Ethereum Classic (ETC)

The exchange rate of one ETC at 13:36 UTC is 27.74$

Chart | Average rate

The appearance of the “ETC” cryptocurrency in 2016 is associated with the hard fork of the “Ethereum” platform due to the hacking of the autonomous decentralized hedge fund “DAO”, which managed to attract more than $150 million from investors in just one month of existence. However, after a hacker attack on June 17 of the same year, the scammers managed to steal about a third of the entire capital, which caused panic among the participants, who forced Vitaly Buterin to cancel all transfers of the attackers and split the blockchain network into two branches, one of which was called “Ethereum Classic”.

If we compare these two cryptosystems, then “ETH” is a free source platform for the development of global decentralized applications, which already number several thousands, while “ETC” seeks to find the best way to manage digital cryptoassets.

At the same time, this cryptosystem still uses smart contracts in its infrastructure, which, after the conditions of the transaction are fulfilled, automatically conduct financial transactions. Transaction confirmation here takes place according to the outdated PoW algorithm, as a result of which this cryptocurrency can be mined using high-tech computing equipment.

However, during its existence, the “ETC” protocol has been subjected to “51% attacks” many times by unscrupulous miners who could make double transactions with debiting funds to their accounts, which led to the need to develop and implement a new anti-fraud system called “MNSS” at the end of 2020.

Despite the commitment to outdated blockchain technologies, the developers of Ethereum Classic are now forced to make changes to the program code, including the Thanos update with a change in the hashing algorithm from Ethash to EtcHash. In addition, at present, cooperation has been established with the Chainlink company in order to introduce decentralized oracles into the blockchain, allowing to work directly with almost any crypto networks.

The “ETC” cryptocurrency is in the TOP-30 according to CoinMarketCap with a market capitalization of about $ 7 billion, and almost all known trading platforms can be used to buy or sell it, not excluding Binance, Bithumb, Gate.io, Coinbase Exchange, Bitfinex, Poloniex, Kraken, KuCoin, etc.