has an active community of developers, miners, and enthusiasts who play a crucial role in its growth and adoption. The ecosystem includes various projects such as wallets, exchanges, and decentralized applications.

9. Market Performance and Future Prospects

ETC has experienced fluctuations in value like other cryptocurrencies. Its price and demand are influenced by factors such as market sentiment, industry developments, and adoption of decentralized technologies. The future growth of ETC depends on the development and adoption of DApps and other blockchain-based solutions.