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What is Ethereum Classic all about
Ethereum Classic is essentially the original Ethereum blockchain, before the network forked to reverse a major theft of funds from a third-party decentralized autonomous organization in 2016. Ethereum (ETH) is the result of that fork, while a small part of the original Ethereum community continued to maintain the Ethereum Classic blockchain and the historic network rules..
Ethereum Classic also has smart contract functionality and allows developers to create and run decentralized applications on its blockchain. Ether (ETC) is the native token of the Ethereum Classic blockchain and is minted when network participants mine new blocks using GPU mining hardware. ETC is not to be confused with ETH, the Ether that powers the main Ethereum network.
The Ethereum Classic blockchain has fallen prey to isolated incidents of 51 percent attacks over the past few years, where an attacker has managed to obtain enough hashing power to carry out double-spend of coins. Nevertheless the network continues to operate, while it pales in comparison to what the main Ethereum blockchain has become.
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ETC Questions & Answers
What was the highest price of Ethereum Classic?
Ethereum Classic's price was the highest on 2021-05-06, when it was at 138.61 Euro.
What is the current price of Ethereum Classic?
Currently, the price of Ethereum Classic is 45.30 Euro.
What will Ethereum Classic cost in 1 month?
According to our short term prediction, we estimate the value of Ethereum Classic is likely going to be between €44.98 and €65.92 next month.
Is Ethereum Classic going to be worth more in 3 months time?
On the basis of our short term prediction we estimate Ethereum Classic's value will reach between €44.98 and €75.52 90 days from now.
Is Ethereum Classic popular among online users?
61089 users were participating via Reddit, in an online discussion about Ethereum Classic in the last 48 hours. The official Ethereum Classic Twitter account is currently followed by null people.
What will Ethereum Classic be worth 6 months from now?
In the long run, it is very hard to predict accurately, however on the basis of our price prediction we suspect Ethereum Classic's value will reach between €44.98 and €97.63 in 6 months.
Do people still use ETC?
Yes, ETC is still widely traded on cryptocurrency exchanges around the world, although its value is far lower than ETH’s, as the second biggest cryptocurrency by market cap continues to enjoy increased success and usage by a variety of decentralized applications.
Do Ethereum Classic and Ethereum operate together?
Following the contentious hard fork following the DAO hack, the two blockchains essentially severed ties, with different teams maintaining either platform. This also means that the development and changes to the underlying blockchains are completely different.
Does ETC use the same mining algorithm as ETH?
Ethereum Classic miners now use the Etchash algorithm, which happens to be ASIC-resistant as it favours GPU mining. This change took place in October 2020, as a measure to help stop future 51 percent attacks.
Why has Ethereum Classic been targeted by 51 percent attacks?
A large number of the miners that maintained the Ethereum network stopped mining the Classic blockchain. With far less hashing power comes the increased risk of a nefarious actor obtaining enough resources to carry out double-spends on the network, which has happened more than once in recent years.