What is the Ethereum Classic?
Ethereum Classic is an open source, open, blockchain-based distributed computing platform. It provides a decentralized, Turing-complete virtual machine that can execute scripts using a network of virtual machine nodes around the world.
The Ethereum Classic also offers a token that can be circulated among users and is called “Classic Ethereum”. The user can deposit the token in the password currency wallet to provide compensation for the computing power of each node participant. In order to prevent the emergence of large-value transactions for the purpose of the system breakdown, the Classic Ethereum has a trading pricing system called Gas, and all transactions that are willing to pay higher transaction fees will be given priority.
Ethereum Classic Ethereum Classic is a forked currency that is hardly forked after 1,920,000 blocks. Its function is very similar to that of Ethereum, referred to as Ethernet Classic/ETC. Before the fork, the classic Ethereum was directly called Ethereum. After the fork, the old forks are Ethereum classics, and the new forks retain their original names. The Ethereum has acquired an equal number of Ethereum classics before the advent of the 199000 data block.
The Origin of Ethereum Classic
After the theft of The DAO funds, Ethereum had to make a hard fork in order to develop in a better direction. After the hard fork of the Ethereum blockchain, the existing Ethereum network and the new network coexisted. A group of developers who insisted on the core value of the blockchain formed the Ethereum Classic, issuing a separate cryptocurrency, and a new currency, the Ether Classic (ETC), emerged. Since then, Ethereum has split into two lines of ETH and ETC.
Since the fork, the monetary policy of ETH and ETC has also moved to different paths. ETH currently has no upper limit and is in the stage of continuous issuance. The ETC has returned to the Austrian economics tradition, and plans to cut production in the form of bitcoin, and the total amount will not exceed 210 million.
In addition, the Ethernet classic based on the POW mechanism is also a greater advantage than the Ethereum. The core of digital currency is the consensus mechanism. The mechanism of POW based on workload proof has been proved to be the best system by the market. The top ten of the total market capitalization of digital currency is based on the POW mechanism.
The Concept of Ethereum Classic
ETC adheres to the concept of decentralization and guarantees a consensus mechanism through blockchain. ETC firmly believes that once the blockchain begins to operate, its development direction will not be dominated by any central team, but by the consensus of the entire network personnel and the consensus of the entire network. The purpose of the etheric classic is to "continue an Ethereum to review the system" and "provide a choice space for those who oppose hard forks."
Intro to Ethereum Classic
Release Date: 2015-11-01 Total Issues: 210,000,000
Total liquidity:106,360,729 Circulation market value: 629,000,000USD
ETC white paper: https://ethereumclassic.github.io/assets/etc-thesis.pdf
Official website: https://ethereumclassic.org/
Block query: http://gastracker.io/