Author: Block Tao Source: Mitrade
ETC, the full name of "Ethereum Classic", can be translated into Chinese as "Ethereum Classic". It is an open source blockchain platform that can be used to write decentralized applications (DApps) run and driven by smart contracts.
ETC coin is the native cryptocurrency of Ethereum Classic, with a total of 2.1 billion pieces, a current circulation of 140 million, and a circulation rate of 67%. Similar to BTC, ETC coins have no private placement, no pre-sale, no reservation, and are completely produced through mining. However, the mining mechanisms and rewards of the two are not exactly the same, as follows:
Ethereum Classic (ETC coin) quotation chart▼
In April 2016, The DAO (Decentralized Autonomous Organization), the hottest project of Ethereum, was established, and in May it raised about 14% of the total circulation of ETH. Unfortunately, in June 2017, hackers attacked the project and stole 1/3 of the fundraising amount.
Faced with the attack, the Ethereum community proposed two solutions: one is to return all ETH to its original place to recover the loss by forking (i.e. modifying the Ethereum code); the other is to allow it to be stolen, but firmly oppose modifying the blockchain code.
In the end, more and more people supported the hard fork. One month later, Ethereum completed the hard fork to form Ethereum and Ethereum Classic. The team led by Igor Artamonov maintained the old chain and renamed it Ethereum Classic; while the official team led by Vitalik Buterin maintained the new forked chain, using the previous name Ethereum.
It should be emphasized that Ethereum Classic is the real parent chain, which was born earlier; while Ethereum is a child chain, which was formed later through a hard fork. In addition, although there are differences, ETH holders still receive the same amount of ETC airdrops after the fork.
Although ETC and ETH have a common ancestor, they are different in various aspects after the fork, as follows:
As of August 31, 2023, there are a total of 59 applications/protocols of Ethereum Classic, covering games, NFT, finance and other fields. Compared with Ethereum, ETC is far behind.
However, in the case of insufficient ecological development, the market value of Ethereum Classic can still surpass ATOM, FIL, ARB, Op and other public chain coins, which is inseparable from the consensus formed in its early days and always adhere to "Code is Law".
At present, Ethereum has abandoned this creed, indirectly making ETC. Therefore, the future development of ETC needs to continue to adhere to this principle and vigorously develop the ecology on this basis, because the development of public chains requires strong applications as support, otherwise it will just be an empty shell.
In the early days of the launch, ETC's performance was not very good and was always suppressed within 2 US dollars. In July 2016, ETC hit a record low of $0.45, and then followed the market to rise.
In January 2018, ETC coin showed amazing performance, rising to $45. However, a month later, ETC fell sharply and the market was cut in half. After that, ETC continued to fall.
In 2019-2020, ETC was in a bear market cycle, maintaining bottom consolidation, and never broke through the range of $4-12. It was not until 2021 that ETC came out of the bear market and soared all the way to $167, creating a historical high.
After reaching the peak, ETC continued to fall, and the rebound high continued to decline, but the low of $12 was smashed by the shorts 4 times without breaking. At present, ETC is at the tail of the descending triangle, which means that the market is about to change.
In the second half of 2023, ETC will probably fluctuate for a while. However, the production cut in 2024 is very close, and the possibility of ETC breaking upward driven by this expectation is relatively high, so it is appropriate to build a position.
According to the data, there are nearly 100 trading platforms that support ETC coins. Among them, centralized exchanges include Binance, KuCoin, Bitfinex, Bitrex, OKX, etc.
Biswap, Pancakeswap, MDEX, ApeSwap, NomiSwap, BabySwap and other decentralized exchanges (DEX) also support ETC coin transactions.
Bitwise Asset Management's acquisition of ETC Group enhances its European presence, adding $1 billion in assets and nine crypto ETPs to its portfolio. However, challenges remain for the crypto ETP market.
SanyaEthereum Classic (ETC) is a cryptocurrency, a blockchain, and a world computer.
JinseFinanceNerveNetwork has successfully deployed a cross-chain bridge from Bitcoin (BTC) to Ethereum Classic (ETC).
JinseFinanceETC Grants DAO has established a partnership with Alchemy Pay.
JinseFinanceOn May 31, 2024, the Ethereum Classic (ETC) network has successfully completed a production reduction (“Fifthening”), with the block reward reduced from 2.56ETC to 2.048ETC.
JinseFinanceThe core reason is that ETC is a POW blockchain with a fixed monetary policy that supports smart contracts in a highly secure environment.
JinseFinanceJinseFinanceETHW is facing resistance at $7 and $10.40. ETC is trading inside a descending parallel channel. ETHF is trading at an all-time low.
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