What is ETC currency
ETC (Ethereum Classic) is a cryptocurrency belonging to the Ethereum Classic network that 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.
#ETC Currency:
ETC is one of the most important cryptocurrencies traded, aiming to expand the horizon of digital currencies based on decentralized blockchain technology, using known mechanisms for data storage across blockchains, aiming to attract investors looking for fast, secure, decentralized services while retaining the right of decision and governance.
#ETC Currency Project and Its Goals:
ETC is the token of the ETHEREUM CLASSIC project, a decentralized open-source platform relying on blockchain technology in its operation and using smart contracts to manage and launch its decentralized applications. The platform was established after a decentralized administrative breach led to the embezzlement of funds from the main Ethereum network. Ethereum Classic is a derivative of Ethereum but retains the same distinctive tools.
#Comparison between Ethereum and ETHEREUM CLASSIC
While the name appears related to Ethereum and its network, which is considered a global data computer, there are some essential differences between them that contribute to enhancing the distinctions and differentiating them for traders.
Point of Comparison
ETH
ETC
General Overview
Reliance on smart contracts to build decentralized applications and using second layer scaling solutions to provide fast transactions over the chain
The integration of the strong security system of Bitcoin's blockchain and Ethereum's fast transaction system attempts to create a balance that fills the security gap that the Ethereum network has experienced.
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 management and decision-making personality
Fixed based on computational algorithms
Energy Consumption Rate
Lower
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, where these nodes validate transactions using the 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 chain's stability and the data on it.
