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Why Is Ethereum Classic Still Around

Ethereum Classic A Sleeping Giant

Ethereum Classic A Sleeping Giant

Ethereum Classic (ETC), a fork of Ethereum (ETH), has been overlooked for a long time since most eyes were focused on the main Ethereum blockchain. However, this might come to an end quite soon as the number of ETH transactions are rising sharply and the network is starting to have difficulties to process them. As a result, the transaction fees are already spiking over $1. If this trend continues, the Ethereum network might reach a critical point before Plasma, a new technology that should massively increase the network throughput, is implemented. Since Ethereum Classic provides the same functionality, it is very easy to switch from ETH to ETC if such an overload happens. This would lead to a huge transfer of capital from Ethereum to Ethereum Classic. Here we can take a look at Bitcoin Cash (BCH) as an analogous example. Since Bitcoin failed to implement the SegWit2x hard fork, hundreds of thousands of unconfirmed transactions started to accumulate in the network and transaction fees jumped to tens of dollars. This made Bitcoin Cash with 8MB blocks to be seen as a viable alternative with the same functionality, but much faster and with lower fees. As a result, its price peaked in November 2017 to more than 0.4 BTC in the BTC/BCH market. At the time of writing, the BCH price is around 0.16 BTC. Although the analogy between ETC and BCH is clear, Ethereum Classic seems to be somehow forgotten and the exchange rate on the ETC / ETH market is as low as 0.032 ETH / ETC at the time of writing. Compared to BCH vs. BTC, the ratio is about 5 times lower. Predicting something in the crypto world is always uncertain. But if Ethereum starts having problems with the transaction capacity, which is quite likely to happen in the following weeks, there are high odds that Ethereum Classi Continue reading >>

Ethereum Classic Community

Ethereum Classic Community

Vitalik Buterin and The Ethereum Foundation create the first blockchain-based turing-complete smart contract platform Slock.it construct TheDAO Ethereum Contract; a security audit is completed by Dejavu TheDAO smart contract is deployed; members of the public send it value in return for DAO tokens Slock.it announce a $1.5 Million USD proposal, paid in Ether by the crowdfund, 'to guarantee the integrity of The DAO' On the last day of the crowdsale, DAO curator Vlad Zamfir calls for a moratorium on TheDAO, citing many game-theoretical security issues The crowdsale completes to become the world's largest and raising an incredible $150 Million USD Peter Vessenes publicly discloses the existence of a critical security vulnerability overlooked in many Solidiy contracts Stephan Tual publicly claims that TheDAO funds are safe despite the newly-discovered critical security flaw Ether is slowly and silently drained from TheDAO as the re-entry bug is applied The price of Ether is slashed in half as Griff Green announces that TheDAO has been hacked TheDAO's splitting mechanism gives around a month for a solution to be found that recovers the funds; Foundation and community developers race to implement a soft fork A group of 'white-hat' hackers secure 70% of TheDAO funds but protocol-level action is required to save the remaining 30% split by the hacker The Ethereum Foundation releases a 'Soft Fork' client to censor transactions coming from the hacker; mining pools vote to enable it by lowering gas limit Critical Denial of Service flaws are found in the Soft Fork implementation, miners quickly decide not to use it Many days of intense arguing goes on in the Ethereum community about the pros and cons of implementing a Hard Fork The only remaining option is a controversial Hard Fork. Continue reading >>

3 Reasons Why Ethereum Classic (etc) Will Be The Next Big Coin

3 Reasons Why Ethereum Classic (etc) Will Be The Next Big Coin

in cryptocurrency 3 years ago (edited) 3 Reasons Why Ethereum Classic (ETC) Will Be The Next Big Coin Poloniex.com opened trading for Ethereum Classic (ETC) tonight and the crypto world is in a frenzy. People are panicking to buy, sell and figure out what the hell Ethereum Classic even is. Unless you live in a cave, you should know by now Ethereum recently went through a hard fork and it has the Ethereum community split in half. The end voting process was to move forward with the hard fork but like most elections even when 51% of the community agrees on a position that leaves 49% in distraught. As a result Ethereum Classic has been born which is what some would call a "pure" form of Ethereum (the non-forked version) while others would simply call it a scam. I'm under the belief that Ethereum Classic will be the next big coin and here are 3 quick reasons why. The following article is the expressed opinions of only myself and should not be taken as investment advice. At the time of writing this article the author (myself) holds a long position in mentioned Ethereum Classic (ETC) and holds no other interest in any of the other coins shown or mentioned. Please invest at your own risk and PLEASE do your research prior to making any investment decisions. #1. Almost half the community was against hard forking the coin. "Big banks! Centralized! Everything you stood against." These were some of the words thrown around by those oppose the fork, which truthfully felt like almost half the community. As a result the hard fork left many investors, miners, and supporters of Ethereum feeling salty. Ethereum Classic now provides an alternative voice for those who still feel the community made the wrong decision and again remember - that was almost half the community. One of the best ca Continue reading >>

What Is Ethereum Classic? Ethereum Vs Ethereum Classic

What Is Ethereum Classic? Ethereum Vs Ethereum Classic

What is Ethereum Classic? Ethereum vs Ethereum Classic Angel Investors, Startups & Blockchain developers... If you have been involved with cryptocurrency , then there is no way that you dont have an opinion on this. The battle between Ethereum and Ethereum Classic is both an ethical and ideological one. Before we start explaining the basic difference between the two and drawing our own conclusions, it is important for us to know a little bit of history. A lot of things needed to happen for us to arrive in this conjecture. So, lets dial back the clocks and check out some of the most critical points in not just Ethereum history, but cryptocurrency in general. The entire ecosystem of Ethereum works on the basis of smart contracts. For the uninitiated, smart contracts are basically how things get done in the Ethereum eco-system. To put it in layman terms, smart contracts are automated contracts that enforce and facilitate the terms of the contract itself. The DAO aka the Decentralized Autonomous Organization was a complex smart contract which was going to revolutionize Ethereum forever. It was basically going to be a decentralized venture capital fund which was going to fund all future DAPPS made in the eco-system. The way it worked was pretty straightforward. If you wanted to have any say in the direction DAPPS that would get funded, then you would have to buy DAO Tokens for a certain amount of Ether. The DAO tokens were indicators that you are now officially part of the DAO system. So, how were DAPPS going to get approved and built? Well, firstly they need to get whitelisted by the curators, who have basically known figureheads in the Ethereum world. After getting their stamp of approval, they will get voted on by the DAO token holders. If the proposal gets a 20% approva Continue reading >>

What Is Ethereum Classic? Should You Invest? - Econotimes

What Is Ethereum Classic? Should You Invest? - Econotimes

What is Ethereum Classic? Should You Invest? Ethereum is a blockchain-based platform. Its purpose is to enable decentralized application development. There are now two different versions of this platform in existence. The first version is known simply as Ethereum (ETH). This is the official version, and more commonly known. It is maintained by its original developers, including Vitalik Buterin . However, there is now a secondary version of Ethereum known as Ethereum Classic ( ETC ). While this shares many similarities with the original version of Ethereum, it also has some fundamental differences. It is also managed and maintained by a completely different team of developers. What Led to the Creation of Ethereum Classic (ETC)? In June 2016, the Distributed Autonomous Organization (DAO) was hacked. The DAO was the most notable Ethereum project of its time. The aim was to provide a new decentralized business model. It worked by allowing investors to send money to the DAO and sending them voting tokens in exchange. The investors could then use these tokens to vote in a democratic system that would decide how the funds would be invested. In a public crowdsale, the organization managed to raise a massive $150 million worth of ether. However, just as voting was about to begin, the DAO was hacked, and over $50 million were stolen. After much discussion, the Ethereum community agreed that they would vote to decide what would happen next. This vote revealed that most of the network wanted to change the code of Ethereum to send the funds back to the investors - and away from the hacker. However, a noticeable proportion of the community disagreed with this action. They vehemently argued that immutability is one of the major qualities of the blockchain and that it should not be ch Continue reading >>

Where Will $etc Ethereum Classic Go? Been Investing Since Day 1 : Ethereumclassic

Where Will $etc Ethereum Classic Go? Been Investing Since Day 1 : Ethereumclassic

Lets start out by wishing you all Happy new Year. Think positive. Do good stuff. Stay healthy. Help out your family. In this post, I will talk about Ethereum Classic and my journey and what I have been doing for past 1 and half year. So I bought ETH in the spring 2016, and holded for a few months. I then sold all My eth at the forktime because of etc. Everyone said that the eth will die out and not survive. Btw I was new to crypto in general back then. Then I bought etc the first day it hit poloniex, and I bought a ton. I have holded until now. So what have I done in the meantime? I have lost hundreds of thousands of dollars by not selling on the top and buying the dip. I have missed out other pumps because I am all in etc. All in all, I have lost maybe millions in potential profit but I dont want to repeat my selling misstake. Thats why I dont daytrade. I have a twitter account and have been supporting etc there and spreading nice words about it and also on telegram and other platforms. I did that for free. So much stress, anxiesty and work for nothing. Would I do it again? Probably. I am just dissapointed about etc not hitting 0.01 in etc/btc pair despite all the good news. Etc seem to be stuck and everytime it pumps some butthurt idiots will come and spread fud and say by on the dip etc, its gonna go down. I just hold and hope for the best. It should atleast be 1:2 to ethereum. I would be happy with even 1:5. But the reality is, etc wont overtake eth. I hope I am wrong. Me and the few I know in the etc world, holds a very large amount of etc. They sometimes call us whales etc, even tho I dont daytrade. I just watch chart every 15 minute and check twitter etc. All that for nothing. I have waited for a large pump. I have made lots of profits if I sell my coins now. Bu Continue reading >>

Ethereum Classic Price Inches Closer To $30 Once Again

Ethereum Classic Price Inches Closer To $30 Once Again

Ethereum Classic Price Inches Closer to $30 Once Again As we have seen over the past few weeks, it is evident the cryptocurrency markets are still pretty volatile. While things looked to be in a good place last night, this morning has resulted in a lot of losses again. All major cryptocurrencies are down between three to seven percent. One exception is ETC, as the Ethereum Classic price is still up by 12.5% compared to 24 hours ago. With most cryptocurrency markets in the red once again, it is always interesting to see who can buck this trend successfully. When Bitcoin loses value, it is an excellent time for altcoins to improve their BTC ratio. Unfortunately, that doesnt appear to be happening all that much right now, other than where the Ethereum Classic price is concerned. Unlike all other currencies, the Ethereum Classic price is still in the green over the past 24 hours. More specifically, the Ethereum Classic price has increased by 12.58% in the past 24 hours. Given Bitcoins current 3.4% loss in the same period, this gain is pretty interesting to keep an eye on. After all, it further confirms ETC is making up lost ground in the BTC ratio department as well. Otherwise, the Ethereum Classic price would have significantly declined USD value as well, just like any other cryptocurrency on the market right now. To put this into perspective, the Ethereum Classic price went up by 15.58% in USD value, pushing the price to $29.63. At the same time, the ETC/BTC ratio rose by 17.72% in favor of the alternative cryptocurrency as well. With such solid gains in both departments, things are looking pretty solid for Ethereum Classic right now. Even so, there is a very real chance the negative momentum will eventually drag ETC with it, although it remains to be seen how things evo Continue reading >>

Huge Plans For Ethereum Classic (etc) As 2018 Is Moving Forward

Huge Plans For Ethereum Classic (etc) As 2018 Is Moving Forward

Huge Plans for Ethereum Classic (ETC) as 2018 is Moving Forward Home All Posts ...Huge Plans for Ethereum Classic (ETC) as 2018... 3 days ago By Maja Rogic 1971Views 0Comments Ranked as 16thcurrency on the global coin ranking list, Ethereum Classic (ETC) has started off this Monday by trading in the green as all currencies are trying their best to recover from the most recent market dip that went on for weeks while sinking the majority of coins and causing disruption in the price. Although ETC got back to trading in the red only a day after the initial rise, we are more interested in analyzing the plans ETC has for the rest of 2018 as their team has gone through some significant changes. What ETC has installed for the rest of the current year and how will the new team members affect the progress of Ethereum Classic as the year is slowly unraveling? The original team behind ETC has gone through some substantial changes, so now we have two additional members joining the team with the idea to improve the way Ethereum Classic is operating. Since it is a well-known fact that the world of blockchain technology and cryptocurrencies is more than fast-developing with constant progress and launching of innovations, the team behind Ethereum Classic is looking into their plans for the upcoming months of 2018. The team has seen some changes in form of additions of new team members to the already existing ETC team. One of the new members, Richard Schumann, will be working on graphics. His job would be to change and improve already existing graphics so the end users would be able to get the most out of what Ethereum Classic has to offer. With new graphics, there would be a new interface and that means that Ethereum Classic will be more oriented towards providing a user-friendly exper Continue reading >>

Ethereum Classic - Wikipedia

Ethereum Classic - Wikipedia

Ethereum Classic is an open-source , public, blockchain -based distributed computing platform featuring smart contract (scripting) functionality. [1] [2] It provides a decentralized Turing-complete virtual machine , the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum Classic also provides a value token called "classic ether", which can be transferred between participants, stored in a cryptocurrency wallet and is used to compensate participant nodes for computations performed. The classic ether token is traded on cryptocurrency exchanges under the ticker symbol ETC. Gas, an internal transaction pricing mechanism, is used to prevent spam on the network and allocate resources proportionally to the incentive offered by the request. [3] [4] [5] [6] The Ethereum platform has been forked into two versions: "Ethereum Classic" (ETC) and "Ethereum" (ETH). Prior to the fork, the token had been called Ethereum. After the fork, the new tokens kept the name Ethereum (ETH), and the old tokens were renamed Ethereum Classic" (ETC). Ethereum Classic appeared as a result of disagreement with the Ethereum Foundation regarding The DAO Hard Fork. It united members of the Ethereum community who rejected the hard fork on philosophical grounds. Users that owned ETH before the DAO hard fork (block 1920000 [7] ) owns an equal amount of ETC after the fork. Ethereum Classic passed a technical hard fork to adjust the internal prices for various opcodes of the Ethereum Virtual Machine (EVM) on October 25, 2016, similar to the hard fork committed by Ethereum a week previously. The purpose of the hard fork was a more rational distribution of payments for resource-intensive calculations, which led to the elimination of the favorable con Continue reading >>

Ethereum Classic Vs Ethereum: A Step-by-step Guide | Finder.com

Ethereum Classic Vs Ethereum: A Step-by-step Guide | Finder.com

Born out of a hack and a philosophical disagreement in the Ethereum community, Ethereum Classic has become one of the top cryptocurrencies on the market. Starting life as Ethereum, Ethereum Classic (and its value token, ETC) is the result of a long debate over how cryptocurrencies should handle disagreements within the community and data hacks. That does not mean its in any way a lesser entity than Ethereum. On the contrary, the community behind Ethereum Classic aims to make Ethereum Classic the best cryptocurrency on the market. Ethereum Classic is an open-source, peer-to-peer, computing platform based on blockchain technology and the original Ethereum code. Just like Ethereum, it provides a value token, or altcoin, called classic ether which is used to pay users for products and services, and as a transaction fee when using decentralized apps and smart contracts. The story behind The DAO attack and subsequent hard fork decentralized autonomous organizationbuilt on the Ethereum platform. It was meant to allow users to invest in the development of decentralized apps to run on the Ethereum blockchain. By May 2016, The DAO had accumulated over $150 million, and was ready to begin its operations. Then a paper was released detailing a security flaw in the DAO architecture. Developers of The DAO ignored the concerns raised and moved forward with their operations. In June 2016, The DAO was hacked using the same security flaws outlined in the paper and approximately $50 million were stolen. This hack and the debate that followed it caused a schism in the Ethereum community. On one hand, Ethereum developers could revert the hack back, returning all Ether coins to their respective owners. On the other hand, the very core philosophy of cryptocurrency is that the transactions can Continue reading >>

Ethereum's Two Ethereums Explained - Coindesk

Ethereum's Two Ethereums Explained - Coindesk

What started as an attempt to rescue investor funds in a high-profile project has resulted in a schism that has effectively split the community on the second-largest public blockchain. The split is not only psychological. Thanks to the design of public blockchain systems, it is also technical, with competing visions manifesting in two very real blockchains, or versions of the projects transaction history. As of this weekend, there are now two groups working on two competing versions of a project called ethereum , a blockchain-based platform designed to enable decentralized application development. If bitcoin envisioned how a distributed group of users could create and manage a currency, ethereum sought to allow a distributed group of users to create and manage a decentralized, uncensorable app store. (You can learn more in our latest CoinDesk Research report). However, there are now two slightly different versions of this platform available to users ethereum, the 'official' version of the blockchain maintained by its original developers, and ethereum classic, an 'alternative' blockchain maintained by a wholly new team . Both offer the same technology platforms, and according to developers, they're in agreement on a formal roadmap for steps forward. But, the small differences have created two markets, both with a combined value of roughly $1.2bn . Long the most notable ethereum project, The DAO, short for distributed autonomous organization, raised $150m in ether the cryptocurrency of the ethereum network earlier this year during a public crowdsale. Held online, anyone who had ether could participate. The idea was simple, in theory. Investors would send money to The DAO and receive voting tokens, and then those who invested (and voted) would decide democratically how Th Continue reading >>

Why Ethereum Classic Matters In 2018

Why Ethereum Classic Matters In 2018

Despite its low price, Ethereum Classic remains an important digital asset with a strong community. Ethereum Classic remains underpriced compared to the leading ETH asset, which has flown above $1,000. But ETC may still matter in 2018, both as a platform and a source of mining revenues. Right now, ETC does not look too good: its price has not recovered against Bitcoin, despite the nominal gains in dollar value. But there may be hidden upward potential in this coin, and perspectives for long-term growth. The fate of ETC in 2018 is contained in the recently released roadmap, featuring updates and the philosophy for the coin. The ETC project counts the building of a larger team as one of the milestones achieved in 2017: "The main accomplishment was that the team was established, that was a very challenging task, with very limited funding, under constant pressure from all sides and toxic environment, but by end of the year we grew up to 8 full time members in the ETCDEV team. The team got established development processes, working full time on core ETC projects, and will continue to grow." The ETC project has diffused the "difficulty time bomb" that it inherited from the Ethereum codebase. The blockchain, which contains the unaltered history of losses from the DAO hack, is taking on a different path, with an alternative policy of new coin creation. Ethereum Classic (@eth_classic) January 9, 2018 For 2018, the Ethereum Classic project has the main objective of scaling through side chains. Even at the moment, ETC is not as loaded by transactions as the Ethereum network. However, building a scaling solution in advance may be a benefit to the project. The other major area of development is an attempt to connect Ethereum Classic to the Internet of Things. The capability of work Continue reading >>

Why Ethereum Classic Must Die - Coindesk

Why Ethereum Classic Must Die - Coindesk

Jacob Eliosoff is a computer programmer and former Wall Street quant whoruns Calibrated Markets LLC, a cryptocurrency investment firm with holdings in BTC and ETH. In this opinion piece, Eliosoff discusses why he believes the ethereum community needs to unite around one implementation of the protocol, and why he believes it should be the version that opted for a controversial fork. The ongoing ethereum classic drama is yet another illustration of the great irony of cryptocurrency a technology invented as a way to form consensus keeps facing its greatest threat from the inability of its communities to form it. When there's a fork, it's important for the community to choose wisely between the two branches . But it's also important, often more important, for the community to converge on one branch. In a case like ethereum , which now has two competing versions, ethereum (ETH) and ethereum classic (ETC), not converging will do more harm than converging on the inferior branch. We've reached the point where there are only two realistic outcomes for ethereum: a bifurcated project, confusing users and developers, or convergence on the ETH chain. During the original fork debate, I saw legitimate arguments on both sides, though no clinchers. I wasn't an investor in The DAO, which struck me as doomed from the start, and saw no need to rescue its backers. Concentrating 4.5% of all ether in the hacker's hands wasn't ideal, but didn't seriously threaten the network either. The most common anti-fork argument is that fiddling with the ledger sets a bad precedent. This is true. But how bad? It's not like if this one sticks, we're all doomed to a future of hard forks any time the FBI asks or one of the admins loses a few coins. Whichever branch wins out, this fork has been messy enough Continue reading >>

Is Ethereum Classic (etc) A Good Investment?

Is Ethereum Classic (etc) A Good Investment?

Is Ethereum Classic (ETC) a Good Investment? Ethereum classic has emerged as one of the most popular altcoins since its big brother ether executed a hard fork on the blockchain after the DAO hack in July 2016 . During a little under a year of its existence, ethereum classic, which carries the ticker ETC, has managed to rally from under $1 to over $20 and has positioned itself within the top five largest cryptocurrencies in the market. You cannot talk about Ethereum Classic without talking about Ethereum first. Ethereum is a public open-source blockchain network that allows for the creation of smart contracts and decentralized apps (DApps). It was first proposed in 2013 by its founder Vitalik Buterin and went live in July 2015 after a successful ether token sale in July/August 2014. Ethereums digital token ether (ETH) has emerged as the second most popular cryptocurrency after bitcoin with a market capitalization of over $35 billion. The price of ether stands $370 at the time of writing, which also makes it the fourth most valuable cryptocurrency after bitcoin, Zcash, and Byteball . The Hard Fork That Created Ethereum Classic In April 2016, the Decentralized Autonomous Organization (DAO) was launched to act as a decentralized venture capital fund for cryptocurrency projects. It was built as a complex smart contract on the Ethereum blockchain and was meant to allow investors to vote on proposed projects that would then receive funding through the DAO. During its 28-day crowdfunding campaign, the DAO managed to raise $168 million dollars worth of ether and became the most successful cryptocurrency crowdsale to this day. However, there was a vulnerability in the DAO smart contract, which allowed a hacker to steal a substantial amount of the DAOs ether holdings on June 18, Continue reading >>

What Is Ethereum Classic

What Is Ethereum Classic

This guide was created with the purpose of answering any question user may have regarding Ethereum Classic (ETC) . In order to understand why and how ETC has come into existence, it's important to understand the events that lead to its creation: The DAO hack and the hard-fork. If you haven't followed these events, click here to read a brief summary. Ethereum Classic is not a new cryptocurrency, but instead a split from an existing cryptocurrency, Ethereum. Both blockchains are identical in every way up until block 1920000 where the hard-fork to refund The DAO token holders was implemented, meaning that all the balances, wallets, and transactions that happened on Ethereum until the hard-fork are still valid on the Ethereum Classic Blockchain. After the hard-fork, the blockchains were split in two and act individually. Ethereum Classic still offers the same features as Ethereum, such as the creation and deployment of smart contract and Decentralized applications, and has all the same specifications, such as average block time, size and reward. Part 2- Why was Ethereum Classic created The Hard-fork has been a controversial subject, that has split literally split the Ethereum community in two. Both sides have made some valid points regarding their position on the hard-fork debate. Users that did not support the hard fork point out that Code is law - the original statement of The DAO terms and conditions should stand under any circumstances Things that happen on the blockchain are immutable and they should never changeregardlessof whatthe outcome is There is aslipperyslope and once you modify / censor for onecourse/reason there is not a lot to keep you from doing it for other contracts The decision to return the money is short sighted and you might reduce the value of ETH d Continue reading >>

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