Ethereum Classic (ETC) current price is $4.887 with a marketcap of $533.56 M. Its price is 1.98% up in last 24 hours.
- Ethereum Classic (ETC)
- Live Price $4.887
24h % 1.98%
- Market Cap$533.56 M
- Volume$341.21 M
- Available Supply109.15 M ETC
More Info About Coin
When you see the word “classic” next to a product or service, the first images you get often relate to “retro” or maybe even “old fashioned.” When it comes to the Ethereum Classic cryptocurrency, neither of these connotations actually applies. Being the first does not always mean you are the classic.
Most reviews do a comparison between Ethereum Classic and the more popular Ethereum hard fork. That popularity is at about a 15 to 1 ratio, so there is a case for highlighting Ethereum. But it is more important to understand the original Ethereum as an investor because it is the foundation of the more popular Ethereum and several features of its development are at the heart of many other cryptocurrencies. (As a personal observation, it should be the new Ethereum that should have changed its name because without Ethereum Classic there would be no Ethereum.)
The Development of the Smart Contract
If you have heard the term smart contract, you can thank the developers of Ethereum Classic for it. Essentially it is a transaction waiting to happen, created by two parties and is stored in a blockchain. Once specific conditions are met, the smart contract is executed and the transaction is completed. The importance of the blockchain cannot be underestimated here, as it serves as a neutral place, an uninvolved third party, which prevents any tampering with the state of the smart contract.
One of the critical aspects of any cryptocurrency is security. Ethereum Classic brought this to a new, higher level with the inclusion of the smart contract, and is why it is often duplicated in other cryptocurrencies. Thus far, attempts to improve on it have been met with only pale enthusiasm.
Enter the DAPP
DAPP is an acronym for a Decentralized APPlication that can be run on the Ethereum Classic platform. Though cryptocurrencies tend to focus on financial applications, any number of non-financial applications can be created on an Ethereum Classic platform. Consider tracking and applying the number of likes on a Facebook page that could use the smart contract to hold the up vote until certain conditions are met.
But the more important, and critical, part of a DAPP is the fact that it is decentralized from a central repository. This gives the data that flow through any Ethereum app a security and privacy level that defines today’s modern cryptocurrency.
The non-technical DAO
In the context of the Ethereum world, though a DAO may sound like as it is technically oriented, in reality it is a funding organization for the application development on the original Ethereum platform. DAO is yet another cryptocurrency acronym - Decentralized Autonomous Organization.
In a community minded move, DAO funders would be the ones who would decide which application projects would get the funding. A minimum 20 percent approval of all DAO funders would grant approval for the funding of any particular application.
The Cause of the Ethereum Split
What happened is that a security barn door was left open that you could move all the animals in Noah’s Ark through. Someone (a person or persons) took $50 million in funding and basically got away unmolested. The technical reasons are beyond the scope of this review, but suffice it to say that all one needed was some basic programming skills.
The solution was to create a new blockchain, but because of the $50 million loss the vast majority of the original Ethereum holders jumped ship to start what is known as Ethereum. What is weird about all this hubbub about the theft is that it had nothing to do with the Ethereum platform! In fact, the fault lay at the feet of the DAO. Remember, the DAO is not an Ethereum technology, which is why it was important to make the distinction earlier.
Where Ethereum Classic Stands Today
Only about 10 percent of the original Ethereum holders stayed and were rewarded with their cryptocurrency being renamed as a “Classic.” That percentage still holds true today, with most investors presumed to be speculators or simply loyalists. In an act of independence, creators of the Ethereum Classic hard fork did not make it backwards compatible, creating two very idealistic and hostile camps.
If you are considering investing in Ethereum Classic, the fact that the perceived problem has been fixed should be reason enough to give you confidence in the cryptocurrency. It can be argued that changing the name of the original Ethereum gives it the appearance that it is old and a relic.
The lesson to be learned from Ethereum Classic is that the general public loves new, shiny things, even if there is nothing wrong with the original version. When looking to invest in the world of cryptocurrency, remember this because not everything shiny and new is necessarily gold.
Pros & Cons
|People can save money cost on Ethereum projects simply by switching to Ethereum Classic.||Ethereum Classic may not follow the future changes made to Ethereum.|
|The price of ETC will skyrocket if people start switching to Ethereum Classic.||Smaller developer support and public interest than Ethereum|
BCrypto Investment Tip
Ethereum Classic is a copy of the Ethereum blockchain but with a better future and use case. Ethereum Classic focuses on the internet of things (IoT) with the goal of connecting the global devices to increase their efficiency. The system provides an immutable cover where account details cannot be altered without your direct consent. The IoT is the next big thing in the tech industry estimated to hit $10 trillion in the 2020s. If ETC could take at least 5% of that $10 trillion it would be worth hundreds of dollars.