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Ethereum Classic is a decentralized blockchain project that was born in 2016 following a division in Ethereum’s network. The cryptocurrency that powers Ethereum Classic is known as ETC. As the original chain that was not affected by the split, Ethereum Classic has since differentiated itself from Ethereum by embracing a hard capped deflationary monetary policy. This policy limits the total number of ETC that will ever be in circulation, making it a finite resource.
Ethereum Classic is a blockchain project that was created in 2016 following a split in the Ethereum blockchain community. At the time of the split, all holders of Ethereum’s native cryptocurrency, ether, received an equivalent amount of ETC in their wallets. While both coins initially had similar future supply projections, they have since evolved differently. Ethereum has no hard cap on its native token creation, while Ethereum Classic adopted a deflationary monetary policy, with a capped supply of 210.7 million tokens. This is meant to make ETC a better store of value, as its tokens become scarcer over time.
The block reward for ETC decreases by 20% every 5 million blocks, roughly every two and a half years. According to CoinDesk’s historical data, ETC experienced a significant surge in price during the 2017 bull run, reaching a peak of $42 before experiencing a crash during the crypto-wide bear market. In 2021, ETC saw a resurgence in buying momentum and reached an all-time high of $134.
The Ethereum network underwent a hard fork, a non-backward compatible update, to reverse the impact of a major hack on the decentralized platform “The DAO.” The Ethereum team was able to restore the stolen funds to their owners. However, some users disagreed with the hard fork and continued to support the original Ethereum blockchain, which became known as Ethereum Classic. These users believed that the immutable nature of blockchain transactions should not be altered.
Ethereum Classic operates similarly to Ethereum, primarily being used for executing smart contracts and requiring “gas” for each transaction and smart contract. However, Ethereum Classic has a deflationary monetary policy, with a capped total supply, and maintains proof-of-work for blockchain security, unlike Ethereum’s shift to proof-of-stake. The majority of Ethereum users moved to the new hard fork, leaving a smaller community behind on Ethereum Classic.
