What is Ethereum Classic (ETC)?

What is Ethereum Classic (ETC)?

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Ethereum Classic is based on the initial, original blockchain of Ethereum that allows developers to create decentralized applications (DApps) and to run smart contracts. Ethereum Classic is renowned for the unwavering loyalty of developers who are committed to blockchain technology and its future performance.

Ethereum Classic is the perfect representation of the interchangeability of cryptocurrencies in addition to the immutability of their blockchains. Ethereum Classic is different from Ethereum, and while Ethereum is subject to further developments and expansion, Ethereum Classic remains faithful to its original principles.

 

Component Ethereum Classic (ETC)
Technologies DApps, Smart Contracts, EVM, Turing Complete
Market Capitalisation $7.45 billion
Open-Source Yes
Consensus Mechanism Proof-of-Work
Smart Contracts Yes
Founders/Authors Ethereum Classic is led by the Ethereum Foundation, Hyperledger, Nethermind, OpenEthereum, EthereeumJS
Launch Date Ethereum was founded in 2015, the fork that created Ethereum Classic occurred in 2016
Circulating Supply of Coins 130,918,890
Maximum Coin Supply 210,700,00 ETC
Mining-based Coin? Yes, Proof-of-Work
Is Ethereum Classic a Stablecoin? No, Ethereum Classic is not a stablecoin
Does Ethereum Classic have a burn rate? No
Does Ethereum Classic have a Whitepaper? Yes

Evolution and Development of Ethereum Classic

Ethereum Classic came to be because of a Decentralised Autonomous Organisation (DAO) on Ethereum. DAO codifies all governance and decision-making without requiring any input from humans.

In 2016, the German start-up company Slock. It launched a DAO project that was developed on the Ethereum blockchain. It was referred to as “The DAO,” and at the time, the project received over $150 million that was raised through crowdfunding.

However, the DAO smart contract had a loophole that was not noticed by developers, and this was exploited by hackers. This resulted in the theft of $50 million, and to restore the lost funds, the Ethereum community and its founder, Vitalik Buterin, alongside Gavin Wood, decided that a hard fork should be initiated.

This resulted in the forming of Ethereum (ETH) as we know it today. However, even though a new blockchain and project were created, there was still a dedicated community who initially opposed the fork, and they chose to remain loyal to the principle that surrounds “Code is Law.” The old chain was renamed Ethereum Classic (ETC).

The name was specifically chosen because it represents the old code of the initial Ethereum blockchain as it was before the DAO attack occurred, with many supporters considering Ethereum Classic as the original Ethereum cryptocurrency.

What makes Ethereum Classic unique?

Ethereum Classic allows for smart contracts to be run and DApps to be built and launched on the blockchain, which offers the advantage of decentralized governance. Ethereum Classic is an open-source, permissionless, secure, and decentralized blockchain that runs on an unaltered version of the initial Ethereum blockchain.

Ethereum Classic works in the same way as Ethereum by relying on a blockchain where smart contracts can be created to allow for a trustless, permissionless economy. Ethereum Classic has a complete record of all transactions that are carried out, recorded on a distributed ledger that can be viewed by anyone.

Ethereum Classic also has a record of the current state of all smart contracts that are powered by the Ethereum Classic blockchain, in addition to the balances of all users. The transaction speed of Ethereum Classic is one block every 15 seconds, with 15 transactions being processed per second.

For the transaction to be irreversible, 20 to 30 blocks are needed, which means that the safe transaction time on Ethereum Classic is between 5 to 7.5 minutes.

The benefits that Ethereum Classic has over other cryptocurrencies relates to the following:

  1. It is immutable
  2. Transactions are quick and affordable
  3. Highly Reliable
  4. Decentralized
  5. Programmable 

 

      1. Immutability 

All transactions that are carried out on Ethereum Classic are immutable, and this means that they cannot be altered once they are added to the blockchain, neither can they be deleted or changed in any given way.

This is the initial principle that forced a split between Ethereum and Ethereum Classic, and while this makes Ethereum Classic a little more centralized, it ensures that there is improved security and integrity.

     

      2. Transaction Speeds and Cost

The verification process on Ethereum Classic is automated, and therefore it does not need a third-party such as a bank. Transactions are processed and verified quickly, making them significantly more economical.

     

      3. Reliability

Ethereum Classic is extremely reliable because of its wide range of applications, smart contracts, and automated transactions, making it efficient and free from interference from third parties, downtimes, fraud, and censorship.

     

      4. Decentralization

Ethereum Classic uses a Proof-of-Work consensus algorithm to secure the network, using smart contracts that execute themselves.

 

      5. Programmability

One of the key benefits of Ethereum Classic is that it is programmable and allows developers to write and launch decentralized applications that have a plethora of functions.

What are the main uses for Ethereum Classic?

Ethereum Classic has a fixed monetary policy, and supporters of the project believe that ETC can serve as a store of value that could earn them a return on investment.

Ethereum Classic is used to develop and run DApps and is not suitable to be used as currency. Ethereum Classic can be bought and sold for profit, and traders can also benefit from speculative trading on ETC.

What is the future potential for Ethereum Classic?

The future of Ethereum Classic is not as bright as its larger competitor, Ethereum, because it is a lot more popular, and with continuous development, Ethereum holds a lot more potential than Ethereum Classic.

Ethereum is considered more legitimate than Ethereum Classic because of the security concerns that surround the latter. During the past few years, more investors have lost their faith in ETC because of past hacks to the system, and the team behind Ethereum Classic is currently refusing to alter or improve the code of the blockchain to prevent these attacks.

However, because Ethereum Classic is compatible with Ethereum, there may be potential for a symbiotic collaboration between these blockchains, especially if the survival of Ethereum Classic depends on it.

While Ethereum is transitioning from a PoW to a Proof-of-Stake, where consensus is obtained from staking tokens instead of mining them, Ethereum Classic has no such plans. There is no dedicated development team for Ethereum Classic either, but there are several development groups that work on updates to the open-source code.

Price analysis on Ethereum Classic

Ethereum Classic originated with the fork in the Ethereum blockchain in 2016, and its price analysis over the past 5 years are indicated as follows:

 

  2017 2018 2019 2020 2021 to date
ETC Price High $44.05 $42.96 $9.51 $12.34 $134.1
ETC Price Low $1.17 $3.51 $3.47 $3.96 $5.78
Market Cap $4.34B $4.26B $1.06B $1.44B $15.6B

 

Price prediction on Ethereum Classic

The price on Ethereum Classic is driven by volatility; ETC can generate tangible income, a factor that attracts supporters of ETC to set higher benchmarks. The technology that surrounds blockchain algorithms is the core of Ethereum Classic, and its programmability is the fundamental focus that surrounds it.

Despite Ethereum going through different adaptions and developments, Ethereum Classic has stayed loyal to the initial purpose of ensuring that there is consistent usability, security, functionality, and overall continued decentralization.

Ethereum Classic-based projects rely heavily on the blockchain that provides them with access to larger audiences in addition to markets, networks, and opportunities. 

Ethereum Classic has a history of bubbles of high performance, which is followed by times when there is lower trading activity. In 2016, after the DAO attack, the price of ETC rose from $0.508 up to $0.660, which reflects a significant jump.

By 2017, the price of ETC was $2, and by September in the same year, it saw a price of $18. The price on Ethereum Classic currently is $56.68, on par with the prediction that CoinCodex initially had for the cryptocurrency.

Where long-term outlook is concerned, the prediction is that Ethereum Classic will remain at a stable $58.53 by the start of December and that it will increase to $62.29 by the end of the year.

By the end of 2022, the price is anticipated to increase to $110.178 and by at least $250.56 by the end of 2025.

Which wallets are the best option for storing Ethereum Classic?

Simply defined, an Ethereum Classic wallet is a piece of software where users store the necessary data to access their Ethereum Classic (ETC) funds. This data contains a private key, which is like a password, and a wallet address, also known as a public key, which acts as an account number would.

In terms of the types of Ethereum Classic wallets, users can distinguish between the following:

  • Cold Wallets – which are offline wallets that store funds in an application that is not connected to the internet.
  • Hot Wallets, which are online applications that require an internet connection.
  • Physical wallets are unique pieces of hardware like USB devices that keep crypto funds offline.
  • Web wallets are web browser ad-on wallets.
  • Desktop wallets – which are applications that allow users to manage their finds on macOS, Microsoft Windows, or Linux.
  • Paper wallets which is a piece of paper with a code or QR code on them. To access the assets, the user enters the key or scans the code to access their account.

The best wallets for Ethereum Classic are:

  1. Exodus Wallet
  2. Ledger Nano S
  3. Trezor Model T
  4. Atomic Wallet
  5. Sugi Wallet

 

      1. Exodus Wallet

The Exodus wallet is a versatile and multi-currency desktop wallet that provides users with total control of their coins and keys. Exodus is the first desktop wallet that is compatible with ShapeShift, which is a popular and instant crypto exchange where several coins can be traded.

Exodus stores all funds on the user’s computer, and it is never necessary for users to download the entire blockchain of the coin that they use. In addition, Exodus also offers a user-friendly and intuitive platform compatible with Windows, macOS, and Linux.

 

      2. Ledger Nano S

Ledger Nano S is one of the most sophisticated and user-friendly hardware wallets on the market. Users can easily set their device up in a few steps and start using it immediately. Ledger Nano S is one of the most secure wallets because it is a physical USB device that offers offline storage, uses a PIN code, and has a manual verification function.

In addition to this, Ledger Nano S has a seed phrase system that helps user recover their accounts if they have lost their PIN. The Ledger Nano S has been tried and tested, and there are over a million units that have been sold.

 

      3. Trezor Model T

The Trezor Model T is another hardware wallet that keeps coins in cold storage offline. To transact with the wallet, users must connect their wallet with their computer, and it will provide the user with the necessary keys to access an online wallet on a case-by-case basis.

To confirm transactions with Trezor Model T, users must use the buttons on the device. This specific design ensures that the trader is protected and that unauthorized transactions are prevented. Trezor Model T supports more than 700 different cryptocurrencies.

 

      4. Atomic Wallet

Atomic Wallet is a trusted and popular desktop wallet that aims to ensure anonymity and decentralization. Atomic Wallet was designed to utilize the potential that atomic swaps have, allowing for the user to participate in a fully decentralized crypto ecosystem.

With atomic swaps, the user can trade cryptocurrencies directly from their wallet, like with an exchange, but using vastly different technology. The Atomic wallet supports more than 500 coins, and it also allows for the staking of PoS-based coins.

 

      5. Sugi Wallet

The Sugi wallet is a new type of hardware wallet that follows the same technological pathway as the popular Mycelium bitcoin wallet. Sugi Wallet is a physical PIN-protected near-field communication (NFC) card hardware wallet that manages the users’ private keys and stores them offline.

The wallet can function as a bank card, and the user maintains control over their funds. Unlike traditional banking services, Sugi cannot block or freeze the user's funds, even if it can do so.

Where can you buy Ethereum Classic?

Ethereum Classic can be traded, bought, and sold from:

  1. Binance
  2. Kraken
  3. Huobi
  4. OKEx
  5. Coinbase

 

      1. Binance

Binance is a Malta-based cryptocurrency exchange that was launched in 2017, offering more than 150 coins that can be traded and exchanged. The Binance platforms are fast, versatile, and innovative. The trading platforms can be used across the web, desktop, and mobile apps.

The Binance platforms also provide a comprehensive training academy and different analysis capabilities. Binance does not offer the option for fiat-to-crypto exchanges, which means that traders must already have cryptocurrency or convert fiat to crypto on another exchange.

 

PROS CONS
Offers more than 150 cryptocurrencies Only offers crypto trading
Fast and flexible trading platforms Does not accept fiat deposits to buy crypto
Educational tools are provided No US clients allowed
24/7 customer support offered in multiple languages Unregulated

 

      2. Kraken

Established in 2011, Kraken is a large United States-based online cryptocurrency exchange that is headquartered in San Francisco. Kraken offers several popular cryptocurrencies that can be traded through intuitive mobile trading platforms.

Kraken offers 24/7 customer support and a wide range of educational materials. Kraken also keeps 95% of all funds in offline, air-gapped, distributed cold storage locations, and it uses several innovative security protocols and measures to ensure security on the website and trading platforms.

 

PROS CONS
Offers sophisticated mobile trading platforms Unregulated
There is a selection of educational materials offered MetaTrader not offered
24/7 dedicated customer support offered Limited non-crypto trading instruments
Funds are kept in offline storage

 

      3. Huobi

Established in 2013, Huobi is a cryptocurrency exchange that is based in Singapore that offers variable spreads and leveraged trading of cryptocurrencies up to 1:3. Huobi is a service provider that provides access to more than 234 cryptocurrency assets that are available for trading online.

Huobi dedicates a significant number of resources towards ensuring a safe, transparent, fair, and trustworthy trading environment.

 

PROS CONS
Low minimum deposit Unregulated
Decent selection of educational material Only offers crypto-to-crypto trading
Offers a selection of trading platforms US clients are not accepted
A wide range of crypto supported

 

      4. OKEx

OKEx is a Malta-based cryptocurrency exchange that has been in operation since 2014, offering variable spreads, commissions from $0, and leverage up to 1:100. OKEx offers a competitive trading environment where different cryptocurrency assets can be traded through web-based platforms as well as mobile trading platforms.

 

PROS CONS
Advanced trading platforms provided Unregulated
A wide range of trading tools and educational resources provided US clients are not accepted
24/7 dedicated customer support provided

 

      5. Coinbase

Established in 2012, Coinbase is a regulated cryptocurrency exchange trading platform. Coinbase offers a wide range of trading instruments that can be traded through a user-friendly Coinbase mobile trading app.

Coinbase also offers educational materials, dedicated customer support, and an ultra-low minimum deposit.

 

PROS CONS
User-friendly trading platform Only offers crypto trading
Useful trading tools provided Demo accounts are not provided
A large number of crypto supported
Dedicated customer support

 

Are there criticisms against Ethereum Classic?

Yes, Ethereum Classic has faced several criticisms in the past few years, and even though both Ethereum and Ethereum Classic offer smart contract capabilities, they have the same niche, and they are only a year apart in their launch dates, Ethereum has grown to become the second-largest cryptocurrency in the world and the largest alternative coin (altcoin) from over 13,000 coins.

Some of the issues and criticisms against Ethereum Classic include the following.

  • There are concerns about the limitations that Ethereum Classic faces with scalability. Ethereum Classic can process 15 transactions a second, which is far less than most payment networks that can handle tens of thousands of transactions a second.
  • Security regarding smart contracts is another criticism because Ethereum Classic has already experienced a hack where millions of dollars were stolen. Such security issues will prevent Ethereum Classic from being a choice for major financial and real estate transactions.
  • Regulations can affect or change how Ethereum Classic operates or functions.
  • Ethereum Classic is considered a non-quantifiable platform that is useless and inferior to Ethereum in every single aspect.

What is Ethereum Classic’s largest Competitor?

Ethereum is Ethereum Classic’s largest competitor.

Ethereum Classic came to be after a DAO attack that came from a vulnerability in a smart contract that was launched on the original Ethereum blockchain in 2016. To recover the funds that were lost, the Vitalik Buterin and most of the Ethereum community at the time decided that the blockchain should hard fork.

Ethereum spun off from the original blockchain and the community members that did not agree that the fork was the right thing to do, remained behind on Ethereum Classic, keeping to the principle “Code is Law.”

Ethereum Classic and Ethereum were initially based on the same code, but Ethereum Classic has differentiated its technology from this. The Ethereum Classic community firmly stands by the Proof-of-Work consensus mechanism to validate transactions, release coins, and secure the network.

Ethereum, on the other hand, is still using a PoW consensus method, but this is set to change in 2022 and move to a PoS consensus mechanism that uses staking instead of mining. The participant with the highest stake will receive the proportional right to add the next block onto the network, or participants can delegate their vote to nodes to do this on their behalf.

Ethereum classic has also adopted a fixed monetary policy, which means that Ethereum Classic is now capped at 210,700,000 ETC, which could affect its value as it gets closer to reaching this cap. 

Ethereum is larger, more popular, and more successful than Ethereum Classic, and other fundamental differences between them relate to the following factors:

  • Technology – Ethereum Classic and Ethereum’s technology is based on the same principles, but Ethereum Classic maintains its PoW while Ethereum is transitioning to PoS.
  • Market Capitalisation – Ethereum has a market cap of over $550 billion, while Ethereum Classic’s market cap is over $7.45 billion.
  • Price Predictions – By the end of 2022, the price of Ethereum Classic is anticipated to increase to $110.178 and by at least $250.56 by the end of 2025. Ethereum’s price is expected to reach at least $6,000 in December and $9,000 by 2025.
  • Investment Potential – Ethereum Classic is not considered a store of value, whereas Ethereum is one of the best investment options currently.
  • Popularity – Ethereum is the second-largest cryptocurrency and the largest alternative coin out of over 13,000 coins. Ethereum Classic, on the other hand, is less popular, and it is #29 on the altcoin list currently.

What is the Mining Process involved with Ethereum Classic?

Ethereum Classic is a mining-based cryptocurrency that is considered easy to mine. Ethereum Classic can be mined in the following ways:

  • Individually
  • Cloud Mining
  • Mining Pools

To mine a block, miners compete to be the first that finds the value in a hash, also known as a nonce. Miners must perform complex calculations within the 15 seconds that it takes to create a block, and the first miner to do so successfully will announce this to the rest of the miners.

This will verify the transaction, and the new block will be added to the blockchain. The successful miner will receive a block reward of newly minted ETC in addition to transaction fees that they receive.

The block rewards for mining Ethereum Classic reduced by 20% for every 5,000,000 blocks which are mined. 

What can Ethereum Classic’s smart contracts do?

An Ethereum Classic smart contract can simply be defined as a program that runs on the Solana platform and ecosystem. Smart contracts on Ethereum Classic consist of a collection of codes, which are its functions, and data, which is its state, that all reside at a specific address on the Solana blockchain.

The Smart contracts on Ethereum Classic are not controlled by the user. They are deployed to the network and subsequently run as they were programmed.

The Smart contracts that are run on Ethereum Classic’s platform can define certain rules, like any typical contract, and these rules are automatically enforced through the code. Smart contracts cannot be deleted, and the interactions with them are irreversible.

In terms of necessity, smart contracts are important because they help to solve the issue associated with mistrust between different parties as well as business partners.

The Smart contracts run on Ethereum Classic have several advantages for many industries, and they can reduce unnecessary costs as well as time expenditure while simultaneously enhancing transparency.

Smart Contracts can be used across several industries, including:

  • Mortgage Contracts
  • Digital Identity
  • Financial Data Recording
  • Supply Chain Management
  • Protecting Copyright Content
  • Insurance, and many others.

Can blockchains be hacked? Has Ethereum Classic ever experienced any hacks?

Yes, Blockchains can be hacked.

Blockchain technology allows users to record transactions on a distributed ledger, which consists of a distributed network of computers.

The servers are secure, and the transactions that are carried out are permanent, making the verification thereof easier. While blockchain technology can have several uses, it is currently being used by cryptocurrencies.

Whether a blockchain can be hacked will inevitably depend on each cryptocurrency project and the security measures that are in place.

Blockchains can be susceptible to the following common attacks:

  • 51% Attacks – where a malicious entity can gain control over more than half of the mining process. This could allow them to create an additional version of the blockchain, also known as a fork, where some transactions may not reflect. This allows the attacker to designate the additional blockchain as the true version, allowing them to double-spend cryptocurrency.
  • Creation bugs and errors – which refers to security glitches, errors, and vulnerabilities when a blockchain is created. Attackers consistently try to discover and exploit vulnerabilities that exist in the blockchain. Smart contracts are often a point of attack because of possible bugs in the code.
  • Insufficient Security – There have been countless hacks on cryptocurrency exchanges, especially those who keep client funds in hot, online wallets. Blockchains and exchanges must ensure that there are enough measures in place and users are urged to take control of their fund security.

One of the main issues surrounding Ethereum Classic is the fact that the blockchain is constantly facing 51% attack threats, and there have been several successful attempts to hack the blockchain.

IN 2019, attackers had stolen $460,000 worth of ETC, and this amount quickly rose to $1 million a few days later, spread across 15 different transactions. Attackers had disrupted the Ethereum Classic network, sold the ETC coins for cash, and then rewrote the blockchain so that they could get away with the coins as well as the cash, which is the perfect example of double-spending.

In August 2020, Ethereum Classic suffered three separate 51% attacks:

  • The first attack was possible when attackers rented hash power that provided the attackers with the ability to double-spend coins to the value of $5.6 million ETC.
  • During the second attack, the hackers netted $1.7 million after they used the same method as the first attack.
  • The third attack on the network resulted in 7,000 blocks being reorganized.

Is Ethereum Classic a Good Investment?

No, Ethereum Classic is not a good investment currently.

Ethereum Classic has faced many criticisms in its years in existence because of the number of hacks and attacks the blockchain has faced, the fact that it does not weigh up against Ethereum or other cryptocurrency projects, and the fact that it does not have any significant developments planned for future.

Ethereum Classic is a good investment for blockchain enthusiasts who believe that the codes on blockchains should not be altered despite the competition and potential in the market.

What is the supply and distribution of Ethereum Classic?

Ethereum Classic has a limited supply of 210,700,000 ETC.

  • Fixed or maximum supply can be defined as the total number of coins that can ever be in circulation.
  • Total Supply refers to the number of coins that have been mined, including the missing coins that are no longer in circulation or that have been lost.
  • Circulating supply refers to the total number of coins that are in circulation.

 In terms of the effects that Unlimited/Limited Supply has on coins, the following can be considered.

  • In terms of Unlimited Supply, cryptocurrency coins are inflationary, which means that the coins will inevitably lose value as supply increases, with demand decreasing as a result.
  • Cryptocurrencies that have a limited supply are deflationary, which means that the coins that are in circulation will gain value over time as demand surpasses supply.

 

Is Ethereum Classic a viable Alternative Coin?

No, Ethereum Classic is not a feasible or popular alternative coin in the broader alternative coin market. Ethereum Classic is considered a viable option to the original supporters who believe that its code should remain unaltered.

However, this means that Ethereum Classic will never reach its full potential and that it will remain in the shadow of Ethereum and similar projects that will outpace it. Ethereum is not a good alternative coin with regards to:

  • Traceability – All transactions are visible when using a blockchain explorer, right down to the account balance of the sender and receiver.
  • Hacking – Ethereum Classic has experienced several hacks in the past five years, and it is constantly threatened by more.
  • Security – Ethereum Classic uses PoW to secure its network, but it is not enough to deter or completely stop attacks because developers refuse to change the properties of its code.
  • Transaction speed – Ethereum Classic can only process 15 transactions per second.
  • Technology – Ethereum Classic has potential for as much as Ethereum, yet it sticks to its original technologies, which means that developers seek other projects because they offer more versatile and dynamic features.
  • Price Stability – Ethereum Classic does not have a stable price and shows extreme periods where the price increases and decreases, followed by low liquidity.
  • Potential Investment – Ethereum Classic is not an ideal potential investment or a store of value.
  • Popularity – Ethereum Classic faces many controversies, and it is not one of the most popular alternative coins, even if it falls within the top 100 coins.
  • Future Uses – Ethereum Classic can continue to be used as a platform for smart contracts and DApps, but there are more advanced and popular projects that offer more, including Ethereum, Cardano, Solana, and others.

What are the differences between Ethereum Classic And Bitcoin?

Bitcoin is the most popular cryptocurrency in the world with the highest market capitalization that keeps increasing steadily as its trading volumes and popularity increase. Bitcoin is a store of value and a medium for exchange, which means that it can be used as a currency.

Ethereum Classic is not suited as a store of value or as a medium of exchange, and it is suited as a platform that can be used for the development of smart contracts and DApps.

 

  Bitcoin Ethereum Classic
Price change 20/21 +$400% +900%
Market Cap $1.1 Trillion+ $7.45 billion
Past Hacks None Several hacks in 5 years
Popularity Very High Low
Altcoin Rank #1 – Original Crypto #29

 

What are the differences between Ethereum Classic and Ethereum?

Ethereum is the result of a hard fork in the original blockchain to recover funds that were lost in the DAO attack in 2016, leaving Ethereum Classic behind in its wake. Ethereum outperforms Ethereum Classic in every single aspect that there is.

Ethereum is bigger, features more developers, has a higher market capitalization, features thousands of projects, and has become a hub for decentralized finance. In the battle between the two, Ethereum will remain the better option of the two.

However, Ethereum Classic still has faithful supporters that believe in the Code of Law.

 

  Ethereum Ethereum Classic
Price change 20/21 +880% +900%
Market Cap $550 Billion+ $7.45 billion
Past Hacks None Several hacks in 5 years
Popularity Very High Low
Altcoin Rank #2 #29

 

What are the differences between Ethereum Classic and Dogecoin?

Dogecoin was created in 2013 as a joke, and it is now one of the most popular cryptocurrencies that are endorsed by the likes of Elon Musk, amongst several other cryptocurrency supporters and enthusiasts.

Dogecoin is a medium of exchange, and it is popularly used to tip content creators on different platforms such as Reddit and Twitch. Dogecoin is not an ideal store of value, but it is still a popular option.

While not a lot can be expected in development or improvements to the project, Dogecoin is set to remain a popular choice. Dogecoin serves as a medium of exchange while Ethereum Classic remains the best option for faithful developers who believe that the original Ethereum blockchain should remain unaltered.

 

  Dogecoin Ethereum Classic
Price change 20/21 +7,300% +900%
Market Cap $34.8 Billion+ $7.45 billion
Past Hacks None Several hacks in 5 years
Popularity High Low
Altcoin Rank #9 #29

 

What are the differences between Ethereum Classic and Neo?

Neo is often referred to as the Ethereum Killer, and it often refers to itself as a distributed network for a smart economy. Neo uses smart contracts in a more sophisticated manner than Ethereum and similar projects.

Unlike conventional smart contracts that require some experience and specialized knowledge to be developed, the programming of Neo smart contracts is much easier as it works with existing computer programming languages.

In addition, Neo already operates using a PoS consensus mechanism, which makes it much faster, cheaper, and more effective than Ethereum Classic. Neo is the most viable option for the creation of a smart economy that features innovative features such as digital identity and the running of smart contracts through the Universal Lightweight Virtual Machine.

 

  NEO Ethereum Classic
Price change 20/21 +160% +900%
Market Cap $3.4 billion+ $7.45 billion
Past Hacks None Several hacks in 5 years
Popularity Medium Low
Altcoin Rank #55 #29

 

What are the differences between Ethereum Classic and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Ethereum Classic, on the other hand, is fungible, which means that one ETC has the same value and characteristics as another ETC.

What are the differences between Ethereum Classic and Solana?

Solana is a decentralized blockchain where scalable and user-friendly DApps can be built and launched. Solana can achieve some of the highest transaction speeds, and this is just one of the reasons why it is so popular.

Solana has grown over 13,000% from the start of the year, and it is considered a potential alternative to Ethereum because of its scalability and unique technologies. Solana allows for smart contracts to be run on its platform, and it allows developers to create and launch DApps on its platform.

Solana can currently accommodate over 50,000 transactions per second, while Ethereum Classic can only process 15 per second. In addition to this, Solana also uses a proof of history algorithm, which means that coins do not need to be mined, making it more environmentally friendly.

The proof of history model means that transactions can be verified much faster because timestamps are integrated into its validation. There are also more than 350 applications that are being run on the network.

When compared to Ethereum Classic, Solana is the better option where transactions, smart contracts, and DApp creation are concerned.

 

  Solana Ethereum Classic
Price change 20/21 +9,300% +900%
Market Cap $72 Billion+ $7.45 billion
Past Hacks None Several hacks in 5 years
Popularity Very High Low
Altcoin Rank #5 #29

 

What are the differences between Ethereum Classic and Cardano?

Cardano is an open-source and decentralized project that offers extremely high scalability, processing more than 250 transactions per second as opposed to Ethereum Classic’s 15. Cardano has lower transaction fees and a higher degree of decentralization because it uses Ouroboros.

Cardano allows for staking, and this means that users can earn a passive income. In addition, Cardano is one of the popular cryptocurrencies after Ethereum, and it has significant growth and development potential, with several updates planned for the future. 

Cardano is known as one of the projects that could overtake Ethereum in the future, especially considering its unique technology and a vast number of advantages over Ethereum and other cryptocurrency projects.

 

  Cardano Ethereum Classic
Price change 20/21 +2,100% +900%
Market Cap $69 Billion+ $7.45 billion
Past Hacks None Several hacks in 5 years
Popularity Very High Low
Altcoin Rank #6 #29

 

What is Code is Law?

The simplest definition of the principle of “Code is Law” refers to the fact that no person reserves the right to censor the execution of code on the Ethereum Classic Blockchain. There are thousands of Decentralised Finance projects that are coming to blockchain projects, and Ethereum Classic works to ensure that a sustainable blockchain solution is given to the community.

This is based on the philosophical grounds that the blockchain must retain its immutable nature. “Code is Law” can be explained through eight essential components, including:

  • Local Knowledge – which refers to the local state and transition of the blockchain.
  • Individual Security – which involves the minimizing of hazards, risks, and overall loss.
  • Basic Rights refer to speech, assembly, agreements, prosperity, and others.
  • Ethereum Classic Principles involve trust, fungibility, resistance to censorship, the permissionless nature of the network, and others.
  • Strategies that revolve around platform building, trust minimization, and others.
  • Coordination involves direction, alignment, and incentives.
  • Scaling laterally and vertically and the increase of productivity.
  • Goals revolve around reproduction, procurement of food, obtaining shelter, and growing overall as a species.

Code is law means that as long as executions on the Ethereum Classic network are programmatically “correct,” they are immutable, and all transactions are final. On the Ethereum blockchain, a Turing Complete node has real and tangible value, which means that it opens the possibility for mistakes and outcomes that cannot be foreseen.

There will always be at least one individual who is not happy with transactions or code execution results in blockchain technology, which means that disagreements and conflicts are inevitable because of code vulnerabilities and exploits. This means that there will always be scams and thefts regardless of the security measures that are implemented.

Therefore code is law exists on the Ethereum Classic blockchain to ensure that all transactions are final and immutable. Code is law supports completely decentralized decision-making as well as effective resolution.

What is a permissioned and permissionless blockchain?

A permissioned blockchain is also known as a private blockchain that functions as a closed ecosystem that can only be accessed by certain participants who are granted access. Those who want to validate transactions or view data on this blockchain must be permitted by a central authority.

A permissioned blockchain and network are ideal for use by companies, banks, and institutions that are required to comply with laws, regulations, and other requirements. A perfect example of a permissioned blockchain is Ripple.

Permissioned blockchains have the following key characteristics:

  • Transparency as well as anonymity according to the inner organization of the company that uses it. Privacy is on a central level, and it will depend on a user-case basis.
  • Permissioned blockchains can store a large portion of data that pertain to operations and transactions that are carried out by its users.
  • There are varying levels of decentralization, and participants can negotiate and participate in decision-making freely. Private blockchains can either be fully centralized or partially decentralized, with members deciding on the consensus mechanisms that are used.
  • Governance is decided by the members who have access to the blockchain, and there is no need for consensus-based mechanisms.

In terms of Permissionless blockchains such as Bitcoin, Ethereum, Litecoin, Dash, and several others, these are known as public blockchains that allow for any person to join, transact, or become a validator.

The data on public blockchains can be accessed by anyone through a block explored, and there are complete copies of the blockchain available in millions of locations across the globe, which makes it impossible for these systems to be censored or hacked.

Characteristics of permissionless/public blockchains include:

  • Digital assets, which refer to the user-incentivizing tokens that appreciate and depreciate according to the state of the blockchain, the relevancy, and supply and demand. Depending on the purpose that the blockchain serves, there can be monetary or utility tokens issued or both.
  • Transparency is something that is a default by design on these blockchains. Those who use the network are rewarded for trusting the network, and because these networks are transparent, users are given access to all information such as addresses, account balances, and more.
  • Decentralization is inherent because copies of the blockchain are kept across the world. There is no single central entity that can shut the network down, change its protocols, edit the ledger, or influence the price of tokens.

What are the pros and cons of using a permissioned blockchain?

The Advantages of permissioned blockchains are as follows:

  • They offer enhanced performance because there are fewer participants on the overall network.
  • Permissioned blockchains have clearly defined governance structures.
  • Permissioned blockchains are extremely customizable according to the needs and objectives of the entity that uses them.
  • Permissioned blockchains are access-controlled and extremely secure.
  • Permissioned blockchains are extremely scalable.

The Disadvantages of permissioned blockchains are:

  • The security of the blockchain depends heavily on the integrity of participants.
  • Permissioned blockchains are extremely centralized, and they are prone to censorship as well as strict regulation.
  • Permissioned blockchains are not as transparent.
  • Permissioned blockchains are more centralized and can be susceptible to hacks and manipulation because of this.
  • These blockchains are less anonymous.

What are the pros and cons of using a permissionless blockchain?

The advantages of permissionless blockchains relate to the high level of security because the effort of successfully hacking these blockchains would be extreme and not worth the time or energy of malicious actors.

The potential events are softened by the number of nodes that exist in the network. There is complete transparency on these blockchains, and because these blockchains are open source, anyone is allowed to participate and suggest improvements to existing technology.

One of the largest disadvantages of permissionless blockchains is that they can be slow because only a certain number of transactions can be validated per second. 

In addition, depending on the consensus (such as PoW), public blockchains that have mining-based tokens can have high amounts of energy consumption. However, more mining-based blockchains are using lighter PoW and becoming ASIC-resistant, such as Dogecoin and Litecoin, which makes them more eco-friendly.

In addition, these public blockchains also face a 51% attack risk, in addition to smart contract blockchains facing attacks through vulnerabilities in the code of these contracts and DApps.