The modern platform for working with blockchains – Ethereum has been functioning on the crypto-focused market for only a few years, but during this time it has managed to undergo several changes and stand out in some separately functioning directions. The operation principle of the standard and basic solutions are based on identical technology, the reason for the separation was a hacker attack and the subsequent hard fork. Working with Ether Classic, the prediction for 2022 assumes a planned growth of the exchange rate and attracting more potential customers.
Ethereum Classic Info
ETC as the digital asset operates on the grounds of the eponymous decentralized, open-source platform that implements smart contracts. The token was created after the branching of the Ether blockchain, becoming its extension. The hard fork turned out to be the solution to the ETH community as a means to restore funds and reputation.
It was the introduction of a novel rule into the digital ledger, a so-called update of the software. Thus, the code with the algorithms work changed, and new technologies were introduced. Thus, the digital ledger was split into two, when the Ethereum community refused to follow the previous protocol.
The 2016 Ether hard fork was generated to compensate financiers of The DAO – smart contract that works as a project fund, a hacker attack on which allowed them to withdraw about $50 million. The focal problem is the percentage of stolen tokens to their total number. Hard fork facilitated the creation of a novel blockchain branch, in which the illegal transactions became invalid. Part of the members, which prioritized the principles of decentralization over compensation for losses, opposed the hard fork and went on using the classic network, renaming it — Classic Ethereum.
Ethereum Classic is a fully decentralized EVM or Turing-complete virtual machine, which executes the programs on the network’s public nodes. From a technical viewpoint, thanks to the proprietary ETC compiler, it is much easier to adjust smart contracts.
The ETC blockchain’s main functionality is a smart contracts-based network that can generate and operate decentralized applications called DApps.
How to Create an ETC Wallet
As with almost any cryptocurrency, there are several options where to store Ethereum Classic. Many crypto wallets support the coin. Among them, there are:
- hardware – Ledger, Trezor;
- online wallets;
- mobile wallets;
- exchange wallets.
You can also get started with ETC easily using ETC wallet online service. This mono ETC wallet is probably the best solution for fast transactions if you don’t plan on storing large amounts.
The Development Team
Several independent designer teams are controlling the support and improvement of the coin network at once, there is not just one centralized management. A part of the network nodes run on the Parity client, some-on Geth Classic.
Among these teams there are:
- ETC Labs
- Ethereum Commonwealth
- ETC Cooperative
- ETC Dev
The Complexity of the Classic Ethereum
The intricacy of hashing expresses the time of processing a transaction and then getting a reward for the network – it is determined by the equipment power with the complexity of data processing. The more miners in the network, the more advanced the complexity of hashing due to competition. Recently, the complexity of ETC has increased considerably — up to 360+ TH/s.
In 2017, the hard fork named Die Hard was held, averting the mixing of Ether, ETC transactions. This hard fork successfully suspended the “complexity bomb” rooted in the ETH code to exponentially upsurge the complexity of hashing and the procedure of calculating the network’s novel blocks. Unlike the main ETH network, ETC does not plan to switch to PoS.
Ethereum Classic: Features of Mining
Ether Classic, like regular ETH, operates on the Ethash – Dagger-Hashimoto algorithm. AMD and Nvidia graphics cards (GPU) for 3-4 GB and higher, along with special Asics are appropriate for mining. Users can hash ETC using the power of a PC without assembling huge farms and substantial energy consumption.
ETC mining offers various pools-combining miners into one network:
Important! When choosing an Ether Classic pool for mining, check the amount of computing power in the network along with miners. If more people hash the coin in this pool, the search for the essential block becomes faster and, the more efficient the work process becomes.
Mining ETC is profitable since the hash rate of the network is less than that of the original version. You can estimate the profitability for hashing Ether Classic using any mining calculator.
Ethereum Classic: Cryptocurrency Forecasts
The creators of ETC are optimistic in their predictions. Regardless of the point, that the reputation of the digital ledger has significantly suffered because of hacker attacks, the network shows stability and positive dynamics of growth. The focal question is further security: if the developer teams can secure the blockchain and appeal to the DApps creators, this network will advance.
Ethereum Classic Exchange Rate Chart
The value of the token is growing quite steadily, experiencing other small corrections. Since the beginning of 2021, the price has increased by almost 1800% and in the first weeks of May, it approached the $110 mark. Why has Ether Classic grown:
- The crypto marketplace is in a bullish trend — many coins are undergoing an upward trend;
- Ethereum’s plans to switch to the PoS algorithm incline hashers to pay attention to other promising coins that can be further mined, and in ETC, the yield may be lower, but more stable;
- Crypto fans ‘ faith in the project and support from major players;
- A limited maximum offer implies a further increase in the cost;
- Growth in the number of traders and engineers
- Stability and reliability of the coin.
What will Happen to Ethereum Classic in 2021
The classic version of the “Ether” has several advantages over the separated analog. These points can serve as a good reason for financial investments of investors:
- The stability of the work, due to the absence of fundamental changes since the development and release of the project.
- The conflict with the hacker attack was resolved without interfering with the internal code of Ethereum. Developers are actively testing for third-party flaws that can contribute to unauthorized pumping of ether;
- An increased level of protection and support by the largest electronic currency trading exchange, which occupies a leading position in the field of working with cryptocurrency;
- The planned issue will make the accumulation of ether more attractive and open up new opportunities for the rapid growth of the exchange rate on the market ;
- A good level of liquidity, indicating that the payment solution is in demand by users around the world.
The above factors open up new prospects for the further development of the direction and large investments. A parallel analysis of the changes in the value over the past year also indicates a stable appreciation of the exchange rate.
Will the Rate Increase?
Operating with the Ethereum Classic cryptocurrency, the forecast for 2021 is favorable against the dollar. Modern technical and software tools allow you to exchange modern electronic currency between each other and for real money, while both Ethereum options are in high demand and can become a direct competitor to Bitcoin.