Ethereum Classic (ETC) Live Price

About Ethereum Classic 

The Ethereum network had a hard fork in July 2016, resulting in the creation of two distinct blockchains: Ethereum (ETH) and Ethereum Classic (ETC). Though it is occasionally mistaken for Ethereum, Ethereum Classic is now a completely distinct cryptocurrency with distinct technological and philosophical objectives, with a special emphasis on immutability, or as it is often stated, "code is law."

The decentralized computer system Ethereum Classic, like Ethereum, supports a wide range of applications. The native currency of Ethereum Classic (ETC) is what fuels network-wide transactions and smart contracts.

The absence of top-down control in Ethereum Classic results in antifragility, which is attained by members upholding and honing a decentralization tenet that can be simply stated, clearly understood, and sustained over time.

ETC Price 

The Ethereum Classic price is $ 16.99.  It has a maximum supply of $ 210,700,000 coins and a circulating supply of $ 141,347,900 coins

Everyone who had ether at the time of the split, Ethereum’s native coin, received an equal amount of Ethereum Classic for free in their wallets.

Although the future supply estimates for the two currencies were initially the identical, throughout time as each coin changed, there were variances. While there is no hard limit on the number of native tokens that may be issued on Ethereum, Ethereum Classic underwent a number of enhancements that made its monetary policy deflationary, meaning that the number of tokens created over time declines. Because its tokens are more scarce, ETC is intended to be a greater value store than Ethereum.

Due to the modifications, the supply of Ethereum Classic is capped at 210.7 million, and every 5 million blocks, or roughly every two and a half years, the block reward decreases by 20%.

The price of ETC increased to a high of $42 during the 2017 bull run, before plummeting to a low of $3 during the bear market that affected all cryptocurrencies, according to historical price data from CoinDesk. In 2021, as buying interest picked up again, the price of ETC soared to an all-time high of $134.

A Brief History of Ethereum Classic 

The cryptocurrency Ether served as the main medium of exchange on the Ethereum blockchain, a single network. But in June 2016, a hacker stole assets worth $50 million USD. In order to protect it, the network was split into two parts and hard forked. A split offshoot of Ethereum's blockchain, Ethereum itself, gave rise to Ethereum Classic. Records from before the theft indicate that they divided Ethereum to return the stolen funds to their rightful owners.

Grayscale Ethereum Classic Trust purely and passively invests in Ethereum Classic, giving investors access to ETC as a security without having to deal with the challenges of buying, storing, and protecting ETC directly.

The decentralized Turing-complete Ethereum virtual machine (EVM) may execute programmes over a global network of public nodes. The instruction set of the virtual computer is Turing-complete, unlike that of other systems, including the code of Bitcoin. Spam is reduced and network resources are distributed using gas, an internal transaction price scheme.

Smart contracts are autonomous, self-executing code blocks that carry out certain actions based on specified circumstances. Ethereum Classic enables developers to construct and deploy smart contracts.

How is ETC Mined? 

ETC is mined by powerful computers, increasing the available supply. Even though you can mine Ethereum Classic with readily available graphics processors, it's probably not profitable unless you utilise an ASIC, a specialised machine made for cryptocurrency mining.