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What is ETC cryptocurrency (Introduction to ETC Coin)

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What is ETC cryptocurrency? ETC is a digital currency that shares similarities w

What is ETC cryptocurrency (Introduction to ETC Coin)

What is ETC cryptocurrency? ETC is a digital currency that shares similarities with Bitcoin. Its value is driven by the algorithm supported by the Ethereum network. In traditional computer systems, miners require computational resources to achieve consensus and validate block information (often off-chain). Transactions on the blockchain can be traced back to the original creator’s work method – mining a new block and packing the new public key into a block for processing. This workflow is accomplished through a method called “mining,” which involves hashing power and time locking of mining equipment.

According to Coinmarketcap data, the current price of ETC is $9 (coindesk).

Introduction to ETC Coin

Editor’s Note: This article is from Zhongben Little Onion (ID: xcongapp), written by Lao Yapi, and authorized by Odaily Star Daily for publication.

ETC possesses its own characteristics in blockchain technology and decentralization. It has its own unique consensus mechanism, smart contracts, etc., and adopts a new design method. Its core is to use the Ethereum Virtual Machine Development Language EVM (Ethereum Classic) to build various types of applications.

Unlike other cryptocurrencies, the project aims to transfer or store assets in a manner that eliminates intermediaries, all based on code. As an open-source protocol, it can provide network effects similar to Bitcoin and faster data transfer speeds for all applications.

In addition, it supports cross-chain communication services, allowing for a method to pay transaction fees and verify network security, and allowing anyone to send tokens to wallet addresses or receive tokens from third-party custodial accounts.

However, even though this solution is considered a completely different option, its goal is to allow developers to easily allocate their funds to projects they like. For example, if a company wants to double its employee count, it must sell these shares to them through ETH and then make a profit. Therefore, when it comes to certain specific use cases, it is necessary to consider how they work.

Nevertheless, according to a report from DuneAnalytics, “Currently, there are over 2 million Ethereum nodes running the Ethereum Classic mainnet.” These nodes are operated by many non-profit organizations, including the Ethereum Foundation. The project members also participated in a recent project initiated by the Ethereum Foundation to promote ecosystem development.

As of the time of writing, over 100 nodes have been created. According to official disclosures, approximately 80% of teams interested in using the platform will start deploying in the coming months. However, as more and more people join the field, the situation may change.

As most blockchain enthusiasts point out: “We are looking for alternatives” to allow the community to control their digital identities and financial privacy. On the other hand, for those who are unaware of this issue – that is, uncertain about who owns or controls their data – they will still lose ownership of its value. “We have been paying attention to this field because we believe our vision will become a reality.”

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