What is ETC?
ETC (Ethereum Classic) is a cryptocurrency belonging to the Ethereum Classic network, which relies on blockchain technology to execute transactions in a decentralized and secure manner. ETC represents an updated version of the Ethereum network, but it is characterized by its adherence to the Proof of Work (PoW) system to secure the network and add blocks, unlike its counterpart Ethereum, which has transitioned to Proof of Stake (PoS). Ethereum Classic was established in 2015 after a hacking incident that affected the Ethereum network, leading to its split into two networks. ETC is one of the networks that offers decentralized solutions for managing smart contracts and allows developers to create decentralized applications (DApps) in a secure and efficient manner.
What is ETC?
ETC is one of the most important cryptocurrencies being traded, aiming to expand the horizons of digital currencies based on the decentralized blockchain, utilizing known mechanisms for data storage through blockchains, seeking to attract investors looking for fast, secure, decentralized services while retaining the right of decision-making and governance.
ETC project and its goals
ETC is the token of the ETHEREUM CLASSIC project, which is an open-source decentralized platform based on blockchain technology. It uses smart contracts to manage and launch its decentralized applications. The platform was established after the decentralized management hack of the platform and the embezzlement of a group of funds from the main Ethereum network, where Ethereum Classic is a derivative of Ethereum but with the same unique tools.
Comparison between Ethereum and ETHEREUM CLASSIC
While the name is clearly associated with Ethereum and its network, which is considered a global data computer, they have some fundamental differences that contribute to enhancing the distinctions and distinguishing them for traders.
Point of comparison
ETH
ETC
General overview
Reliance on smart contracts to build decentralized applications and using second-layer solutions to provide fast transactions across the chain
Merging the strong security system of Bitcoin's blockchain with Ethereum's fast transaction system attempts to create a balance that addresses the security gap that the Ethereum network has faced.
Consensus system
Proof of Stake
Proof of Work
Mining system
Negative
Positive
Rate of decrease in mining returns
Negative
20% and occurs every two years
Number of coins
Unlimited
Limited
Block reward
Variable
2.56 ETC
Current inflation rate
Variable
4.42%
Monetary policy
Variable, depending on the management style and decision-making
Fixed based on computational algorithms
Energy consumption rate
Less
Highest
Features of the ETHEREUM CLASSIC network
Applications on Ethereum Classic run uninterrupted for a year longer than the Ethereum platform, making ETC the longest-running and most reliable smart contract platform, where applications operate exactly as programmed without interruption, oversight, or third-party intervention, contributing to enhancing decentralization within the platform. It is the only platform capable of adhering to such standards and operates on a decentralized network of nodes that validate transactions using Proof of Work (PoW) consensus technology, which is used to add new blocks to the blockchain, and transactions cannot be modified or removed, ensuring the stability of the chain and the data on it.$ETC
