If you’ve been following the cryptocurrency world, you’ve likely heard of Ethereum Classic (ETC). But what exactly is it? This open source, blockchain-based protocol supports smart contracts and transaction-based state transitions. It’s also based on the public Ethereum Virtual Machine. And unless you’ve got an ASIC, you won’t be able to make any money with Ethereum Classic. Here’s an overview of this speculative digital asset.
Ethereum Classic is a speculative digital asset
Ethereum Classic is a speculative, decentralized digital asset, based on the ETH blockchain. It was created by Russian-Canadian computer programmer Vitalik Buterin. A disagreement between developers on the Ethereum blockchain led to the creation of Ethereum Classic. This decentralized network allows everyday people to invest using ETH, collectively allocating assets and making decisions, and has raised more than $100 million through token sales.
While Ethereum Classic has underperformed ethereum year-to-date, the cryptocurrency has surpassed it in recent months. Both coins have increased by more than 141% over the past 30 days, although ethereum is a more legitimate asset. However, Ethereum classic still faces some significant challenges. For starters, it lacks the security features of its ethereum counterpart. Furthermore, it is not as popular as ethereum.
While Ethereum Classic is a speculative, decentralized digital asset, its market capitalization has risen by more than 309% since the crash in May. The coin has received additional institutional adoption, as well as hype, since the May crash. Some say it was simply riding on Ethereum’s coattails. But, many traders have warned that Ethereum Classic is a capital trap and is not a good investment for novices.
It’s worth mentioning that Ethereum Classic has suffered due to hacks into its system. It has since had to update its code and software to make it less vulnerable to hacks. As a result, Ethereum Classic will have to test its smart contracts, which have yet to be adopted for widespread use. If Ethereum Classic has an uphill battle ahead, then it will be a safe bet for the long-term future of cryptocurrencies.
It is a general blockchain platform
While Ethereum(tm) adopted the same principles as Ethereum Classic, it has since rebooted its entire chain and disavowed “Code is Law.” It has been viewed as a direct attack on the Ethereum community for sharing history. On the other hand, the Enterprise Ethereum Alliance (EEA) is now firmly behind Ethereum(tm), and is working towards implementing smart contracts in Fortune 500 companies.
The general blockchain platform Ethereum Classic supports many more types of applications than Bitcoin. In addition to running smart contracts, Ethereum Classic has an accounts system and a Turing-complete Ethereum Virtual Machine. It is also compatible with Bitcoin, ensuring a seamless transition from one platform to another. As such, Ethereum Classic is ideal for those seeking a general platform for decentralized applications. Here are some of its key features:
Ethereum Classic is compatible with Bitcoin, but it does not support Proof of Stake mining. It also supports smart contracts, which are self-executing codes that contain agreements and if-then conditions. The main advantage of smart contracts is that there is no need for third parties to verify transactions. Ethereum Classic has vowed to continue using Proof of Work mining, which makes it compatible with Bitcoin. Additionally, it will not include updates from the forked Ethereum network. Furthermore, it is adopting a fixed monetary policy.
Despite its unpopularity, Ethereum Classic has managed to withstand a DAO hack and has a cap of 210 million ETC coins. The difference between Ethereum Classic is based on the Proof of Work consensus algorithm. Ethereum Classic is less liquid than Bitcoin, and the difference between it and Bitcoin isn’t significant. Despite the price difference, it’s not easy to convert ETH to cash. Despite its mediocre performance in comparison with other crypto currencies, Ethereum Classic has more potential than its competitors.
It facilitates smart contracts
Ethereum Classic is a cryptocurrency that facilitates smart contracts, but unlike Ethereum, it doesn’t require any tokens to be staked. Instead, the ETC token acts as the native currency for the ETC network and pays for decentralised computation when a user uses the network. This cryptocurrency is an ERC-20 token, meaning it facilitates the execution of smart contracts. Here are some of the issues with Ethereum Classic.
The primary difference between Ethereum Classic and Ethereum is their market cap and their consensus protocol. While they both have their own features, both are decentralized protocols and employ globally distributed blockchain nodes to process transactions around the clock. Both ETC and Ethereum are used for decentralized applications (dApps), which automate financial decisions. Smart contracts are self-executing code that performs certain tasks when triggered by a certain condition.
To make an ETC, miners must solve complex computer puzzles. Then, they must produce blocks to secure the network from intruders. They must also validate smart contracts, which are agreements written in codes and executed without involving third parties. Ethereum classic is self-contained and uses Proof of Work mining to maintain its decentralised nature. While the project is still in its early stages, it is committed to becoming a worldwide network using smart contracts.
Smart contracts can replace intermediaries in a variety of industries. While many of these smart contracts cannot send HTTP requests, they can be crafted to make these calls. Using an oracle can help to circumvent this restriction. Smart contracts should be no larger than 24KB, as any bigger will consume a large amount of gas. However, if they become too large, they will run out of gas and will not be able to execute correctly.
It is not profitable unless you use an ASIC
The best way to make money with Ethereum Classic is to mine it with an ASIC-equipped ASIC-mining rig. ASIC-mining rigs use specialized algorithms to make more money in less time. If you want to make the most of your ASIC-equipped rig, you can purchase one here. You can also choose to mine Ethereum Classic alone. However, mining alone is not profitable.
If you’re a new cryptocurrency investor, you may be wondering if selling Ethereum Classic is profitable. But before you make a decision on whether or not you should sell, you should read our Ethereum Classic ETC guide to learn more about the coin. Selling ethereum classic could be beneficial depending on your portfolio. In some cases, you can take advantage of tax benefits if you sell at the end of a calendar year.
There are two main factors to consider when mining Ethereum Classic ETC. The first is your equipment. If you’re mining with an ASIC, it’s highly likely to be profitable. Even then, you might want to use a GPU or a graphics card to mine. In any case, unless you’re using an ASIC, you’re unlikely to make money mining ETC.
The second reason to mine Ethereum Classic ETC is that you’ll get a high-quality return on your investment. Since ETC is a reputable coin, you’ll likely want to use the latest mining hardware and software. An old 3GB GPU or old mining software won’t do the job. This is due to the fact that ETC requires a 2GB DAG file.