Catch-up, but not backward. Why cryptocurrency Ethereum Classic

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Two years ago, the platform Ethereum blockchain split, resulting in Aldon, capitalization at the beginning of the year exceeded $3 billion

Cryptocurrency Ethereum Classic was the result of hard forks main Ethereum 20 July 2016, and after a year and a half in January 2018 Aldona capitalization exceeded $3 billion. These platforms have many similarities, but they have important differences.

History

June 17, 2016, hackers broke into the investment Fund of The DAO and kidnapped him with about 3.6 million cryptocurrency Ethereum, which at the time was approximately $60 million (at the exchange rate on October 17, 2018 — $748 800 000 million). To indemnify the organization Ethereum Foundation proposed to change the blockchain cryptocurrencies.

Part of the community was very against this method, as this could adversely affect the decentralized nature of the system and its security. Hardwork violated several principles of digital money, therefore, the co-founder of cryptocurrency Charles Hoskinson and Gavin wood offered to continue to work on the old blockchain. Acne Buterin from this idea was abandoned.

Hardwork happened 192000 block July 20, 2016, all holders of Ethereum received an equivalent number of new coins. Ethereum Classic supported a major mining pool MinerGate, and two weeks after branching chain allcoin added Poloniex marketplace, and then joined Bitfinex, Kraken and BTC-e.

However, the new cryptocurrency was and opponents is a Chinese entrepreneur Chandler has promised to attack 51% of the network althena, but did not receive the necessary support, so it did not take place. In August 2016 the Ethereum community Classic published the “Declaration of independence”, which called the main principles of Aldona:

  • Saving the blockchain in their original form.
  • No change to code cryptocurrencies and preserving its security and decentralization.
  • The platform is open to all who agree with these principles.

The developers held hardwork Ethereum Classic to optimize the code and to defer a “Bomb of complexity” — an update that will make mining cryptocurrency unprofitable. In early 2017 the blockchain Aldona updated to reduce the load on the network, and then made several more improvements to strengthen network security.

Features

Classic Ethereum is a platform for decentralized applications is open source algorithm Proof of Work. She works using the virtual machine Virtual Machine Sputnik. Initially, the issue Aldona were not limited, however, in December 2017 was installed in the ceiling 210 million tokens, at the moment of them produced 105 million.

Like Ethereum, for the internal transaction token is used Gas, which protects the network from spam and determines the Commission to be distributed among the miners. In 2018, was implemented in the first sidechained project Callisto Network, ETC all holders received the same number of tokens CLO. At the moment their price is $0,012.

The network of cryptocurrency develops, it has an active community. However, the platform has been criticized for the instability of the network, using the blockchain, which was successfully attacked by a hacker. According to experts, the cost of the attack 51% on the network Aldona is $55 million.

Differences

Cryptocurrency Ethereum Classic built on the Ethereum blockchain, so between them is not much difference — both platforms with smart contracts is designed for decentralized applications. One of the main differences is the second capitalization of the bitcoin is limits of emission, in contrast to fork.

According to technical Director Emercoin Oleg Haviko, project ETC lacks personality level Vitalik Buterin in order to attract major investments. The expert stressed that Ethereum is significantly ahead in terms of PR, marketing, number of partnerships and implemented projects, so the “classics” got the role of a follower.

But it is more decentralized, so as to amend the code of the second capitalization of cryptocurrency, it is necessary to make a proposal, after which it will be discussed by the developers. At the same time, the blockchain platform Vitalik Buterin run thousands of ICO and many decentralized applications, Ethereum Classic such statistics can not boast.

Where to trade and how to store

Cryptocurrency Ethereum Classic traded on most major exchanges, such as Coinbase, Binance, Bithumb and others. In mid-October 2018 daily trading volume Aldona is $125 million, for comparison, the figure for Ethereum is at the level of $1.5 billion.

For safe storage of the asset you can use hardware wallets Ledger’s Nano and best wallet. On the official website Aldona offered to set the purse ClassicEtherWallet, mobile Jaxx, Parity, Mist and other options.

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