ETC

Overview of ETC

Ethereum Classic (ETC) is a hard fork of the Ethereum blockchain that occurred in July 2016. It is the original version of Ethereum that has not undergone any major changes, and it remains committed to the original principles of decentralization and immutability. ETC is a Turing-complete blockchain that supports smart contracts, which are programs that can automatically execute when certain conditions are met. ETC is used for a variety of applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming.

To obtain more information, you can visit their website：https://ethereumclassic.org/ and try to log in or register to use more services.

Pros and Cons

Pros:

1. Original Ethereum Blockchain: Ethereum Classic continues to use the original version of Ethereum blockchain. This indicates that the platform maintains the original principles of Ethereum and doesn't incorporate any updates or changes made after the Ethereum community split in 2016.

2. Exchange Support: Ethereum Classic is supported by multiple major cryptocurrency exchanges, such as Binance, Coinbase, and Kraken. It means that it's relatively easy for interested parties to buy and sell ETC tokens.

3. Wide Range of Storage Options: ETC token holders have a wide range of options when it comes to storing their tokens. They can use various digital wallets, like Trust Wallet and Ledger, which provide a measure of flexibility and choice for users.

Cons:

1. Developer Support: One of the main disadvantages of Ethereum Classic when compared to Ethereum is that it has less developer support. This could directly affect the quality and quantity of decentralized applications (DApps) and other projects built on the ETC platform.

2. Market Capitalization: Compared to Ethereum, Ethereum Classic has a lower market capitalization. This means that ETC has a smaller overall worth in the cryptocurrency market, which might make it a less attractive investment option for some individuals.

3. Updates and Innovations: Since Ethereum Classic follows the original Ethereum blockchain, it does not benefit from the frequent updates and innovations that Ethereum has implemented since the split. This can impact the platform's ability to adapt to changing market conditions and demands.

What Makes ETC Unique？

Ethereum Classic (ETC) carries its uniqueness in maintaining adherence to the original Ethereum blockchain following the split due to the DAO attack in 2016. It asserts the philosophy of “code is law,” meaning that once a smart contract is deployed on the platform, it should remain immutable, thereby upholding the principle of decentralised governance. This sets ETC apart from many other cryptocurrencies that have pursued upgrades, hard forks, or revisions to their protocols.

In terms of innovation, contrary to Ethereum and other cryptocurrencies, Ethereum Classic has followed a less aggressive path. Instead of prioritizing scalability as Ethereum has done with its transition to Ethereum 2.0, Ethereum Classic has remained consistent with its original Proof-of-Work consensus mechanism. It underscores ETC's commitment to preserving the original intent of its blockchain technology.

However, the choice to maintain the original blockchain has also resulted in lesser developer activity and fewer innovations related to DApps and smart contracts on the ETC platform compared to other cryptocurrencies. While this can be viewed as a major difference, it's equally important to note that this may limit the adaptability and competitiveness of Ethereum Classic in the constantly and rapidly evolving cryptocurrency landscape.

In summary, Ethereum Classic stands out in its steadfast adherence to the original Ethereum protocol and principles. Its divergence from the path of constant innovation, while maintaining the integrity of its initial form, differentiates it from other cryptocurrencies in the market.

Market & Price

Coin Airdrop

There have been several ETC airdrops in the past. In 2019, Huobi Global, a cryptocurrency exchange, airdropped $30,000 worth of ETC to its users. In 2020, the Callisto Network, a blockchain project, airdropped CLO tokens to ETC holders.

To be eligible for an airdrop, you typically need to have an ETC wallet address. You may also need to complete certain tasks, such as following the project on social media or signing up for a newsletter.

Circulation

The circulation of ETC is the number of ETC tokens that are currently in use. As of October 4, 2023, there are 132,576,162 ETC in circulation. The total supply of ETC is 230,000,000, which means that there are still 97,423,838 ETC that have not yet been issued.

The circulation of ETC is important because it affects the price of ETC. When more ETC is in circulation, the price of ETC tends to go down. This is because there is more ETC available to buy, which increases the supply. Conversely, when less ETC is in circulation, the price of ETC tends to go up. This is because there is less ETC available to buy, which decreases the supply.

How Does ETC Work？

Ethereum Classic (ETC) operates on a Proof-of-Work (PoW) consensus mechanism, similar to Bitcoin (BTC). In the PoW model, miners use computational energy to solve complex mathematical problems. Once a problem is solved, the miner adds a new block to the blockchain and is rewarded with ETC tokens.

Commonly used mining software for ETC includes Claymores Dual Ethereum GPU Miner, Phoenix Miner, and GMiner. These tools allow miners to utilize their computer's graphics processing units (GPUs) to mine ETC, although more dedicated and powerful hardware such as application-specific integrated circuit (ASIC) miners can deliver better results.

The speed of mining ETC, like most PoW cryptocurrencies, is dependent largely on the power of the mining hardware used, mining software efficiency, and the overall network 'difficulty' at the time of mining. Without considering the potential for pooled mining or the impact of rising difficulty over time, a high-performance graphics card might be able to mine ETC worth a few dollars per day.

In terms of transaction processing time, Ethereum Classic, with a block time of about 13 to 15 seconds, is faster compared to Bitcoin, which has a block time of around 10 minutes. This means that on average, ETC is capable of confirming transactions quicker than Bitcoin.

However, it's also important to note other factors at play. For instance, while this faster block time allows for more rapid transaction confirmation, it can also lead to a larger blockchain size and potentially more orphaned blocks.

When compared to other cryptocurrencies that use different consensus mechanisms, ETC's PoW can be seen as more energy-intensive and potentially less efficient. Newer consensus mechanisms such as Proof of Stake (PoS) or Delegated Proof of Stake (DPoS) often provide faster confirmation times and are less energy-intensive, but they also lack some of the egalitarian attributes associated with PoW, where anyone can theoretically mine newly minted coins.

Exchanges to Buy ETC

Several major cryptocurrency exchanges support the trading of Ethereum Classic (ETC). These exchanges provide a platform for users to buy, sell, and trade ETC against various pairs including other cryptocurrencies and fiat currencies. Here are some examples:

1. Binance: Binance is one of the largest and most widely used cryptocurrency exchanges in the world. It supports a wide range of cryptocurrencies for trading, including ETC. Binance enables users to trade ETC for other cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), among others.

See this link for details on how to buy ETC:https://www.gate.io/how-to-buy/ethereum-classic-etc

Buying Ethereum Classic (ETC) is a relatively straightforward process that can be completed on a variety of cryptocurrency exchanges. Here is a general overview of the steps involved:

• Choose an exchange: There are many cryptocurrency exchanges that support ETC trading. Some popular options include Binance, Coinbase, Kraken, Huobi, and OKX. Consider factors such as fees, trading volume, and supported currencies when choosing an exchange.

• Create an account: Once you have chosen an exchange, you will need to create an account. This typically involves providing some personal information, such as your name, email address, and country of residence. You may also need to verify your identity by providing additional documentation.

• Deposit funds: Before you can buy ETC, you will need to deposit funds into your exchange account. This can be done using a variety of methods, such as bank transfer, credit card, or debit card.

• Place a buy order: Once you have deposited funds, you can place a buy order for ETC. This means that you are specifying how much ETC you want to buy and at what price. You can choose a market order, which will execute your order immediately at the best available price, or a limit order, which will execute your order only if the price of ETC reaches a certain level.

• Store your ETC: Once your buy order has been executed, your ETC will be stored in your exchange wallet. However, it is generally considered more secure to store your ETC in a personal wallet, such as MetaMask or Exodus.



2. Coinbase: Coinbase is another popular cryptocurrency exchange that supports ETC. Known for its user-friendly interface, Coinbase offers the opportunity for users to buy ETC directly with fiat currencies like USD, EUR and GBP.

3. Kraken: Kraken is a US-based cryptocurrency exchange that also supports ETC. Users can trade ETC for various other cryptocurrencies and fiat on their platform. Kraken is known for high security and a broad selection of available cryptocurrencies.

4. Bitfinex: Bitfinex offers advanced trading features, high security, and multiple currency pairs for trading with ETC. It allows users to trade ETC with USD, EUR, GBP and JPY, as well as other cryptocurrencies.

5. Huobi: Huobi is a popular cryptocurrency exchange in Asia that supports a wide range of cryptocurrencies and trading pairs. ETC can be traded on Huobi with USD, EUR, GBP, and BTC.

6.OKX: OKX is another popular cryptocurrency exchange in Asia that is known for its high liquidity and trading volume. ETC can be traded on OKX with USD, EUR, GBP, and BTC.

7.Gemini: Gemini is a cryptocurrency exchange that is known for its focus on compliance and security. ETC can be traded on Gemini for USD.

8.FTX: FTX is a popular cryptocurrency exchange that is known for its advanced trading features and high liquidity. ETC can be traded on FTX with USD and BTC.

9.KuCoin: KuCoin is a popular cryptocurrency exchange that supports a wide range of cryptocurrencies and trading pairs. ETC can be traded on KuCoin with USD, EUR, GBP, and BTC.

10.Gate.io: Gate.io is a popular cryptocurrency exchange that supports a wide range of cryptocurrencies and trading pairs. ETC can be traded on Gate.io with USD, EUR, GBP, and BTC.

Please note the availability of ETC and trading pairs may vary between exchanges, and it's always important to consider the security features, fees, and fiat currency support of each exchange before making a decision on where to trade.



How to Store ETC？

Storing Ethereum Classic (ETC) involves using digital wallets designed to store cryptocurrencies. Here are some wallet types and suggestions for storing ETC:

1. Trust Wallet: Trust Wallet, owned by the popular cryptocurrency exchange Binance, is a widely-used mobile wallet that supports Ethereum Classic along with many other cryptocurrencies. It's an HD wallet which generates a new address for each transaction. Trust Wallet is compatible with both iOS and Android smartphones.

2. Ledger Nano S/X: Ledger Nano is a hardware wallet that allows users to securely store their ETC offline. It's considered one of the safest ways to store cryptocurrencies due to its enhanced security features that protect against both virtual and physical theft. Ledger offers two models, Ledger Nano S and Ledger Nano X, both of which support ETC.

3. Trezor: Trezor is another type of hardware wallet similar to Ledger. Trezor devices offer secure cold storage, storing your ETC offline and thus protected from online threats. Both of the main models, Trezor One and Trezor Model T, support ETC.

4. Exodus Wallet: Exodus is a desktop wallet available for Windows, MacOS, and Linux, but it also offers a mobile app. It provides an easy-to-use interface and integrates with Trezor hardware wallets for added security. Exodus supports a wide range of cryptocurrencies, including ETC.

5. ETC Wallet by Freewallet: This is a cloud-based ETC wallet that allows users to store, send, and receive ETC. It also features a built-in exchange for trading ETC against other cryptocurrencies.

However, its crucially important for each user to understand the potential risks associated with each wallet type. For example, while hardware wallets offer the best security, they can be costly and potentially lost or damaged. Online wallets, while more convenient, can make your ETC vulnerable to online hacking attempts. Therefore, users should consider their personal security preferences and the potential risks before deciding on a storage method for their ETC.

Is It Safe？

The safety of Ethereum Classic (ETC) depends on a number of factors, including the security of the ETC blockchain, the security of the exchanges that support ETC trading, and the security of the wallets that are used to store ETC.

The ETC blockchain

The ETC blockchain is a secure and robust network that is resistant to attacks. However, it is important to remember that no blockchain is completely unhackable. There have been a few high-profile attacks on the ETC blockchain in the past, but the network has always been able to recover.

Exchanges

The security of ETC exchanges varies depending on the exchange. Some exchanges have very strong security measures in place, while others are less secure. It is important to choose a reputable exchange that has a proven track record of security.

Wallets

The security of ETC wallets also varies depending on the wallet. Some wallets are very secure, while others are less secure. It is important to choose a reputable wallet that has a proven track record of security.

Overall, ETC is a relatively safe cryptocurrency. However, it is important to take steps to protect your ETC by using a secure exchange and wallet.

How to Earn ETC Coins ？

Existing in the market since 2016, Ethereum Classic (ETC) is a decentralized platform that runs smart contracts. Given its unique fundamentals and market position, certain types of investors and users might find ETC suitable for their needs. However, as this advice is entirely objective, individual circumstances and risk tolerance might differ, leading to different decisions.

1. Long-Term Investors: Investors who believe in the original vision of Ethereum blockchain and are prepared to hold on to their investment over an extended period might consider investing in ETC. However, keep in mind that ETC's growth prospect might be less compared to some other high-innovation cryptocurrencies given its adherence to the original blockchain.

2. Project Developers: ETC might appeal to developers or businesses looking to build or migrate decentralized applications (DApps) or smart contracts using the original Ethereum blockchain.

3. Short-Term Traders: Traders willing to take advantage of market volatility might also consider ETC. The value of ETC, like most cryptocurrencies, can fluctuate significantly in short periods, providing opportunities for short-term buying and selling.

4. Diversification: Those looking to diversify their cryptocurrency portfolio might consider ETC as one of their options due to its unique foundations and it being a top player among altcoins.

5. Community-Supporters: Individuals who strongly believe in the “code is law” philosophy and are in favor of ETC's immutability principle might want to support ETC, either by investment, development, or promotion.

Before buying ETC or any other cryptocurrency, individuals should conduct thorough research and consider the following:

- Cryptocurrency investments, including ETC, are subject to high market risk due to their price volatility.

- The security of digital assets is crucial. Choosing a reliable cryptocurrency wallet and protecting private keys is essential to prevent loss or theft.

- Be aware of legal and tax obligations within your jurisdiction related to cryptocurrency ownership and transactions.

- Potential investors should consider seeking advice from financial advisors or professionals familiar with cryptocurrencies.

Remember, prudent and informed decision-making is fundamental when dealing with cryptocurrencies.



Conclusion

Ethereum Classic (ETC) is a cryptocurrency that originated from the original Ethereum blockchain. Principal to its philosophy is the concept of “code is law,” emphasizing the immutability of smart contracts. ETC, while less subjected to active development and updates compared to Ethereum, remains a significant participant within the cryptocurrency market. It's supported by several major exchanges and can be stored securely in various wallets.

The development prospects for ETC may hinge on how its principle of adhering to the original Ethereum blockchain resonates within the broader community and how effectively it can attract developer interest given its less frequent updates and innovations. Its unique position could be appealing to a specific audience who value immutability above else.

As a tradable asset, like most cryptocurrencies, ETC has seen fluctuations in its market value. Whether it can generate returns or appreciate over time would largely depend on a variety of factors including market dynamics, investor sentiment, technological developments, and regulatory changes among others.

Potential investors should be aware of the inherent risks of cryptocurrency investments, including significant price volatility, and are advised to research thoroughly and possibly seek advice from financial professionals. It's essential to make informed decisions based on individual financial circumstances and risk tolerance.

FAQs

Q: What are some exchanges that support the trading of Ethereum Classic？

A: ETC is tradable on several major exchanges including Binance, Coinbase, Kraken, and Bitfinex, among others.

Q: Which wallets can I use to store ETC securely？

A: Users can store ETC in various types of wallets, such as Trust Wallet, Ledger, Trezor, and more.

Q: What differentiates Ethereum Classic from other cryptocurrencies？

A: Ethereum Classic distinguishes itself by adhering to the original Ethereum blockchain and the principle of “code is law”.

Q: What are the advantages and disadvantages of Ethereum Classic？

A: Smong the advantages of Ethereum Classic are maintaining the original Ethereum blockchain and broad exchange support, while less developer backing, lower market cap, and fewer updates are among its drawbacks.

Q: In terms of mining, how does Ethereum Classic compare to Bitcoin？

A: Ethereum Classic, like Bitcoin, operates on a Proof-of-Work consensus mechanism, but it has a faster transaction processing time due to its shorter block time.

Q: Who is an ideal candidate to buy Ethereum Classic tokens？

A: Potential buyers of Ethereum Classic include long-term investors, project developers, short-term traders, individuals seeking portfolio diversification, and those supporting ETC's philosophy.

Q: How can Ethereum Classic's future evolution and profitability be summarized？

A: Ethereum Classic's future growth and profitability will hinge on factors such as community acceptance of its principles, developer interest, market dynamics, investor sentiment, technological advancements, and regulatory changes.