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Review on Ethereum Classic by William Boaz
Ethereum Classic Full Review
Ethereum Classic is the result of the hard for of the original Ethereum network before the DAO attack, where a part of the users decided to stay with the longest chain.
The most unique feature about it is that it offers great flexibility for users and a wide range of services. The network supports smart contracts and ETC is currently one of the most popular cryptocurrencies in the world with a market cap of nearly 1 billion USD. There is no maximum supply set as of this moment.
Ethereum Classic came to be as a result from the hard fork of the original Ethereum network back in 2016. This was accomplished when a part of the community decided to not split and remain with the longest blockchain.
Ethereum Classic’s blockchain is a decentralized peer-to-peer network that uses the Proof Of Work consensus algorithm. The miners on the network are rewarded after validating blocks and adding them to the chain.
The rewards get reduced by 20% after every 5 million blocks that are verified. The reward per block was 5ETC and it dropped to the value it currently is – 4.2ETC.
Next decrease in block reward is expected around April 2020 when the 10th millionth block would be mined.
Pros
- Best pros Ethereum Classic is its community and decentralized governance when it comes to decisions regarding updates and changes to the network.
- Updates for the network are still made to benefit everyone
- Immutability – by not going on with the hard fork resulting in Ethereum(ETH), the immutability of the blockchain was not broken
Cons
- Maybe the biggest disadvantage is that almost 90% of the original community have moved on to Ethereum so all the big players and holders are no longer on the longest chain (ETC).
- Can not straight up receive the same updates as Ethereum. They need to be tweaked
- The risk of attacks like the DAO attack still remains
