Ethereum Classic (ETC) Explained

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Ethereum Classic (ETC) is an open-source, decentralized blockchain platform that runs smart contracts. It is a fork of the Ethereum (ETH) blockchain, with the main difference being that ETC has not implemented a hard fork to reverse the outcome of the DAO hack, while ETH has. This means that ETC still includes the original state of the Ethereum blockchain, including the stolen funds from the DAO hack.

Ethereum Classic and Ethereum share the same technology stack, which allows for the creation of decentralized applications (dApps) and the use of smart contracts. However, the two projects have different communities and governance structures. ETC has a smaller community compared to ETH and is considered to be more decentralized in terms of development and decision-making.

What Is Ethereum Classic?

Ethereum Classic (ETC) is a blockchain platform and cryptocurrency that is a fork of the Ethereum (ETH) blockchain. It was created in 2016 following a controversial hard fork of the Ethereum network, which was implemented in order to reverse the outcome of a hack on the Ethereum-based Decentralized Autonomous Organization (DAO).

While the Ethereum community agreed to implement the hard fork, a smaller group of users and developers chose to continue using the original, unaltered blockchain, resulting in the creation of Ethereum Classic.

Like Ethereum, Ethereum Classic allows for the creation of decentralized applications (dApps) and the use of smart contracts. However, the two projects have different communities and governance structures, with ETC being considered more decentralized in terms of development and decision-making.

Special Features of Ethereum Classic

Ethereum Classic has several unique features that distinguish it from other blockchain platforms:

  • Immutable Blockchain: Ethereum Classic's blockchain is immutable, meaning that once a transaction is recorded on the blockchain, it cannot be altered or deleted. This ensures the integrity and security of the network.
  • Decentralized Governance: Ethereum Classic is considered to be more decentralized in terms of development and decision-making compared to Ethereum. This allows for a more community-driven development process and reduces the influence of a small group of individuals or organizations.
  • Turing-Complete Virtual Machine: Ethereum Classic uses a Turing-complete virtual machine, called the Ethereum Virtual Machine (EVM), which allows developers to create complex smart contracts and decentralized applications.
  • ClassicGeth and ClassicSwarm: Ethereum Classic uses its own client, called ClassicGeth, and its own decentralized storage network, called ClassicSwarm, which are optimized for the Ethereum Classic network.
  • Monetary Policy: Ethereum Classic has a different monetary policy compared to Ethereum, with a fixed supply of 210 million ETC, which is mined over a period of about 130 years.
  • Replay protection: Ethereum Classic has replay protection, which means that a transaction in Ethereum Classic blockchain can only be valid on Ethereum Classic and not on Ethereum blockchain and vice versa.

Mining Ethereum Classic 

Mining Ethereum Classic (ETC) is the process of using computer power to validate transactions and add new blocks to the Ethereum Classic blockchain. Miners compete with each other to be the first to solve a complex mathematical problem, and the first miner to solve the problem is rewarded with a certain number of ETC.

To mine ETC, you will need to have a computer with a powerful graphics processing unit (GPU) and enough storage space to store the entire ETC blockchain. You will also need to download and install a mining software, such as Geth or Ethminer, and join a mining pool. Mining pools are groups of miners who work together to mine blocks and share the rewards.

Once you have set up your mining equipment and software, you will need to configure your miner to connect to the Ethereum Classic network and start mining. The mining process is energy-intensive and can generate a lot of heat, so it is important to have a proper cooling system in place.

It's worth noting that mining difficulty and the reward for mining blocks are subject to change over time, making it more difficult to mine ETC and earn rewards. Additionally, mining ETC is becoming increasingly difficult as the network's hash rate and competition increase.

Total Supply of Ethereum Classic

The total supply of Ethereum Classic (ETC) is fixed at 210 million coins. The ETC mining process creates new ETCs every block and this mining process is expected to continue for around 130 years. The ETC mining reward is currently 4 ETC per block. The mining reward will be halved every 5,000,000 blocks, which is approximately every 4 years.

It's worth noting that the total supply of ETC is different from the circulating supply, which is the amount of ETC that is currently in circulation and can be traded on the open market. The circulating supply of ETC can be affected by factors such as token burning, coin locking, or coins being lost or stolen.

Additionally, the ETC monetary policy has a cap of 210 million ETC and this cap will never be increased. This means that there will never be more than 210 million ETC in existence, and this will be mined over a period of around 130 years. This contrasts with Ethereum (ETH) which has no cap.

Mining Time for Ethereum Classic

The mining time for Ethereum Classic (ETC) will vary depending on the mining difficulty and the hash rate of the network. The mining difficulty is a measure of how difficult it is to mine a new block, and it is adjusted dynamically by the network to maintain a consistent block time of approximately 15 seconds.

The hash rate of the network is a measure of the total computational power being used to mine ETC, and it can also affect the mining time. A higher hash rate means that more miners are working on the network, and therefore, it will be more difficult to mine a new block.

As a rough estimate, the average mining time for a block of ETC is around 15 seconds. However, this can vary depending on the current mining difficulty and the hash rate of the network. It's worth noting that mining ETC is becoming increasingly difficult as the network's hash rate and competition increase, thus making the mining time longer.

It's also worth noting that the mining reward is subject to change overtime, making it more difficult to mine ETC and earn rewards. Additionally, the mining process is energy-intensive and can generate a lot of heat, so it is important to have a proper cooling system in place.

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