Ethereum Classic functions as a decentralized computing platform similar to Ethereum, enabling the execution of a diverse array of applications. At the heart of Ethereum Classic's operations lies its native currency, ETC, which serves as the means to facilitate transactions and operate smart contracts within its network.
Just as users of Ethereum pay fees in Ether (ETH) to execute smart contracts, Ethereum Classic users employ ETC to cover similar fees. These fees, often referred to as "gas," are essential for keeping the network operational. Miners, equipped with sophisticated computers, solve complex "proof of work" puzzles to verify transactions and maintain the network's integrity, with gas fees serving as their compensation.
While both Ethereum and Ethereum Classic employ mining mechanisms, Ethereum is poised to transition from "proof of work" to "proof of stake," a new consensus system. In contrast, Ethereum Classic intends to continue utilizing traditional mining even after Ethereum has transitioned.
ETC, similar to ETH, rewards miners with new coins as they successfully add blocks of transactions to the blockchain. However, Ethereum Classic sets itself apart with a fixed maximum supply of 210,700,000 coins, unlike Ethereum which lacks such a limit.
Ethereum Classic is mined using powerful computers. While graphics processors can be employed, the use of specialized devices known as ASICs (Application-Specific Integrated Circuits) is likely necessary to make mining profitable. It's worth noting that since its fork from Ethereum in 2016, Ethereum Classic has encountered challenges in terms of market capitalization, developer engagement, and network security, evidenced by instances of "51% attacks," where malicious entities gain control of the majority of mining power, potentially enabling double spend attacks.
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· Sat, 17 Sep 2022 19:15:04 GMT · natural
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· Wed, 14 Sep 2022 20:15:04 GMT · natural
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50% Rally Sees Ethereum Classic Becomes 19th Largest Cryptocurrency
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· Fri, 29 Jul 2022 17:15:07 GMT · natural
Ethereum Classic had experienced a sharp fall in prices on the 17th January, however, at press time ETC was seen recovering. Over the last 24 hours, ETC had gained close to 7% and was seen trading at $28.
Ethereum Classic had experienced a sharp fall in prices on the 17th January, however, at press time ETC was seen recovering. Over the last 24 hours, E
NewsBTC · Thu, 03 Feb 2022 01:00:21 GMT · Positive
Ethereum Classic (CRYPTO: ETC) is trading higher Monday, moving higher in a crypto market that is trading slightly higher as a whole. Ethereum Classic has been in a strong downward trend for the last few months and has not yet shown signs it is making a reversal.
Ethereum Classic (CRYPTO: ETC) is trading higher Monday, moving higher in a crypto market that is trading slightly higher as a whole. Ethereum Classic
Benzinga · Mon, 31 Jan 2022 17:25:00 GMT · Negative
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