Ethereum Classic (ETC)

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Name	Price	Supply	Volume	Market Cap
Ethereum Classic	$54.62	130.47M ETC	$1.79B	$7.13B

QUICK STATS

Proof of Work(PoW) and unlike ETH, which will become Proof of Stake(PoS). ETC will remain POW until its last block. Mineable with graphics cards.

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The entire ecosystem of Ethereum works on the basis of smart contracts. The Decentralized Autonomous Organization(DAO) was a complex smart contract which was going to revolutionize Ethereum forever. It was going to be a decentralized venture capital fund which was going to fund all future DAPPS (decentralised apps) made in the Ethereum eco-system. DAO used a “Split Function” to enable participants to opt out of the DAPP which they do not support and provision was that these funds have to be kept for 28 days on the DAO account. It was essentially a loophole to get out of bad deals but soon the problems came along.

On 17th June 2016, someone exploited this very loophole in the DAO and siphoned away one-third of the DAO’s funds (around $50 million dollars at that time). Funds were on a known account for 28 days and Ethereum developers started talking about possible solutions.

Three proposed solutions were:
Nobody Does Anything
Soft Fork
Hard Fork

The third option, a hard fork, was chosen to recover stolen funds frozen on the account and that meant changing the original Ethereum code. Ethereum was split into two camps: one camp which claimed that code is immutable and should never be changed and a second camp which claimed that code needs to be made better and that funds have to be recovered. Hard fork team prevailed and they forked to ETH while the immutable code camp continued with old code and named it Ethereum Classic or ETC.

Some sources claim that holders of less than 6% of the ETH in circulation voted on the matter over a narrow 12-day period, raising questions about whether the decision was truly democratic.

The purpose of ETC is continue development on original Ethereum code.

It is a developer platform and targets the same market as ETH but with the original code. See ETH profile for added detail.

Ethereum(ETH), NEO(NEO), EOS(EOS), Lisk(LSK)

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BACKGROUND

Whitepaper Summary

See ETH profile. It is the same White Paper (Yellow Paper) as ETH. Difference is, again, in that the code is original and Vitalik Buterin (most of the key developers for that matter) are no longer associated with original code.

Problem Solved

Some (ETH foundation) would say that ETC is not actually solving a problem as much as avoiding solving problem that happened. Others (ETC Labs), would say that they are solving the problems which will rise with changes in code. It is original ETH code and it solves the same problem in abstract, main difference is in philosophical approach to solving the DAO hack.

Competitive Edge

Ethereum Classic Labs is backed by DCG, an active investing company who strongly supports and builds bitcoin and blockchain companies; DFG, leading investment company has a diversified portfolio in blockchain and digital assets; and Jack Lee from HCM Foxconn (founded by the world’s top 500 Honghai Group). In the meantime, Ethereum Classic Labs received support from Bloq, a popular enterprise-grade blockchain solution provider. With the strategic support from the big companies, Ethereum Classic Labs will help to build and develop more projects on Ethereum Classic Blockchain and expand the ETC ecosystem in the coming future.

Development Roadmap

ETC is one of the few coins which has a well-defined short, mid and long term roadmap and it is purely technical.

2018

Remove Difficulty Bomb
Emerald Wallet for Mobile
Release Dapp SDK (Emerald Project)
Sidechains
Enable new opcodes from ETH (compatibility)
IPFS integration
SputnikVM optimizations and JIT Compilation
New improved state layer

2019

Scalability improvement and sharding (towards to 1,000+ tx/sec)
Light client for IoT and Mobile
Interoperability with other blockchains
Improve cryptography on EVM (for zero knowledge proof, homomorphic encryption, etc)

2020

Hybrid consensus research
Mesh networks

INITIAL COIN OFFERING (ICO)

No ICO. Original ETH code under new ticker.

N/A

TEAM INFO

Creators / Founders

Igor Artamonov
Founder & CTO

Core Development Team

Darcy Reno – Program Manager

Constantine Kryvomaz – Rust & Go Developer

Isaac Ardis – Go Developer

Yury Gagarin (not that one) – Javascript Developer

Notable Advisors

Elaine Ou – Bloomberg

Notable Investors

Barry Silbert, DCG group

Trade Crypto Live Sentiment

Do people in crypto today care about code immutability? Is anybody talking about what happened to ETC and ETH? Not many it would seem. Most discussion is about Ethereum’s security and talking about the Byzantium fork. Additionally, the ETC team might be capable of meeting their goals but limited information is given about them and they are not exactly known names in the broader crypto universe. There is however, a very ambitious roadmap and the Digital Currency Group (DCG) with Barry Silbert as their CEO backing ETC. Silbert (although shrouded by negative rumours) has been supporting crypto projects (Coinbase, Ripple, Coindesk and more) for longer than most people have known how to trade Bitcoin. He has been, without question, successful in his investments.

As previously stated, their roadmap is ambitious and TCL does not see its current price action and chart as being worth much attention. If they manage to tick off their development “to-do list” and can actually increase the transactions to 1000+/sec in 2019 while also not compromising the goals of the original white/yellow paper, then price action should follow. Until then, we will monitor their developments and readdress Ethereum Classic when it’s proven it’s staying power.

Reference & Links

https://www.ccn.com/barry-silbert-sparks-controversy-launch-ethereum-etc-trust/
https://www.etcdevteam.com/roadmap

Ethereum Classic Labs Officially Launched!

https://medium.com/@tuurdemeester/why-im-short-ethereum-and-long-bitcoin-aee5b1c198fd
https://whitepaperdatabase.com/ethereum-classic-etc-whitepaper/