ETC is about to usher in halving, but many people still confuse Ethereum and Ethereum Classic, and they are foolishly confused. Not only the name of Ethereum Classic is similar to Ethereum, but also the two digital currencies are similar in function. few.
According to Beishu Blockchain, the second halving time of Ethereum Classic (ETC) is expected to be at the end of March 2020, and the block reward will be reduced by 20% at the height of the 1,000,000th block. At that time, the block reward will be reduced by 4 to 3.2.
ETC has been controversial since its birth. In terms of currency price, as one of the mainstream currencies in the encryption market, the price has been low since it was listed on the exchange, and it has not been able to rise to a higher level.
Both ETH and ETC are currencies related to the V God team. They are completely the same group of people. ETC came first and then ETH. However, ETH is familiar to the public. ETH is currently the second most valuable currency, and it is also the first to propose a smart contract. , and can quickly complete the ICO platform, which has a great impact on the development of the blockchain industry, and ETC is unfamiliar to many people.
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The difference between ETC and ETH
Ethereum is a distributed smart contract and distributed autonomous application DApps platform, aiming to become the only supercomputer in the world. The network uses the cryptocurrency Ethereum (ETH) to build a platform for executing smart contracts and DApps without interference from censorship, downtime, and third-party intervention.
ETC is the original old chain after the hard fork of Ethereum, and ETH is the new currency from the hard fork of Ethereum. ETC insists on being a network computer of the world and cannot change the belief in smart contracts. Any fork can only It can be a contract to improve the platform's loopholes, so many people think that if you follow the blockchain thinking, ETC is the real Ethereum.
At the end of June, Vitalik, the founder of Ethereum, proposed a hard fork idea, through which the blocks that hackers exploited to transfer out transactions would be invalidated.
In mid-July, more than 85% of the Ethereum computing power supported the hard fork, and the Ethereum hard fork was successful.
The new chain is Ethereum (ETH), and the original chain is Ethereum Classic (ETC).
In this way, there are two chains ETC and ETH at the same time, with the same code and the same history books (before the fork). Users holding Ether (ETH) before the fork have the same amount of ETH and ETC coins after the fork.
There have also been cases of hard forks in other blockchains. At that point, most miners switch to the new chain, and the old chain disappears automatically (because there is no consensus). However, this time the Ethereum hard fork is different, some people firmly believe in the old chain, some miners still maintain the old chain, and the old chain will survive.
Not long after, P Network, the world's largest Ethereum trading platform, announced support for trading old Ethereum. To distinguish it from the newer version of ethereum ETH, the old currency code was ETC (Ethereum Classic, Ethereum Classic). Therefore, ETC has circulation value, because the price is extremely low, some people buy it, and miners can continue to maintain it. Then ETC stubbornly survived to this day.
The Ethereum Classic (ETC) development team has always adhered to the values defined by the blockchain, and adhered to the original intention of Ethereum, a decentralized platform, running programming applications without any chance of fraud, censorship or third-party interference. As a world network computer, it can only run irreversible smart contracts. Before the problem arises, no one knows the developer's attitude towards the irreversibility of the blockchain technology that regulates everyone's behavior, so ETC is the only digital currency that has passed the test of the case (THE DAO event), that is, insists on The only practitioner of the iron law that code is law.
If Bitcoin is committed to becoming a world currency and creating a peer-to-peer electronic cash system; then Ethereum Classic is committed to becoming a world network computer and creating a decentralized smart contract platform. At the same time, the Ethereum network seems to be committed to similar development goals. Ethereum and Ethereum Classic have a deep relationship. Although they are two very similar chains technically and form a competitive relationship, the development routes of the two are completely different.
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Is Ethereum Classic worth investing in?
First, decentralization or centralization
ETC established itself as a truly irreversible blockchain by refusing to withdraw funds from the 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 has also demonstrated the power of a decentralized, unregulated blockchain system, and traders and other major blockchain players are drawn to this quality of ETC.
Second, scarcity
After the hard fork, the monetary policies of ETH and ETC also came to a fork in the road. ETH currently has no upper limit and is in the stage of continuous issuance. However, ETC has returned to the tradition of the Austrian school of economics, and has carried out production reduction planning in the way of Bitcoin, and the final total issuance will not exceed 230 million.
Third, POW or POS
The core of the blockchain is the consensus mechanism. The POW mechanism based on the proof of work has been proven by the market to be the best system. Eight out of ten of the top ten digital cryptocurrencies in terms of total market value are based on the POW mechanism. Peercoin, which first proposed the POS mechanism, has almost died out. Owning coins themselves will generate more coins. This setting will lead to a serious Matthew effect, making the rich richer and the poor poorer. If we cannot achieve fair results, we can at least achieve fair mechanisms.
For POW, miners can choose to mine or not mine at any time, while for POS, latecomers completely lose the opportunity to participate. In addition, hot wallet online mining can also cause serious security problems, which can easily lead to hacker attacks, which has already happened on Bitcoin. The ETC developer community has made it clear that it will not switch to POS like ETH. ETC adopts the POW consensus algorithm to make any node connected to the dynamic network profitable.
Fourth, anonymous or public
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Can ETC be compatible with ETH?
On the afternoon of January 12, 2020, ETC completed the Agharta hard fork upgrade at block height 9573000 ahead of the previous estimate on January 13.
According to Beishu Blockchain, the Agharta hard fork aims to make Ethereum Classic compatible with Ethereum, realize the interoperability between ETC and ETH networks, and continuously enrich the ecology and application scenarios of Ethereum Classic.
The existence of ETC has shifted the focus of debate in the Ethereum community from The DAO to between ETC and ETH. One side believes that ETC is a purer decentralized system and the original intention of the birth of cryptocurrency, so ETC has more potential. The other party believes that compared with ETC, ETH is obviously more accepted by people, so ETH is the future of Ethereum.
A subsequent update to the Ethereum Classic network is called Aztlan. The fork is a bridge between ETC and the Ethereum Istanbul hard fork.
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Disclaimer: The information published in this article does not represent any investment suggestion of the company, nor does it constitute any investment advice. The picture is from the Internet. If there is any infringement, please contact to delete it. Please note the source for reprinting.
