Cryptofacts#8 — What is Ethereum Classic (ETC)?

Dear Gobaba community,

We continue introducing you the altcoins listed on Gobaba. In this post of our series, we will be sharing the basics and unknown facts of Ethereum Classic (ETC), which has an interesting story and a bad incident in the history of cryptocurrencies.

Visit Gobaba to start buy/sell ETC here

Previous Cryptofacts posts

• Cryptofacts #1 — Stellar (XLM)
• Cryptofacts #2 — Ethereum (ETH)
• Cryptofacts #3 — DASH (DASH)
• Cryptofacts #4 — EOS (EOS)
• Cryptofacts #5 — Monero (XMR)
• Cryptofacts #6 — Ripple (XRP)
• Cryptofacts #7 — Augur (REP)

You can see the up-to-date list of available altcoins listed on Gobaba here: https://medium.com/gobabaexchange/announcing-new-altcoin-listings-and-gobaba-trading-module-c0fda44a1547

ETC MARKET DATA (as of writing this post)

(https://coinmarketcap.com/currencies/augur)

• Current Price: €12.10 EUR (~ ₺84.59 TRY )
• Global Market Cap: €1,256,715,242 EUR (~ ₺8,784,336,791 TRY)
• Global Market Cap( 24 hrs): €405,710,889 EUR (₺2,835,885,940 TRY)
• All-time High(ATH): €41.88 (~ ₺293,73 TRY)
• Circulating Supply: 103,850,561 ETC

What is Ethereum Classic (ETC)?

Official Website: https://ethereumclassic.org/
Github Repo: https://github.com/ethereumclassic

• Ethereum Classic is an open-source blockchain-based distributed computing platform with a native cryptocurrency token that trades under the symbol ETC. Ethereum Classic is, as the name suggests, the original version of Ethereum from which the current Ethereum forked.

ETC Facts

The reason behind the separation is The DAO Hack

• For the first 1.92 million blocks, the two currencies (ETC and ETH) had the exact same transaction history. But not long before block 1920000, a bad thing happened to Ethereum. The DAO, a decentralized organization established to promote dapps and development in Ethereum, suffered a hack due to a vulnerability in its smart contract. Over 6.2 million Ether were lost to the attackers. In today’s figures, that would amount to more than $2 billion.
• Over 10% of the Ethereum that existed had been invested into the DAO, it having funded in record time. Its members represented some of the most renowned minds in the Ethereum community. A decision was made to hardfork with changes to the blockchain that effectively returned the funds to the DAO and repaired the flaw in its smart contract. This decision was not universally agreed upon. A lot of people made detailed arguments in favor of it while enough people also argued against it.
• The Ethereum platform has been forked into two versions: “Ethereum Classic” (ETC) and “Ethereum” (ETH). Prior to the fork, the token had been called Ethereum. After the fork, the new tokens kept the name Ethereum (ETH), and the old tokens were renamed Ethereum Classic (ETC). Ethereum Classic appeared as a result of a disagreement with the Ethereum Foundation regarding The DAO Hard Fork. It united members of the Ethereum community who rejected the hard fork on philosophical grounds. Users that owned ETH before the DAO hard fork (block 1920000) own an equal amount of ETC after the fork.
• Ethereum Classic passed a technical hard fork to adjust the internal prices for various opcodes of the Ethereum Virtual Machine (EVM) on October 25, 2016, similar to the hard fork committed by Ethereum a week previously. The purpose of the hard fork was a more rational distribution of payments for resource-intensive calculations, which led to the elimination of the favorable conditions for attacks that were previously conducted on ETH and ETC. A hard fork held at the beginning of 2017 successfully delayed the “bomb complexity” that was added to the Ethereum code in September 2015 with a view of exponentially increasing the complexity of mining and the process of calculation of new network units. In late 2017, a hard fork occurred which changed the monetary policy with unlimited emissions to a system similar to Bitcoin

Ethereum Classic has essentially the same technical functionality as Ethereum.

• Ethereum Classic does not call itself as younger than Ethereum. In fact, Ethereum Classic retains the original, immutable record of the Ethereum blockchain, while Ethereum itself is a modified history.

The main difference between ETC and ETH is keeping the winnings by DAO hacker.

• The main difference between the two technologies is that in one, Ethereum Classic, the DAO hacker kept his winnings. Also, on Ethereum Classic the majority of the decentralized applications that are attracting people to Ethereum in the first place are not functional.

Ethereum Classic, despite its lower value than Ethereum, is a top 15 cryptocurrency at time of writing.

• Even though the vast majority of the community and miners choose to continue in the Ethereum network after the DAO event, the price of the Ethereum Classic and the market volume have not been affected to such a high degree, and now it is one of the first 15 crypto currencies in terms of market cap.

How to buy ETC on Gobaba?

• You can buy ETC within minutes using Gobaba. While buying ETC, you have 2 options. You can buy ETC from direct “Buy/Sell” section of Gobaba using your Fiat currency wallets. Find below the guide on how to buy ETC using your Euro wallet:

• As a second option, you can give orders on the Gobaba trading module for the price that you wish to buy ETC for and once your buy order corresponds to any sell order, your order will be completed and you will receive your ETC coins in your Gobaba ETC wallet.

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