Ethereum Classic (ETC) currently has a price of $20.34 and is up 3.52% over the last 24 hours. The cryptocurrency is ranked 28 with a market cap of $2.9B. Over the last 24 hours, it saw $127.3M of trading volume. The token has a circulating supply of 143.2M tokens out of a total supply of 210.7M tokens.
Ethereum Classic (ETC) is a cryptocurrency that operates on a decentralized platform, allowing users to build, deploy, and run smart contracts and decentralized applications. It is a continuation of the original Ethereum blockchain after the infamous hard fork in 2016.
Ethereum Classic stands out for its immutable blockchain, which means that past transactions or data recorded on the blockchain cannot be changed. This is achieved through the use of cryptographic hashes, unique identifiers for each block. Tampering with a previous block's data would alter the hash, revealing any attempt to tamper with the blockchain.
The immutability of ETC's blockchain has important implications. It guarantees the security and transparency of the historical record of transactions. Anyone can independently verify transactions recorded on the Ethereum Classic blockchain, establishing a high level of trust. This is especially vital for financial transactions and applications that require an unalterable record.
Ethereum Classic shares similarities with Ethereum, the second-largest cryptocurrency. It emerged as a result of a hard fork in the Ethereum network caused by the DAO hack in 2016. Despite the split, Ethereum Classic remains compatible with the Ethereum ecosystem. This compatibility allows applications and smart contracts built on Ethereum to be deployed on the Ethereum Classic blockchain. Developers can leverage the existing infrastructure and tools from the Ethereum network, facilitating seamless communication and interoperability between Ethereum and Ethereum Classic.
This compatibility provides Ethereum Classic with an advantage in terms of available applications and potential network effect. Developers can easily transfer their existing Ethereum projects to Ethereum Classic or build new ones directly on the ETC network. Users familiar with Ethereum can transition seamlessly to Ethereum Classic without the need to learn a new system, as the core functionality and programming language remain the same.
Ethereum Classic came into existence as a result of a hard fork that took place in 2016, leading to the splitting of the Ethereum blockchain into two separate chains. Among the main founders of Ethereum — and therefore Ethereum Classic — are Vitalik Buterin, Charles Hoskinson, Anthony Di Iorio, and Gavin Wood.
Buterin has remained active in the Ethereum community to this day. Hoskinson, one of the original co-founders of Ethereum, played a significant role in its early development. However, he departed from the Ethereum project before the hard fork and went on to establish IOHK (Input Output Hong Kong), a blockchain research and development company that has actively contributed to the progress of Cardano. Wood played a vital role in the development of Ethereum's underlying technology, particularly the creation of the Solidity programming language. Following the hard fork, Wood went on to create Polkadot and Kusama.
Bob Summerwill is one of the main leaders of Ethereum Classic and is the executive director of the ETC Cooperative.
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