Introduction

Ethereum Classic (ETC) is a computing platform for the purpose of building distributed applications also called (DApps). Ethereum Classic also uses a consensus mechanism while adopting Proof of Work (PoW). Ethereum is a similar cryptocurrency to Bitcoin. Ethereum Classic also functions like Ethereum. The only difference is the reduction cap and issuance cap. 

Merging the philosophy of BTCwith the technology (Tech) of EthereumTM (ETH), Ethereum Classic was enabled to be exclusively made suitable for future smart contracts. That is why today’s market price of ETC is set to stable at $18.83 with a whopping $2.65 Billion. ETC price is updated in real-time. Its circulating supply price is $140 million. 

It is pertinent to mention that cryptocurrency mining rewards are reduced by 20% for every 5 Million Blocksand the issuance cap is set at approximately 210 million. Cryptomining is helping to solve immense mathematical problems while becoming a milestone for several crypto networks. Mining and process may vary from crypto to crypto. 

It uses PoW to verify Ether token transactions. ETH also usesPoW Consensus Process and PoW is just like Bitcoin. Here is a catch very soon Ethereum will shift to Proof-of-Stake(PoS) system. Bitcoin takes around 10 minutes to mine a single Block and Ethereum Classic takes only 15 seconds to mine a single Block. Wei is the smallest unit of ETC measuring 0.000000000000000001 ETC.

What is Ethereum Classic (ETC)

Ethereum Classic is a unique computing platform. In short, ETC is a hard fork of ETH launched in 2016 that works on Smart Contract Network. It is an Ethereum alternate that was launched in 2016. Ethereum network is based on a forked chain. Whereas, Ethereum is the original main chain and this is where the DAO hack occurred, after which Ethereum Classic came into being. 

Source

It has also been observed that ETC is the most trusted Smart Contract Platform offering uninterrupted application functioning for a year longer than the ETH. The code is Law for ETC and thus runs the application problem-free. You will not feel the 3rd party interference, censorship, and downtime. In other words, ETC has kept its promise more than other similar Smart Contract Platforms. 

This convenience makes ETC a desirable currency for all kinds of operations. With this useful reference there are examples of activities where such currencies can be utilized to fund various entertaining experiences, like gaming.  Respectable users seek trusted and reliable ways for funds to be deposited or withdrawn, and these crypto variants are a great choice.

There are some similarities between ETC and ETH as well. Both enable to provision of ERC-20 tokens. But here is a catch, ETC cannot coup with the Ethereum network updates like “Ethereum Merge”. ETC maintains the POW blockchain consensus model and ETH adopted Proof-of-Stake in the three-phased merger that will be allegedly taking place sometime in 2023. 

So far ETC has been able to differentiate itself from Ethereum with technical roadmaps diverging from each other.  

Founders of Ethereum Classic

As Ethereum Classic originated from Ethereum and thus its creators are also the developers of Ethereum. They are Gavin Wood and VitalikButerin. Ethereum Classic was born as the consequence of a huge cyber attack that stole more than 3 million currency. Now ETC is based on the network without reverting the chain. 

Ethereum Classic vs Ethereum?

At the time of the hack, a vote was tallied among its holders, which resulted to accomplish the hard fork. It was done to handle the distress situation of huge currency theft. This development resulted in two different blockchains. One is now called Ethereum Classic with its ETC coins and the other is called Ethereum with ETH coins.

What makes Ethereum Classic and Ethereum different from each other are:

Limit: 

• Ethereum could be created with unlimited tokens
• Ethereum Classic is limited to 230 million tokens

Immutability: 

• Ethereum has a platform where previous transaction information could be altered  and readjusted
• Ethereum Classic features a platform where transaction information could not be altered

Value: 

• Ethereum price stands at $1,800 per token of May 2023
• Ethereum Classic price stands at $18 per token of May 2023

Mining: 

• Ethereum Classic utilizes the POW process to mine using ASIC or GPU miners

Ethereum Classic Price Prediction 2025

Qnnit takes pride to bring authentic and latest information. While keeping up the records, we are now sharing price prediction of Ethereum Classic from 2024 to 2025:

Ethereum Classic Price Prediction 2024:

It is expected that 2024 may see the price raise up to $34 per token, which may reach a maximum of $40. The average trading price of Ethereum Classic will remain around $35 per token. Following is the Ethereum Classic price prediction for 2024:

Ethereum Classic Price Prediction 2025:

The users may also expect a rise in 2025 in the price of Ethereum Classic. You may see the price raise up to $48 per token, which may reach a maximum of $58. The average trading price of Ethereum Classic will remain around $50 per token. Following is the Ethereum Classic price prediction for 2025:

Frequently Asked Questions (FAQs)

Following are the FAQs about Ethereum Classic price prediction:

Q1: What is cryptocurrency?

Ans. Cryptocurrency is a kind of digital currency with decentralized system using cryptography. 

Q2: What is Ethereum?

Ans. Ethereum is a decentralized blockchain platform that executes application codes known as smart contracts. 

Q3: What is Ethereum Classic?

Ans. Ethereum Classic is a cryptocurrency and computing platform. 

Q4: What is Block Chain?

Ans. Blockchain is a cryptocurrency company providing unprecedented financial services company. It began functioning in 2011. 

Q5: What is a Block in Blockchain?

Ans. A Block in Blockchain is a data structure maintaining comprehensive records or crypto transactions. 

Q6: What is Proof-of-Work?

Ans. Proof-of-Work is a particular process of verifying transactions on a blockchain to authorize crypto transactions. 

Q7: What is dApps?

Ans. dApps or also called decentralized applications are a kind of app using blockchain tech to keep the data away from the hands of several entities. 

Q8: Who are Gavin Wood and VitalikButerin?

Ans. VitalikButerin and Gavin Wood are the developers of Ethereum and Ethereum Classic. 

Q9: What New Crypto Investors must know?

Ans. Ethereum and Ethereum Classic have a common goal to decentralize apps and create smart contracts.

Q10: How many ETC coins are there in circulation?

Ans. 140.83 million ETC are in circulation at the moment. 

Q11: How is Ethereum Classic secured?

Ans. Due to the PoW algorithm, Ethereum Classic is secured.

Q12: How is Ethereum Classic mined?

Ans. Ethereum Classic is mined with the help of ASIC and GPU miners. 

Q13: From where to buy Ethereum Classic?

Ans. You can buy Ethereum Classic from Binance, Huobi Global, and OKEx. 

Featured Image: Investopedia

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