Ethereum Classic (ETC) cryptocurrency is a fork of the legacy Ethereum (ETH) network as the blockchain split on July 30, 2015 due to disputes over the hard fork that occurred that day. ETC is just like ETH in that it is open source, public blockchain and also has smart contract (scripting) functionality while providing a Turing complete virtual machine. ETC is also the first high-profile fork to create another coin and network ahead of the Bitcoin Cash event on August 1st. The fork, which took place in the summer of 2015, was controversial because Ethereum (ETH) developers planned to undo the DOA hack of a flawed decentralized application (dapp) built on top of the network. Those who disagreed with this fork (roughly 15% percent of ETH hashrate) opted for the split on the day before the reversal to remain immutable. The blockchain split happened exactly at block height 1920000 and everyone who owned ETH before that period got an ETC.
As mentioned above, there are not that many differences between the functionality of both networks, but in terms of adoption, hashrate, and development, ETH is far greater. For example, the inventor of the original ETH protocol, Vitalik Buterin, is not involved in the ETC project. Another co-founder of the ETH project and the well-known cryptographer Charles Hoskinson (also the inventor of Cardano ADA) had supported the development of ETC in 2016. Hoskinson even introduced the ETC platform to executives at Microsoft, a tech giant very interested in blockchain technology.
Another staunch supporter of ETC is venture capital firm Digital Currency Group (DCG) founder Barry Silbert. DCG subsidiary Grayscale Investments, trustee of the first publicly traded Bitcoin Trust, has added ETC to its new range of exchange-traded fund sub-groups. Finally, at this year’s consensus conference, Silbert’s DCG, Digital Finance Group (DFG) and Jack Lee announced the incubator Ethereum Classic Labs. The incubator received $50 million and is focused on developing the growing ETC infrastructure.
“Ethereum Classic Labs is sure to attract talented blockchain developers who can only strengthen the ETC ecosystem,” Charles Hoskinson stated following the ETC Labs announcement.
Today, ETC’s market cap is around $1.5 billion and the cryptocurrency is the seventeenth highest valuation. ETC investors believe the coin is a good investment because it’s like getting into Ethereum before its immense price surge. At the time of publication, ETC prices are hovering around $15.50 and have seen 24-hour trading volume of approximately $174 million today. As of May last year, ETC was trading at around $7.50 per coin, so Ethereum Classic holders would have doubled their investment since last year, indicating that ETC is a growing cryptocurrency ecosystem. Another good announcement for ETC that took place this week was when financial markets operator for 10,000 US and global securities, OTC Markets Group Inc. (OTCQX: OTCM), announced the launch of the Ethereum Classic Investment Trust (OTCQX: ETCG). . . This means retail and institutional investors have another open trust invested solely in Ethereum Classic, according to the OTC Markets Group.
Here are some reasons why cryptocurrency investors like Ethereum Classic (ETC):
- An immutable Ethereum. ETC is considered the immutable Ethereum as it failed to reverse the DAO incident in the summer of 2015.
- Characteristics. ETC has the same scripting and smart contract capabilities as Ethereum.
- Development. Charles Hoskinson is a well-respected cryptographer and developer who has supported ETC to some extent. ETC also has a faction of developers who have been working on the project since the July 30, 2015 fork. Additionally, ETC has the recently launched Ethereum Classic Labs which will likely spur more development teams.
Coinmama chose Ethereum Classic because it is a popular cryptocurrency investment and many digital asset advocates believe it has an ambitious development roadmap. ETC is available today for Coinmama users and can be purchased quickly and effortlessly with our bundle offerings.
Check out our ETC packages priced in USD and EUR today!
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