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Ethereum Classic (ETC) is not a new crypto currency

Ethereum (ETH) and Ethereum Classic (ETC) both sound similar and have a lot in common. But how did Ethereum Classic come into being and how does the digital currency differ from Ethereum?

Ethereum Classic (ETC) is not a new crypto currency, but one created by a spin-off, a so-called “hard-fork”. Ethereum and Ethereum Classic share a blockchain up to block 1920000, after which the paths split.

The reason for the spin-off was a refund of DAO Token.

The DAO “Hack”
What is DAO?
The decentralized autonomous organization (known as DAO) should bring together decentralized investors to invest in (decentralized) projects. The investors would have participated in participations, dividends, etc. could earn money and the projects would have gotten a sponsor.

The DAO would also have become an experiment on the thesis “The Wisdom of the crowd”. Unfortunately, this experiment turned out to be nothing.

The DAO of Bitcoin Code

The DAO, programmed as a smart contract at the Ethereum Blockchain, Bitcoin Code was announced in May 2016. Interested parties could participate by sending Ether to an address and receiving DAO tokens in return. In total, the DAO consisted of more than USD 150 million.

The back door
The DAO was equipped with a kind of back door for investors, a “split function” that investors could use to leave the DAO.

On 18 June, this back door became a disaster. One “attacker” managed to get 3.6 million ethers via this backdoor.

After this disaster for the developers of the DAO and the investors, several plans for further action were discussed (sometimes violently).

From Soft- to Hard-Fork
At first a soft fork was planned. This would have prevented the hacker from paying out the 3.6 million ethers. However, it was not possible to perform this soft fork.

From Soft- to Hard-Fork to Bitcoin Trader

That’s why we needed a hard-fork. The smart “DAO” contract would be changed into a “payout contract” by Hard-Fork. Investors got their initial investment back and the DAO chapter would be ended. But the hard-fork was controversial. Both sides call it scam had their Bitcoin Trader arguments:

Some arguments against a hard-fork:

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“Code is law.
Once you change something on the blockchain, you have to do it again and again.
The blockchain is unchangeable and should always remain so
Some arguments for a hard-fork:

Too many ethers would be in the hands of a harmful stranger
A hard-fork offers the government and judiciary no reason to intervene
Block 1920000
This block can be seen as a kind of “Genesis block” for Ethereum Classic. The hard-fork took place with this block and about 89% support the hard-fork. The remaining 11% refused to participate in the hard-fork. ETC was born.

Ethereum vs. Ethereum Classic | The Differences
Ethereum Classic vs Ethereum is more than just the DAO incident.

For example, Ethereum Classic has three independent, decentralized teams working on ETC
ETC remains with proof-of-work algorithm, i.e. ETC can be mined longer
There will be a maximum of 230,000,000 ETC
ETCDEV works on “sidechains” and the Internet of Things
ETC is particularly popular in South Korea and China
Buy Ethereum Classic
Ether and Ether Classic addresses are similar, so be careful where you send your Ether Classic.

The best place to go for Ether Classic shopping is the Anycoin exchange office*. In just a few minutes you can create a user account there – but of course always with a secure password and two-factor authentication!

The German-speaking exchange office lets you buy Ether Classic quickly and easily.

Alternatively, you can purchase Ether Classic from Binance*. The good thing about Binance* is that you don’t need verification if you want to pay out less than the equivalent of two bitcoins.

Once you have created an account with two-factor authentication and strong password, you can deposit Bitcoin, Ether or any other currency offered. Binance offers the pairs BTC/ETC and ETH/ETC, i.e. you can buy ETC with Bitcoin or Ether.

When making a Bitcoin deposit, you should be aware of the transaction fee. Save on transaction fees and transfer a faster and cheaper digital currency to Binance. You can then convert them to bitcoin or ether on Binance and then purchase ETC.

Coinbase, the world’s largest crypto exchange

Coinbase, the world’s largest crypto exchange with more than 20 million active users, has launched a custodian solution for large institutional investors that could bring billions of dollars worth of new capital to the crypto market.

Welcome traditional investors
Sam McIngvale, a product leader at Coinbase Custody, said in a company statement that Coinbase has officially launched its trusted custodian platform with partners such as Multicoin Capital, who are able to assist companies with the custody of a range of institutional crypto products.

In the coming months, Coinbase will serve a variety of institutional investors such as academic institutions, hedge funds and pensions and stressed that it will continue to attract new clients such as crypto-hedge funds, stock exchanges and ICOs.

Coinbase or Bitcoin Code?

“Coinbase Custody is a combination of Coinbase’s battle-proven cold storage for Bitcoin Code assets , an institutional broker-dealer and its reporting services, and a comprehensive client coverage program that bridges the gap between major investors and the crypto currency market.

Kyle Samani, partner at Multicoin Capital, a crypto hedge fund working with Coinbase to develop the company’s custodian solution, said last year large institutional investors tried to invest in digital assets but failed due to a lack of robust and trusted services.

“There are many investors where safekeeping is the last obstacle. In the course of next year, the market will see that the custody problem has been solved. This is going to create a big capital wave.”

This week, the Company announced that Coinbase Custody will use the systems of Electronic Transaction Clearing (ETC), a broker-dealer registered with the SEC and subject to intensive financial reporting and review. The partnership with ETC and the unique digital asset storage system will provide a safer and more efficient ecosystem for large investors looking to enter the market. Coinbase protects the funds of institutional investors by complying with the following four guidelines:

Digital asset transactions are signed and transferred on-chain

Offline private keys that require geographically distributed agents use cryptographic hardware to transfer transactions
Multiy-layer security

Solutions for traditional Bitcoin Code investors

In May 2018, Coinbase Vice President and General Manager Adam White announced the formation of an institutional coverage group whose main task is to serve institutional investors in the crypto market. White revealed that the institutional coverage group consists of bankers and experienced investors from Bitcoin Code the world’s largest financial institutions such as the New York Stock Exchange, Morgan Stanley, the US Securities and Exchange Commission (SEC) and the Commodities and Futures Trading Commission (CFTC).

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Based in our New York City office, this group brings years of diverse and relevant institutional experience from companies such as the New York Stock Exchange, Morgan Stanley, the SEC and the CFTC. By accompanying clients through the onboarding process and advising on execution strategies, this team will provide a world-class client experience.

Institutional investors until September
Ari Paul, a prominent analyst and founder of the crypto hedge fund BlockTower, said in late May that the crypto market will see the emergence of trusted custodian solutions by the end of September.

While Paul explained that custody is necessary for institutional investors to engage in the market, he also stressed that major investors in a market that has just created its first custody solution will probably need time for now.

What changes the Dash course?

Since 2014, the Dash share price has experienced numerous and sometimes strong fluctuations. One of the reasons for this volatility in the Dash price is the fact that crypto currencies are a comparatively new phenomenon.

This is also supported by the fact that the share price has settled at a relatively stable level since its highs last year. The Dash course will be determined by two factors in particular. On the one hand, there is the use of the dash crypto currency as a means of payment.

How the Dash course has evolved over the past 4 years
Since its inception, the Dash course has experienced enormous fluctuations. The crypto currency started with the former name XCoin. However, the share price hardly moved until it was renamed Dash Coin. It wasn’t until the crypto currency hype spread to Dash and the crypto currency became one of the most important digital assets of its kind that the share price rose sharply.

In the meantime, the share price reached record highs above 1,000 US dollars. Today, the share price is well over 300 US dollars. Since the end of 2017, price fluctuations in particular have decreased sharply and the Dash price has returned to normal.

How was Dash’s share price performance over the past year?

In 2017, the Dash share price followed the hype about crypto currencies and reached record highs in a very short time. These extreme rises began in the summer of 2017, when the Dash crypto currency was just over $100, but quickly tripled in value to around $300. Even as bitcoin came under pressure in late November 2017, the Dash share price continued to show stable growth.

However, Dash was unable to take the peaks it reached in December into 2018. The price fell significantly at the end of the year. It can be assumed that the price development at this time was due to a bubble. Due to the subsequent correction, the values achieved realistic values again.

What is the Dash price forecast for 2018?

Dash Coin is a promising alternative to the more popular bitcoin. Its advantages are transactions that are faster, cheaper and more anonymous. Thus, this crypto currency has a solid basis for a positive development. Experienced investors have now recognized this, which is reflected in the stable development of the Dash share price.

However, anyone investing in crypto currencies should always keep the risk in mind. The market situation can change significantly at any time, resulting in both enormous price jumps and losses. Only those who deal in detail with the courses and the crypto news can keep a good overview in this environment.

upshot
Dash is a worthwhile alternative to other crypto currencies. Following the hype of 2017, the Dash share price has now settled at a stable level for the time being. However, due to the high functionality of the currency, analysts expect the price to continue to rise, so if you also want an overview of other crypto currencies, then use our popular Dash calculator.

Do you want to learn more about crypto currencies and the latest ICOs, Airdrops & the most profitable top coins? Then CLICK HERE and visit our CryptoWealthCenter.