Ethereum Classic

Ethereum Classic is the continuation of Ethereum's original chain. After the 2016 attack on a project called The DAO, the majority of the Ethereum community opted for a hard fork to recover the funds; the group that rejected this change kept the old chain running in line with the principle of chain immutability. That chain took the name Ethereum Classic, and ETC is the network's native coin.

Unlike Ethereum, which moved to proof of stake, Ethereum Classic retains proof-of-work mining; miners produce blocks using an algorithm called Etchash and receive their rewards in ETC. Because the network is EVM-compatible, smart contracts and developer tools written for Ethereum can largely be used here as well. ETC's monetary policy rests on a model in which block rewards are reduced step by step at set intervals and the total supply is capped. In the past, the network has suffered chain reorganization attacks linked to the concentration of mining power.

The ETC price may be affected by interest in proof-of-work mining and the network's hash rate, the knock-on effects of developments in the Ethereum ecosystem, application usage, exchange liquidity and perceptions of security incidents. On the Ethereum Classic page on Lzzo.com, the price comes from ETC/USDT trading on Binance; the USDT value is converted into dollars at Coinbase Exchange's USDT/USD rate, and the chart shows this series.