"Code is law" – unnecessary fork or important change? | CoinCasso Group

“Code is law” – unnecessary fork or important change?

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Finally, we finish reviewing new cryptocurrencies on CoinCasso Exchange! Soon, we will implement Ethereum Classic (ETC), which is Ethereum’s hard fork. What is it characterized by? Let’s see!

Ethereum Classic price today:

 

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Ethereum Classic trading graph:

 

ETC price fluctuations

Ethereum Classic was created in July 2016, and its price was equal to about 0,60 USD. One year later, its value rose to over 22 USD and was the best in relation to Bitcoin.

Soon, its price has skyrocketed even more to reach the all-time high of over 45 USD in January 2018. Just one month later, it decreased by over two times to go up again in a rapid way. From this point, due to the overall crisis on the cryptocurrency market, Ethereum Classic price was falling and is currently equal to about 4,50 USD. So far in 2019, ETC value went down by about 10%. Its price experienced a crisis especially after facing 51% attack.

Hodl, hodl, hodl your ETC!

Smartereum.com strongly encourages to hodl Ethereum Classic. In their forecast, they predict its price to rise over 100 USD by the end of 2019. The reason is the announcement of listing ETC by CoinBase in autumn 2018. What’s more, they state that Ethereum Classic is not a… classic Ethereum’s fork, as it is a platform designed for Smart Contracts which runs on original Ethereum’s chain.

Cryptoglobalist.com is also optimistic about ETC future price. They state that it is the best moment to buy this cryptocurrency, as its price is meager compared to the value from a few months back. They firmly believe in ETC’s core philosophy and other features provided by its blockchain.

Fork due to the hacker’s attack

As we have mentioned, and as its name indicates, Ethereum Classic is Ethereum’s hard fork on block 1920000. It happened due to the error found in the DAO platform code. One hacker noticed it, changed a few lines of code and gained access to ETH coins with a value equal to about 60 million dollars.

This led to a division in the Ethereum community. On the voting path (only 12% of community members took part in “democratic voting”), a hard fork was decided in order to withdraw the whole event, and as a result, ETH holders received back their funds. Some members didn’t agree with such a solution though and decided to support the old blockchain. Their argument was the rule of unchanging code history and transactions. That’s how Ethereum Classic was created.

The Ethereum Classic’s motto is “Code is law”. Therefore, one of ETC’s features is a real invariability of transactions. Although Ethereum Classic has the same properties as Ethereum, it is treated as a completely separate and autonomous cryptocurrency, which has its own blockchain, team, and community.

Buterin’s work

The total supply of ETC is equal to 210 000 000 ETC, and currently, the circulating supply is about 108 million ETC, slightly more than the ETH’s one (around 104 million). It is currently ranked in the top 20 at the market capitalization ranking.

Like Bitcoin and Ethereum, it is based on Proof-of-Work consensus algorithm. As we mentioned earlier, ETC is a platform designed for Smart Contracts.  It supports the development of dApps, and it takes advantage of Ethereum Virtual Machine (EVM). A Russian-Candian programmer and writer Vitalik Buterin is the creator of Ethereum, and therefore, also of Ethereum Classic.

Ethereum Classic mining

Ethereum Classic can be obtained in the process of mining. The prize for the dug block is currently 4 ETC and is reduced by 20% after digging up every 5,000,000 blocks. The Ethereum Classic network security algorithm is the same as in Ethereum – Ethash. The excavators are based on AMD and Nvidia graphics cards, or you can also use the Claymore program for this purpose.

Philosophical approach

Ethereum Classic is similar to Bitcoin’s forks, such as Bitcoin Cash, because its value will very likely forever be linked to Ethereum, regardless of the philosophical or technical differences. It is also not the only Ethereum fork that contains EtherZero, Ether Gold, EthereumFog, and EtherInc. Ethereum Classic is definitely a strong blockchain project. However, it is unlikely to ever emerge from the shadows of its more popular sister. Nevertheless, Ethereum Classic will always enjoy the support of those who appreciate its philosophical approach.

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