Ethereum Classic 1

Ethereum Classic

Ethereum Classic is a blockchain with a unique design, the smart contracts that enable the blockchain are very lightweight and fast. It allows to achieve instant transactions at a low cost . .. and it is the only one that supports a proof of stake algorithm. It can be called the “Bitcoin without miners”. (If you haven’t read my first blog post on the topic of Proof of Stake you can find it here) The only advantage of the Bitcoin with miners is the block time of 7-8 minutes which is much faster than the time for a standard Bitcoin transaction. The advantage of Proof of St ake is that it gives a higher reward to the miner. In the blockchain world the reward for the miner is called a “Block Reward”. As the name implies a block reward is based on the number of blocks mined. In the case of Proof of Stake the reward is based on the number of blocks verified and this value is adjusted every hour .

Pros & cons

Ethereum Classic , the alternative to the blockchain.

There are also several other digital currencies that are also based on Bitcoin.

Ethereum Classic (ETC), the first cryptocurrency to be created with a consensus algorithm that can’t be changed without significant user activity, has hit a fresh price high of around $12.

Similar Posts

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments