Ethereum Classic shows the best daily and weekly performance in the top twenty CoinGecko. The growth of ETC is taking place against the background of the general rise in the crypto market. So, Ethereum yesterday updated its all-time high just below $ 3.6 thousand. Dogecoin on Wednesday rose in price to a new high of $ 0.69.
Ethereum Classic appeared on July 20, 2016 as a result of a hard fork of the Ethereum network. This happened after the infamous attack on the DAO project, when 3.6 million ETH worth $ 50 million at the exchange rate at that time were stolen.
Most of the developers and other ecosystem participants supported the option of changing the transaction history in order to eliminate the consequences of the hack. However, this approach was not shared by all – opponents of the proposal preferred to stay in the “classic” version of the Ethereum blockchain, writes ttrcoin.
“Mining Ethereum and Ethereum Classic are now about the same profitability,” said Will Foxley of Compass mining company. “This is remarkable considering where Ethereum Classic was a year ago: trying to recover from multiple 51% attacks, low practical value and a split among key developers.”
Ethereum Classic is becoming more interesting for miners also in light of the changes awaiting Ethereum. In the summer, the EIP-1559 proposal will be activated on the blockchain of the second largest cryptocurrency, which provides for the burning of most of the commissions paid by users, and in the longer term it will switch to the Proof-of-Stake consensus mechanism.
The Ethereum Classic community decided not to support the latest changes to Ethereum, although they previously used the results of works from a sister blockchain that is superior in resources to developers.
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