![]() Bob Summerwill, executive director of Ethereum Classic was the guest. Ramsy was the host from Crypto Miners and Mr. Subscribe now to get daily news and market updates right to your inbox, along with our millions of other subscribers (that’s right, millions love us!) - what are you waiting for? Mr. Join us in showcasing the cryptocurrency revolution, one newsletter at a time. 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. Users pay transaction fees as with Ethereum, and miners collect them based on work done as per the proof-of-work (PoW) mining algorithm. As a voluntary organization, the developers of ETC do not aim to turn the network into a for-profit entity. Its appeal was first to those who disagreed with Ethereum’s response, but the legacy network has since gained a wider fan base, which include major investors such as Barry Silbert, CEO of investment firm Grayscale. Ethereum Classic’s main aim is to preserve the Ethereum blockchain as it originally was, without artificially countering the DAO hack. Ethereum Classic first set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmap diverging further and further from each other with time. Its main function is as a smart contract network, with the ability to host and support decentralized applications (DApps). ![]() It supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine (EVM). ![]() Ethereum Classic is an open source, blockchain-based distributed computing platform featuring smart contract (scripting) functionality as well as a cryptocurrency. ![]()
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