Ethereum Classic is a term referring to a digital cryptocurrency called "Ethereum" which split into two different versions due to a disagreement among its community.
"Ethereum Classic" specifically refers to the version that stayed true to the original principles and didn't make certain updates.
Full definition
The code issued
on ethereum classic after the split has remained in step with the ethereum project, as the classic team has been copying over many of ethereum's code changes.
Based on a series of interviews with participants in the space, and posts across multiple social media outlets, the value propositions
for ethereum classic break down into three categories.
Last summer, the ethereum blockchain experienced a controversial hard fork, a development that resulted in a minority of users creating the alternative
ethereum classic blockchain.
And the ongoing popularity of ethereum and
ethereum classic shows just how long it can take for the market to decide - if it will pick one winner at all.
Neither ethereum nor
ethereum classic seemed to prepare for the attacks, but the resulting gap in communications means that neither side is really pursuing action.
The community
around ethereum classic is planning to putting a cap on the total amount of blockchain tokens that will ever be created.
For proof of that, all you have to do is look at the rise in price
of ethereum classic, up from $ 5.86 on April 30 to $ 21.53 today.
Key Highlights
Ethereum classic price traded above the $ 15.00 handle recently against the US Dollar before starting a correction.
DCG also sees value
in Ethereum Classic as a smart - contract platform for the Internet of Things and as a micropayments layer.
The majority supported the post-fork version of Ethereum (ETH) while the minority remained at the pre-fork protocol and started to call the coin
as Ethereum Classic (ETC).
Cointelegraph Jeffrey Wilcke denied his connection with a complaint submitted to the SEC in regard to Grayscale's newly launched
Ethereum Classic Investment Trust.
[13][14][15] The people who continued
with Ethereum Classic advocate for blockchain immutability, and the concept that «code is law» [16] against the pro-fork side (Ethereum) which largely argued for extra-protocol intentionality, decentralized decision - making, and conflict resolution.
As for the value proposition of classic ethers, Arvicco stated that he sees the token being supported
by Ethereum Classic's underlying ideology, which it has detailed in a blog post.
As the number of transactions increase exponentially, it is only a matter of time before offshoot currencies
like Ethereum Classic begin to transform the market on cryptocurrency.
Co-founder of WizSec, a security startup best known for looking into the Mt Gox's transaction records, Maurice said he threw 10 GH / s of mining power
into Ethereum Classic when he saw the difficulty to mine a block fall below 1 %.
Following a hard fork last June that resulted from the infamous collapse of The DAO, supporters of
ethereum classic continued development on ethereum's original blockchain (ETH).
But the announcement that the largest exchange for Ethereum Poloniex began
trading Ethereum Classic turned out to be ETC's main driver of popularity.
The introduction of
ethereum classic comes after BTCC's chief executive officer Bobby Lee created a stir on Twitter in May by asking the cryptocurrency community to vote on which digital currency BTCC should list next.
Looking further down the list, Stellar declined 5.2 %
while Ethereum Classic shed 8.8 % (all figures courtesy of CoinMarketCap).
Ian DeMartino: At first you said you were going to
attack Ethereum Classic, what went into your decision - making at that time?
Hence, these market factors together with the ideological / technological factors need to be considered when determining an investment
between Ethereum Classic and Ethereum.
Given that
Ethereum Classic also shares a lot of similarities with Ethereum, ETC blockchain was not spared either.
The
post Ethereum Classic Price Technical Analysis — ETC / USD Surges Above $ 13 appeared first on bitcoinmining.shop.
Despite the fact that
Ethereum Classic ETC is the original version of Ethereum, investors and traders opted to shift to the newer version, Ethereum ETH, leaving the...
Cointelegraph Okcoin has denounced as «fake» reports it is following BTCC in
listing Ethereum Classic Chinese exchange OKCoin has said reports about it listing -LSB-...]
On the flip side though, there are many less places where new investors can
buy Ethereum classic than they can Ethereum ETH.
As part of this drive, supporters of
ethereum classic held their first formal meetup in London this week in what some supporters see as a launching pad for the newly created community.
The daily trading volume of
Ethereum Classic remains larger than Ripple and NEM, the third and fourth largest cryptocurrencies behind Bitcoin and Ethereum, at $ 326 mln.