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Ethereum Classic, ETC
$6 582 119 004
24 Hour Volume
$1 436 144 169
116 313 299
Ethereum Classic / US Dollar Chart, ETC/USD ()
About Ethereum Classic
Ethereum Classic is a blockchain platform with open source code, distributed network, and peer-to-peer payment system. It allows creating smart contracts and decentralized applications using instruments for developers and Ethereum Virtual Machine.
It is the former original Ethereum initially created by Vitalik Buterin. Only in 2016 he performed a hard fork and headed the project with a branch blockchain. The blockchain he left is still developed as a classic project with support from enthusiasts who were against the decision of the Ethereum Foundation. According to the Declaration of Independence and a Crypto-Decentralist Manifesto, they believe in the blockchain’s immutability and concept ‘Code is Law.’
Project history: split in Ethereum
The history from day one when Vitalik Buterin established the crypto project is documented on the Ethereum (ETH) page. Here you will find out what happened after the split caused by The DAO.
In April 2016, the crowdfunding project The DAO was launched on the basis of the Ethereum smart contracts. In May, its leaders conducted a token sale which resulted in raising ethers equal to $152 million from 18 thousand participants. At the same time, cybersecurity specialists discovered critical vulnerabilities in its smart contracts, including recursive calls. They warned investors and The DAO team but no one was quick enough to take action.
In mid-June 2016, hackers attacked The DAO, which was then holding 11.5 million ethers. Using a combination of vulnerabilities, the criminals created a copy of the organisation to obtain ETH multiple times. According to the smart contract, they had to wait 28 days to withdraw the almost stolen 3.6 million ethers (~$60 million). Vitalik Buterin and his colleagues from the Ethereum Foundation suggested using this hole to roll back the blockchain.
The vulnerabilities were not the fault of the Ethereum team but many people from its community became participants of The DAO and could have lost their investments stuck there. Panic already affected the ETH price: for 16–18 June, it fell from $20.59 to $11.33. The solution to the problem could have been a hard fork, which necessity was brought up to debate and vote. Interested members of the Ethereum community had to stake in coins (with their return at the end of the vote).
The total turnout on 15 July 2016 gave the following result: holders of 3,964,516 ETH (87%) voted for the hard fork with branching, while 577,899 ETH (13%) opposed the violation of the immutability principle. The leaders of the Ethereum Foundation followed the will of the majority and performed hard fork DAO Bailout on 20 July. Technically, it was a fork of the blockchain, and many simply started using the new chain from block No. 1 920 000 by updating the client software. Buterin’s project retained the name Ethereum and the ETH ticker for the coin.
Project history: the origin of Ethereum Classic
Those enthusiasts who lost both the debate and the voting, as well as a small part of the development team, decided not to betray the idea of blockchain immutability. From block No. 1 920 001, they continued to use the original chain with a preserved record of the hackers’ dishonestly acquired wealth. The formed team added Classic to the name of the independent project and took another ticker for the coin — ETC.
The official date of Ethereum Classic origin can be considered 20 July 2016. However, community members prefer to keep counting from 30 July 2015 — the date of the Ethereum mainnet launch and the creation of the genesis block. There is a logic in this: they put together the same distributed network and add records to the same uncorrected blockchain. And it was not they who branched off from Ethereum but vice versa.
In its organisational and legal form, the project has become similar to Bitcoin, since it also does not have a central body, a registered legal entity, or managers. Development is carried out by 13 independent teams at once. They perform separate tasks concurrently, propose protocol enhancements through ECIP, and release alternative clients and wallets.
Ethereum Classic cryptocurrency features
The cryptocurrency of the payment system is called classic ether but often out of habit it is shortened to ‘ether.’ It also has fractional parts: wei is the minimum fraction (there are a quintillion weis in 1 ETC), and gwei is a billion wei (there are a billion gweis in 1 ETC). The platform also uses gas — a unit of payment for speeding up transactions and for making operations in smart contracts.
Classic ethers are used for the same thing as ETH in Ethereum: transactions between users, payments in applications, payment for creating smart contracts or dApps in EVM, payment for gas consumption, and simply as an investment instrument. They are also mined thanks to the Proof-of-Work algorithm and the Ethash function.
In March 2017, developers and the community discussed a change in monetary policy. In Buterin’s Ethereum, the emission has always been and still remains unlimited. Ethereum Classic decided to limit itself to the final amount of 210.7 million coins. At the same time, they decided to start reducing the block mining reward by 20% every 5 million blocks. People supported the initiative by voting, and on 11 December 2017, the emission limit became effective along with the 5M20 schedule and the first reduction in reward:
|Period name||Date||Block height||Block reward|
|Era 1||30 July 2015||1||5 ETC (initial)|
|Era 2||11 December 2017||5 000 001||4 ETC|
|Era 3||17 March 2020||10 000 001||3.2 ETC|
|Era 4||15 April 2022||15 000 001||2.56 ETC|
|Era 5||7 May 2024||20 000 001||2.048 ETC|
The blocks themselves in this blockchain are created a little faster — in 13 seconds versus 15 seconds in Ethereum. And the average speed of processing operations is slightly less — 14 transactions per second against 15 TPS in Ethereum. There are no bottlenecks with long waiting times since the load on the network is insignificant.
There is no official software for using ETC but there are recommendations on the project’s website. Among them, there are four full-fledged clients listed as trusted: Core-Geth, Hyperledger Besu, Multi-Geth, and OpenEthereum. There are also 4 web wallets and 5 in-browser wallets that are suitable. It also lists 9 hardware and 28 software wallets.
Ethereum Classic price dynamics
Ethereum Classic was listed on exchanges on 24 July 2016 at a price of 0.9288 USD. The next day, it set an all-time low of 0.6024 USD. And then the ascent began: by 2 August, the price rose to 2.76 USD, which was the high of 2016.
ETC’s ups and downs in 2017–2018
Chronology of strong trends with a significant increase or decrease in the ETC price, which led to year’s highs and lows:
- The year 2017. During a flat period on 19 January, a low was set at 1.17 USD. From 1 to 14 September: 21.94 USD ⤵ 9.13 USD. From 16 November to 20 December: 16.88 USD ⤴ an all-time high of 44.05 USD.
- The year 2018. From 1 to 14 January: 34.17 USD ⤴ 42.96 USD (a high). From 15 January to 5 February: 40.50 USD ⤵ 16.53 USD. From 6 November to 6 December: 9.88 USD ⤵ 3.52 USD (a low).
ETC price changes in 2019
For 2019, the Ethereum Classic chart showed eight notable trends:
- 📉 A downtrend from 6 January to 6 February: the price fell from 5.50 to 3.76 USD.
- 📈 An uptrend from 18 March to 7 April: the price rose from 4.44 to 7.67 USD.
- 📉 A downtrend from 8 to 25 April: the price fell from 7.20 to 5.40 USD.
- 📈 An uptrend from 9 May to 2 June: the price rose from 5.57 to 9.52 USD, a high of the year.
- 📉 A downtrend from 25 June to 16 July: the price fell from 9.25 to 5.35 USD.
- 📈 An uptrend from 19 to 26 August: the price rose from 5.56 to 7.35 USD.
- 📉 A downtrend from 5 September to 23 October: the price fell from 7.06 to 4.26 USD.
- 📉 A downtrend from 7 November to 17 December: the price fell from 5.26 to 3.47 USD, a low of the year.
Ethereum Classic prediction for 2020 and coin’s prospects
In the first half of 2020, ETC followed market trends. Compared to ETH, its direct competitor, at first it showed zeal in dynamics but then fell behind.
New Year’s uptrend: the low start date was 2 January when ETC started at 4.26 US dollars and ETH at 127.41 dollars. Already on 29 January, ETC reached 12.32 US dollars and entered a flat, during which, on 5 February, it set year’s high at 12.34 US dollars. Its flat ended on 14 February at 11.98 US dollars. ETH grew steadily until 14 February, on that very day it set its high at 284.22 dollars. As a result, the trend from 2 January to 14 February showed an increase: +181.2% for ETC and +123.1% for ETH.
Correction from 15 February to 8 March with a decrease in prices: ETC — from 10.39 to 6.49 US dollars, and ETH — from 264.73 to 200.69 dollars. The collapse of 9–12 March with a fall in prices: ETC — from 6.93 to 3.96 US dollars (a low of the year), and ETH — from 201.99 to 112.35 dollars. As a result, the general downtrend from 15 February to 12 March showed a drop: −61.9% for ETC and −57.6% for ETH.
The first price recovery from 1 April to 2 May: ETC — from 5.03 to 7.48 US dollars, and ETH — from 135.63 to 215.33 dollars. During the second recovery of the market, ETC did not show itself due to a flat — on 2 June, its price was 7.20 US dollars. And ETH reached the 247.78 dollar mark by the same day. As a result, the general trend from 1 April to 2 June showed an increase: +43.1% for ETC and +82.7% for ETH.
In January, Vitalik Buterin hinted at the integration of the Ethereum Classic blockchain into Ethereum 2.0 in the form of a shard. Donald McIntyre from the ETCDEV team proposed this back in April 2019. If this idea is included in plans for the near future, then the correlation between the coins will increase. It is even possible that ETC holders will receive a proportional amount of ETH.
Here are the ETC price predictions for 2020 from technical analysis experts:
|Analysts||August 2020||October 2020||December 2020|
|Digital Coin Price||$10.23||$5.12||$9.94|
|Long Forecast (EFA)||$5.96||$5.06||$5.40|
Ethereum Classic roadmap
This project is one of the few that updates the roadmap by adding all the important events there. Its first milestone was the launch of the mainnet, since then the creators do not hide even negative events (for example, 51% attacks) and planned but failed ones (for example, testing ECIP with a refusal to apply it). It makes no sense to copy everything from ethereumclassic.org, let’s take only the latest events from 2020:
- 11 January 2020: activation of the Agharta update, where the core developers implemented the opcodes of the Constantinople and St. Petersburg updates of Ethereum.
- 3 February 2020: Core-Geth launch — this is a new client from the ETC Core team that has left the Multi-Geth development team.
- 17 March 2020: entering Era 3 — block reward decreased by 20% to 3.2 ETC.
- 3 April 2020: ethereumclassic.org website update.
- 1 June 2020: activation of the Phoenix update, where the core developers have implemented the functions of Ethereum’s Istanbul update.
- Q3 2020: adding fork monitor and ethstats panels to the website; the likely implementation of Ethereum’s Berlin update; discussion and possible change of gas range.
We will add new items to this list as the roadmap is updated and new announcements of upcoming innovations that could affect the Ethereum Classic exchange rate to the US dollar appear.