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BTC LOG SCALE
Unlike Ethereum, Ethereum Classic has no plans to convert to a proof-of-stake PoS mining algorithm, while multiple developers continue to work on future improvements such as scaling solutions. Related Pages: Read more about Ethereum here. Read more about Bitcoin Cash here. New to cryptocurrency? Since launch, however, changes in tokenomics have occurred, with participants voting to cap the supply of ETC in December ETC uses a PoW mining algorithm, which functions like Bitcoin — miners are rewarded with new coins for validating the blockchain in competition with each other.
The ETC block reward decreases with time, with the next drop due at block 15,,, roughly in April — from 3. The Ethereum Classic network is secured using proof-of-work, but as a minority chain, it has suffered regular attacks itself. ETC is a major market cap cryptocurrency and is freely tradable on a large number of major exchanges. Pairs are available against stablecoins, other cryptocurrencies and fiat currencies, while derivatives and institutional investment vehicles also exist.
Crypto newbie? Read our easy guide to buying Bitcoin and any other cryptocurrency. So, how does this differ from Ethereum Classic? The main Ethereum blockchain used the proof of work consensus mechanism, which required miners to work. Miners would solve complex mathematical problems to verify blocks containing transactions and would be rewarded for doing so. However, Ethereum planned to switch to the proof of stake mechanism for a long time, as this is a more energy-efficient protocol.
Furthermore, one of the biggest issues associated with the Ethereum blockchain is gas fees , which can be very high depending on the state of the network. Gas fees are paid to make up for the computational power required to run the network. So, with a more energy-efficient consensus mechanism, these fees could be lowered though lower fees aren't expected to kick-in until later updates to the Ethereum PoS blockchain introduce gas-saving tech like blockchain sharding. On top of this, switching to proof of stake can help Ethereum become more environmentally friendly overall.
But not everyone is happy about the Ethereum 2. The main purpose of Ethereum Proof of Work is to allow previous Ethereum miners the chance to still earn a profit. Such fluctuations aren't unusual for a brand-new crypto, though there's no knowing how its price will perform in the coming months. Such is the nature of the cryptocurrency industry!
Overall, the Ethereum Proof of Work blockchain sounds like good news for miners, but it has already faced a significant challenge associated with its chain ID. An array of ETHW mining pools have already been created for new miners. However, Binance has not yet listed Ethereum Proof of Work for trading. Most other well-known crypto exchanges have also not added ETHW for trading.
At the moment, ETHW seems to be solely a mining reward coin above all else. While both Ethereum Classic and Ethereum Proof of Work use the same consensus mechanism, the two blockchains are certainly not one and the same.
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Here’s Why I’m NOT Bullish on Ethereum Classic ETC!
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