Ethereum Classic, 英 文 : Ethereum Classic, token symbol: ETC. Formerly known as Ethereum, ethereum was hard forked in July 2016. Some users who stuck to the original blockchain did not migrate to the new fork, and the old chain continued to be maintained and became the Ethereum classic. Ethereum Classic is an open source, public, distributed computing platform based on blockchain with smart contract (scripting) capabilities. It provides a decentralized Turing-complete virtual machine, known as the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.

ETC is a hard forked currency of Ethereum after 1,920,000 blocks and is very similar in function to Ethereum. ETC adheres to the concept of decentralization and supports the consensus mechanism of blockchain guarantee. ETC firmly believes that once blockchain is up and running, its development direction will not be dictated by any central team, but by the consensus of people involved in the entire network and the consensus of computing power across the network. Persisting in decentralization is the project vision of ETC.

Ethereum is a classic, but in fact it was originally Ethereum. Due to the DAO incident, a large number of coins were stolen by hackers. Finally, it was abandoned and forked into the current Ethereum

The core of blockchain is consensus mechanism. ETC developer community has expressed that it will not switch to POS like ETH, ETC adopts POW consensus algorithm, so that any dynamically connected nodes are profitable.

The potential application scenarios of ETC are very wide, theoretically including most of the applications requiring trust and contract nature; Developing iot applications on the ETC platform has its unique advantages: stable and secure network, fixed ceiling, capacity expansion, private transactions, machine payments, ETC. The combination of iot and ETC will drive more applications to move to ETC network.

Those who choose to stick to the original ETC public chain after modification of hard fork have a high belief in the imtamability of blockchain, which is the embodiment of true decentralization. This is similar to Bitcoin, there is no forced change because POW is wasteful, easy not enough, slow transaction speed, etc. ETH can modify the records and contracts of blockchain as long as a majority of people agree to change them. No additional issuance of ETH Currently there is no limit on the total number of ETH issues. The total amount of ETC issued is 230 million. In the later stage, a deflationary mechanism similar to bitcoin will be implemented. The block reward will be reduced by 20% in the first 5 million blocks, and the block reward will be reduced by 20% for each 500,000 blocks thereafter. Despite the DAO attack, ETC clearly stated that it would not change the POW consensus mechanism, because POW (Proof of Work) is fairer than PoS(Proof of Stack). PoW uses computing power to mine, and as long as you participate in it, you have the opportunity to gain profits. The higher your computing power, the more likely you are to gain profits. The ETH PoS mechanism is proof of ownership, the shares held

ETC is a general-purpose blockchain smart contract platform that can run a variety of potential applications, such as iot applications. Currently, Ethereum still uses proof-of-work consensus. Computers connected to the blockchain need to solve extremely difficult cryptogram puzzles to protect the network and earn ETH tokens. But soon, Ethereum will transition to the Ethereum 2.0 blockchain based on proof-of-stake consensus, which will eliminate traditional energy-intensive ETH mining, leaving many miners "uneasy." However, Ethereum Classic has no plans to transition from a proof-of-work algorithm to a proof-of-equity algorithm, meaning ETH Miners may want to continue using hardware mining on the ETC blockchain. On the other hand, proposal EIP 1559, which will be implemented in the July upgrade before Ethereum goes to the new Ethereum 2.0 blockchain, will also result in a significant reduction in miners' rewards, so many miners may "switch" to Ethereum Classic.

The total amount of ETC issued is 230 million. In the later stage, a deflationary mechanism similar to bitcoin will be implemented. The block reward will be reduced by 20% in the first 5 million blocks, and the block reward will be reduced by 20% for each 500,000 blocks thereafter.

ETC indicates that it is always POW mechanism and always produced by mining machine, which is more fair and will not cause a big gap between rich and poor. And the founders themselves had to mine for the coins. By the graphics card and pure CPU mining generated by the coin can prove that the people participate in accounting, the people witness. If the founder is gone; The exchanges stopped trading; Policy prohibits it; These coins will still have some value because they were witnessed by the people. These coins are priceless in every miner's heart.

The total number of ETC issues is 230 million, and the implementation of a deflationary mechanism similar to bitcoin will reduce the block reward by 20% in the first 5 million blocks, and will reduce the block reward by 20% for each 500,000 blocks thereafter. This mechanism has a certain role in promoting the stability and rise of ETC price.

ETC main competition should be in the field of Internet of things and the etheric fang, EOS, intelligent male chain contract, such as IOTA essentially not block chain, but block chain extension of ecological, adopt new Tangle distributed books, through to the data and value passing zero charge transaction layer, solve global Internet equipment network congestion, Due to the problem of expensive handling fees, it ranks first in the market value of the blockchain Internet of Things field and has reached cooperation with a number of technology industry giants, making it a leader in this field.

Ethereum classic was originally the product of Ethereum, but due to the DAO incident, the old and new were separated and began to develop differently. However, the use of platform blockchain is similar. In addition to being a transfer medium, ETC coin's main function is smart contract. Smart contracts can provide myriad intermediary services such as banking, file storage, insurance, identity and credit services. In the future ETC will also provide Internet of things services, which are currently under development. ETC to let a person want to pay for it at the moment is just RMB notes, rarely to use intelligent contracts and purchase ETC, because the current intelligent contracts is the most popular of the etheric fang (ETH), of course, if iot development of value ETC, someone will buy the ETC for the application of Internet of things, V, after all, god also in public platform, This makes ETC's development highly anticipated.

Let a person willing to held a long feature only currency will rise and bullish on the application field of chain blocks, ETC at present to develop your purse, ETC block chain ecology is not yet perfect, block chain you also very much looking forward to the development of it later, but block chain competition is very fierce, EOS want to beat the ETH ambition is so big, ETH suffers from the same problems as ETC, such as high transaction fees and slow transaction confirmation completion. As for the features that will make people want to own ETC for the long term, only ETC's Internet of Things may evolve.

PoW is computing power mining, although it is fair to the consensus mechanism, but if the computing power is too concentrated, it can control more than 51%, which increases the probability of 51% attack and makes it vulnerable to hacker attacks. In addition to the problems with ETC itself, another risk is that it will be abandoned by the market due to advances in blockchain technology. With the rise of blockchain 3.0 represented by EOS, not only ETC, but even ETH may be abandoned by the mainstream market. EOS, based on DPOS as the consensus mechanism, has two advantages, one is fast transaction processing speed, and the other is zero transaction commission. Such a situation is a big blow to ETH and ETC.

The cryptocurrency community is divided over the future development of ETC. One side believes that ETC is more purely decentralized than ETH, and such blockchain is easier to survive. Is another school of thought the ETH embraced by most people, and supported by the core developers V god, then the ETH in constantly update system and propaganda, has a strong community consensus, links to the real industry also has many applications, although the ETC and ETH use the same code, but there is no characteristic, ETC is little and the entity industry, so the ETC will eventually decline. Although the connection between ETC and the real industry is not as good as ETH, ETC did not stop its development because of the parting of ways. In the middle of 2018, the classic developers of Tai Fang successfully removed the "difficulty bomb", which is one of the great progress of ETC blockchain network technology. The difficulty bomb is the problem encountered when PoW is adopted. Updates to ETC make it easier for miners to get a return on verifying transactions on the network. ETC has been actively developing new initiatives following the involvement of ETCDEV and IOHK developers, and is currently working on Emerald Wallet, as well as other initiatives such as the Internet of Things, where ETC hopes to stand out. ETC is the original chain of Ethereum, and the system has been running steadily for a long time. The cryptography theories and principles used in ETC are also widely used in other IT fields and have been verified and optimized for a long time. IT is a mature, secure, reliable and efficient information technology. Therefore, ETC has stronger application support ability in the field of Internet of Things. For better iot applications, the ETC community has reached a consensus and developed plans for cross-chain operation functions. Aiming at the field of Internet of things, sharding technology and side chain technology are designed to ensure security and improve efficiency. The ETCDEV team's goal is to make the ETC blockchain a stable and easy-to-use technology. It's better to slow down development than to do some reckless experimentation to prevent future irretrievable errors that cost users. Whether ETC develops its own path in the future depends on how popular these projects are.