ETC is about to halve, but many people will still confuse Ethereum with Ethereum Classic, which is not only similar in name to Ethereum Classic, but is also similar in function between the two digital currencies.
According to the number of blockchains, ETC expects that the second halving will happen in late March 2020 and the block reward will be reduced by 20% at the peak of the millionth block, and then the block reward will be reduced from 4 to 3.2.
ETC has been controversial since its inception. As one of the mainstream currencies in the cryptocurrency market, ETC’s price has been low since it was listed on the exchange and failed to rise to higher levels.
Both ETH and ETC are currencies associated with the V-God team. It’s all the same people. First comes ETC, then ETH, but ETH is well known to the public. ETH is the second largest currency by current market value and also the first to offer smart contracts. The platform, which can quickly complete ICO, has little impact on the development of blockchain industry, while ETC is unknown to many people.
How did ETC come about? In 2016 there was a project to use Taifang for crowdfunding. As a result, more than $60 million in Ethereum was stolen. At that time, hackers did not use this digital currency. To prevent hackers from succeeding, the V-Team participated in a hard fork. The discovered stolen money was detected and the ETH after the hard fork was declared real Ethereum, and those before the fork were not counted. As a result, the “old” Ethereum mined by miners from the old chain is almost worthless.
The difference between ETC and ETH
Ethereum is a distributed smart contract and distributed independent application DApps platform aiming to become the world’s only supercomputer. The network uses the cryptocurrency Ethereum (ETH) to build a platform for executing smart contracts and DApps that is unaffected by censorship, downtime and third-party interference.
ETC is the original old chain after the Ethereum hard fork, and ETH is the new currency from the Ethereum hard fork. ETC insists on being a world network computer and cannot change the belief in smart contracts. Each fork can only be a contract to fill the gaps in the platform, so many people think that ETC is the true Ethereum in the blockchain sense.
In late June, V God, the founder of Ethereum, put forward the idea of a hard bifurcation, which prompted the hacker to use the vulnerability to invalidate the transaction’s block.
In mid-July, more than 85% of Ethereum’s computing power supported hard splitting, and Ethereum hard splitting was successful.
The new chain is Ethereum (ETH) and the original chain is ETC.
In this way, there are two chains ETC and ETH with the same codes and the same history books (before the fork) at the same time. Users who own Ether (ETH) before the fork will have the same number of ETH and ETC coins after the fork.
There are also cases of hard bifurcation in other blockchains. At that time, most miners turned to the new chain and the old chain automatically disappeared (because there was no consensus). Currently, however, the Ethereum hard fork is different. Some people firmly believe that the old chain, some miners still keep the old chain, and the old chain will survive.
Shortly after, P Network, the world’s largest Ethereum trading platform, announced its support for trading legacy Ethereum. To distinguish it from the new version of Ethereum ETH, the old currency code is ETC (Ethereum Classic, Ethereum Classic). Hence, ETC has circulation value as the price is extremely low, some people buy it and miners can keep it. Then ETC stubbornly lived to this day.
The ETC development team has always adhered to the values defined by the blockchain and adhered to the original core of Ethereum, a decentralized platform that runs programming applications without opportunities for fraud, censorship or third-party interference. As a world network computer, it can only run irreversible smart contracts. Before the problem arose, not everyone knew the developer’s attitude towards the immutable blockchain technology that regulates everyone’s behavior. Therefore, ETC is the only digital currency to have seen the fall test (THE DAO incident), i.e. the only practitioner to abide by the ironclad law that code is law.
If bitcoin aims to become a world currency, it will create a peer-to-peer electronic cash system. Then, Ethernet Classic set out to become a world network computer and create a decentralized smart contract platform. At the same time, the Ethereum network also seems to have committed to similar development goals. Ethereum and Ethereum have deep roots. Although technically they are two chains entering into a competitive relationship, their paths of development are actually completely different.
The Ethereum Foundation will definitely turn to PoS (Proof of Stake) called Casper, while the ETC community believes that according to the technical characteristics of POS, in the future the rich will get richer and the poor will get poorer, which will bring institutional benefits This is for the core values of the ETC community are unacceptable and ETC will continue to adhere to POW.
Does the ether classic have investment value?
First, decentralization or centralization
ETC turned into a truly irreversible blockchain by refusing to take back funds from DAO attackers. It is precisely because of the purity of its dominant consciousness that it provides a steady stream of power for the sustainable development of ETC. The rise of ETC also proves the power of the decentralized and unregulated blockchain system, and traders and other big blockchain participants are attracted to this characteristic of ETC.
Second: scarcity.
After the hard fork, ETH and ETC monetary policy also reached a fork in the road. ETH currently has no cap and is in the continuous issuance phase. ETC has returned to the tradition of the Austrian business school and has created a plan to reduce production in the form of Bitcoin. The final total issuance will not exceed 230 million.
Third: POW or POS?
The core of the blockchain is the consensus mechanism. The workload-proof based POW mechanism has proven to be the best system on the market right now, and eight of the top ten in overall digital cryptocurrency market value are based on the POW mechanism. Dot Coin, the first POS mechanism, is almost extinct. Owning money itself will produce more money, leading to a severe Matthew Effect that makes the rich richer and the poor poorer. If we cannot achieve fair outcomes, at least we can achieve fair mechanisms.
In POW, miners can always decide whether or not to dig a particular mine, while in POS, latecomers completely lose the opportunity to participate. In addition, online hot wallet mining also poses serious security issues and can easily lead to hacking, which has already happened to Diandian coins. The ETC developer community has made it clear that it will not switch to POS like ETH, and ETC adopts the POW consensus algorithm that makes every node connected by dynamic network profitable.
Fourth: anonymity or publicity?
Anonymity is very important for encrypting users in digital currency, but currently almost no common digital encryption currency offers anonymity. Recently, with the ECIP-1025 proposal, the ETC community hoped that ETC will join zk-SNARK verification. Once the offer is activated, ETC users will be able to use the anonymous transaction record service. Finally, enhancing transaction privacy and anonymity is not a bad thing. Currently, the ETC developer community is very interested in this proposal. It is foreseeable that ETC will become a combination of BTC, ETH and ZCash in the near future, however, it lacks the function of issuing token ICOs.
Is ETC compatible with ETH?
On the afternoon of January 12, 2020, ETC completed the upgrade of the Agharta hard fork to the block height of 9573000 ahead of the expected January 13th.
According to the Bayesian blockchain, the Agharta hard fork aims to make the Ethernet classic compatible with Ethereum, to realize interoperability between ETC and ETH networks, and to continuously enrich the Ethernet classic’s ecological and application scenarios.
The existence of ETC has shifted the focus of debate in the ETHereum community from the DAO to ETC and eth. On the one hand, ETC is a purer decentralized system and the original intent of cryptocurrencies, so ETC has more potential. On the other hand, ETH is obviously more acceptable than ETC, hence ETH is the future of Ethereum.
The subsequent update of the classic Ethernet network is called Aztlan. This fork is a bridge between ETC and Ethereum Istanbul hard fork.
These are the efforts of the Ethereum community. Perhaps ETC and ETH can go hand in hand in the future. As a promising crypto market and public blockchain, Ethereum’s successes are just around the corner.
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Source of this article: Beishu Blockchain Original title: ETC will be halved soon. How much do you know about his past lives?
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