Ethereum Classic (ETC) because people want sovereign, programmable, and sound money. Ethereum, the forked chain, is a tampered history where trusted individuals manually changed its history and policies. The original chain means “code is law” and true immutability. Ethereum Classic Use Cases: Business Development Roadmap:
An opinionated reminder about the qualities of “hard money” and how they relate to Ethereum Classic.
There are many different types of money. Each type has it’s own level of usefulness. The usefulness of money can be measured using 7 major traits:
Fungible: A given unit is interchangeable with any other unit. 1 ETC = 1 ETC. Durable: Cryptocurrency does not degrade over time like physical money. Divisible: Gold can be melted down and recast. ETC can be split to 18 decimal places. Portable: Cryptocurrencies enable frictionless transfers to anywhere in the universe. Acceptable: ETC is one of the most accepted cryptocurrencies – by hundreds of exchanges worldwide. Uncounterfitable: Proof of Work plus hash power equals double spending being extremely difficult to achieve. Limited in Supply: Last but not least, the supply of ETC is limited to prevent devaluing by inflation; certainty about future supply provides a strong store of value.
Like Bitcoin, Ethereum Classic has a fixed emission schedule. ETC is the only major Smart Contract platform with a known future supply.
Every Era of 5,000,000 blocks, mining rewards are reduced by 20%. About % of the ETC that will ever exist has already been mined. Over 99% will be mined by around 2065.
Worth checking in to the: ECIP 1017: Monetary Policy and Final Modification to the Ethereum Classic Emission Schedule. For clarity per the abstract, This ECIP proposes a solution to the Ethereum Classic Monetary Policy to adjust, with finality, the current emission schedule implementation of 14.0625ETC per block in perpetuity. The solution proposed introduces a theoretical upper bound on the maximum absolute number of ETC and introduces a method of degraded emission over time.
Thus, Ethereum classic is the canonical extension to Bitcoin functionality as the EVM initially intended to accomplish. ETC is programmable digital gold.”
In conclusion per the ECIP proposal, it is important to recognize that a monetary policy does not directly create value for the network. A stable platform with useful applications and a vibrant community are the variables that drive value. The purpose of a properly structured monetary policy is to create an incentive for people to take a risk on a system that has not yet reached its full potential, providing an additional reason for those who may not otherwise be interested, who cannot or have not developed anything on the platform (yet), or who remain skeptical, to involve themselves in an otherwise nascent platform.
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