Category Archives: ETC

Ethereum Commonwealth development update (11 Jan, 2018)

1. Callisto network project.

Rationale:

  • The main goal of Callisto network is to research and provide a reference implementation of an experimental protocol changes that aim to establish a smart-contract based on-chain governance system, completely financially transparent built-in development funding mechanism and balance the interest in the network between the miners and coin holders (ordinary network users).
  • It is possible to improve the scalability of both ETC and Callisto networks by using one as a sidechain.
  • Create a field for crosschain services improvements. It is also possible to establish a core of any crosschain service at the Callisto network and use Callisto smart-contracts state on ETC chain and visa versa which allows to facilitate the bandwidth of ETC chain. (Currently, DexNS, Address-To-Address message system, Token swap channels and ECNS are crosschain services that are deployed on ETC chain simultaneously)

Here you can track the progress:

Summary:

Callisto is a separate blockchain that is based on Ethereum protocol with its own cryptocurrency (CLO). Callisto has a fixed cap monetary policy similar to ETC. Unlike ETH, ETC is posing itself as a value storage. It should be noted that the ETC does not have any incentives for coin holders. The whole emission is completely controlled by miners and their influence grows with the growth of the network. Callisto introduces a Cold staking protocol that rewards coin holders for being a network participants.

Cold staking is a smart-contract based process that allows CLO holders to earn interest in a total CLO emission when they hold CLO coins at their balances for long enough preiod of staking time (1 month by default).

Cold stakers are not required to run a node to participate in cold staking process. Cold stakers are not validating transactions and the whole system can remain fully POW which is important since ETC adheres to POW consensys. It is only necessary to call the “Staking contract” to become a cold staker.

Cold staking is a step towards the goal of turning the desired cryptocurrency into a value storage currency because this significantly increases a total demand to hold for stake holders. Further protocol improvements would be described at this open document. It may take years to propose any changes to ETC protocol and achieve a consensys on whether we need to implement it or not. As the result it was decided to launch a separate network to implement the protocol. If the reference implementation will succeed then we can implement the protocol changes on ETC as well.

Cold staking protocol could be an intermediate step of automated on-chain governance system implementation.

Callisto whitepaper will be released soon.

Callisto initial distribution

It was decided to distribute the initial stake of CLO between current ETC holders. We will make a snapshot of ETC blockchain at block 5500000 (approximately 5 March, 2018. This depends on ETC block time and ETC hashrate changes). Then we implement the initial balance of each ETC holder in the Callisto network genesis block, so each ETC owner will receive CLO coins automatically in a 1:1 ratio to the amount of ETC that he had at block 5500000.

2. Cold staking protocol.

Problem that is solved by this project:

  • There is no incentive for coin holders to continue to own coins which is important for “store of value” currencies.
  • Interest and influence in the network are not balanced. The balance is strongly biased towards the miners.
  • Lack of governance system. Cold staking protocol could serve as an intermediate step for governance system implementation.

Here you can track the progress:

Update summary:

Reference implementation of the cold staking protocol is developed and tested. The 1.0 version of the protocol has some issues that can hurt the network bandwidth in some circumstances. The 2.0 version of the protocol is intended to resolve bandwidth issues but it is still in development.

3. Callisto testnet.

Problem that is solved by this project:

  • Lack of a specialized testnet for Callisto and ETC chains. If Ethereum will introduce any breaking changes then there will be no viable testnet for ETC chain. Morden testnet is very old and require syncing and mining a test block to start testing contracts on it which is not suitable in most cases.

Here you can track the progress:

Update summary:

Callisto-TEST is ETC-compatible implementation of Callisto protocol that allows to run smart-contracts with the same version of EVM that ETC is currently relying on. Unfortunately, there is no blockchain explorers that support Callisto-TEST now. We are working on our own blockchain explorer that will support multiple networks but it is still in development.

Callisto-TEST is now supported at ClassicEtherWallet.This means that any developer can successfully deploy, run, test and debug contracts on Callisto-TEST network.

We have a manual faucet for Callisto at the moment. You should join the ETC discord and type your address at the special #callisto-faucet channel in tech topic. We will distribute test-CLO manually (analogue to how Ropsten testnet works).

Advantages of Callisto-TEST network:

  • Proof of Authority consensys. High DDOS resistance.
  • Zero install requirements to test your contracts at this testnet.
  • No need to sync your node to test contracts at this testnet.
  • Reduced block time for testing reasons which allows to execute contract calls and normal transactions faster.

4. DexNS revenue.

Here you can track the progress:

Update summary:

A final version of DexNS is launched. 56 names are currently registered at DexNS which brings 5,6 ETC to the revenue distribution address. The amount is too small to launch a distribution between DEX token holders now.

The amount of revenue that is generated by DexNS will be distributed between DEX token holders according to announcement#24: revenue distribution process of Ethereum Commonwealth as soon as the amount of revenue will be sufficient to cover gas fees for transfers to the smallest DEX holders.

5. Address to Address message system.

Problem that is solved by this project:

  • This contract solves the problem of impossibility to contact the address owner without knowing anything other than his address.
  • Ethereum lacks a central messaging system that will allow to contact an address owner directly. As the result there is no viable way to deliver a message to address owner without knowing his real identity.

Here you can track the progress:

Update summary:

A2A Message smart-contract is successfully deployed. The next step is UI implementation and integration with ClassicEtherWallet.

For more information read this: https://www.reddit.com/r/EthereumClassic/comments/7n2a83/addresstoaddress_message_system_based_on/

6. ClassicEtherWallet maintenance.

Rationale:

  • Maintain and improve the efficiency of the main web-wallet of Ethereum CLassic.

Here you can track the progress:

Update summary:

  • Callisto-TEST network integration.
  • Specialized GAS options for Callisto-TEST network.
  • Minor UI fixes and upgrades.
  • UBQ RPC endpoint fix.

Ethereum Commonwealth

Ethereum Commonwealth is a completely financially transparent development team that aims to solve a number of Ethereum Classic infrastructure problems and improve the whole Ethereum Classic ecosystem.

You can find a complete Ethereum Commonwealth roadmap here.

Ethereum Commonwealth official address: 0x52823e725a34d42e14a1b66fb67299c30c4d8edf

If you have something to say, feel free to reply to this post or contact via e-mail: dexaran@ethereumclassic.org

Ethereum Classic Price Technical Analysis – Can ETC/USD Break This?

Key Highlights Ethereum classic price declined sharply towards the $16.20 support against the US Dollar before finding support. There is a major bearish trend line forming with resistance at $18.80 on the hourly chart of ETC/USD (Data feed via Kraken). The pair needs to break the $18.80-19.00 resistance for further upsides in the near term. … Continue reading Ethereum Classic Price Technical Analysis – Can ETC/USD Break This?

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Ethereum Classic Price Technical Analysis – ETC/USD Holding Uptrend

Key Highlights Ethereum classic price is back in the bullish zone and trading above $15.50 against the US Dollar. The last week’s highlighted a major connecting bullish trend line with support at $15.50 on the hourly chart of ETC/USD (Data feed via Kraken) is still active. The price is trading nicely above the $15.00 handle … Continue reading Ethereum Classic Price Technical Analysis – ETC/USD Holding Uptrend

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Ethereum Classic Price Technical Analysis – ETC/USD Poised For Gains

Key Highlights Ethereum classic price remained supported above the $15.00 level against the US Dollar, and eyeing gains. There are two bullish trend lines with supports as $15.40 and $15.20 forming on the hourly chart of ETC/USD (Data feed via Kraken). The price might soon break the $16.20 level for a move towards the next … Continue reading Ethereum Classic Price Technical Analysis – ETC/USD Poised For Gains

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Ethereum Classic Price Technical Analysis – ETC/USD Buy Dips

Key Highlights Ethereum classic price registered good gains and moved above the $14.00 resistance against the US Dollar. There was a break above a short-term bearish trend line with resistance near $13.80 on the hourly chart of ETC/USD (Data feed via Kraken). The price is now well above $14.00 and the 100 hourly simple moving … Continue reading Ethereum Classic Price Technical Analysis – ETC/USD Buy Dips

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EasyMİNE: Kolay Madencilik

Herkes 1 ağustosa , hard forka kilitlendi. piyasalarda yaprak kıpırdamıyor, bir taraftanda yaz rehaveti var üzerimizde, ama icolar son sürat devam ediyor. bugün sizlere bir madencilik icosu olan easyMİNE dan bahsedeceğim.

EasyMine küçük ve orta ölçekli madenciler için geliştirilmis ergonomik ve detaylı bir yazılımdır. Madenciler karmaşık işlemlerin zorluğunu bilirler birden fazla işlem yapmak korkutucu olmaktadır.EasyMine burada devreye girmek için tasarlandı,riglerinizi organize ederek tüm süreci otomatikleştirmek üzere geliştirilmiş bir linux dağıtımıdır.Akıllı ve kendi kendine ögrenen bir sistem geliştirilmiş,var olan donanımı izler ve çalışma parametrelerini dinamik olarak yapılandırarak maximum optimizasyonu sağlar.Gerekli ayarlamaları ve onarımları yapmak için donanımlarınıza sürekli göz kulak olmanız gerekir. Tek bir rig ile uğraşmak bile bazen yorucu ve sıkıcı bir iş olabilmektedir. EasyMine Yazılım ve Donanım’ın çökmesinin önüne geçerek zaman ve parakaybetmenizi engeller.

EasyMINE işletim sistemini bir USB flash sürücüye indirin ve rig’in usb portuna takın. USB sürücüden sistemi başlatın easyMINE İşletim Sistemi gerekli tüm sistem bileşenlerinin yapılandırmasını sizin için otomatik olarak yapacaktır.Maximum karlılık ve stabilite için donanımlarınızı ayarlar.Linux tabanlı olan EasyMine içinde GPU sürücüleri entegre olarak gelmektedir.Herhangi bir manuel ayar yapmanıza gerek yoktur,optimizasyon sonunda isterseniz uzaktan bile rig ayarlarınızı değiştirebilir ve izleyebilirsiniz.Mobil uygulaması sayesinde madencilik yatırımlarınızı her zaman kontrolünüz altında tutabilirsiniz.

Şu anda,madenciler için kapsamlı ve tüm ihtiyaçlar için çözüm üreten akıllı bir platform maalesef bulunmamaktadır.EasyMINE’ın merkezi veritabanı yapısı ile iki yönlü bir iletişim sağlanır, öğrenilen tüm düzeltme ve optimizasyonların benzer birimler için de uygulanabilmesini sağlar,bu da stabil ve anında bir optimizasyon ile zamandan kazandırır,karlılığımızı arttırır.
Kolayca yeni kripto paraların kazımına geçiş yapılabilir, madencilik algoritmaları,optimizasyonları ve manuel parametre girmek gibi zorluklarla hiç uğraşılmaz, cüzdan vb özellikleri desteklemek için otomatik olarak kendisini günceller.

İCO Detayları

EasyMine alıştığımızıntersine ether yerine ETC blok zincirini kullanıyor. ve bir ilk olma özelliği taşıyor. kripto dünyasında ilkler önemlidri. ve ilk etc icosunun başarılı olma ihtimali çok yüsek olacaktır.

Emt Token Satışı 10 Ağustos 2017 tarihinde başlayacaktır.
27 milyon EMT token satışa çıkarılacak
Fiyat, 1 EMT = 0,2 ETC’den
1 EMT = 0,002 ETC’ye kadar,her blok için 0.000001 ETC azaltılacaktır.

Bir güzel haber daha satılmayan tokenlar yakılacak.

EMT tokenleri, easyMINE hizmetleri için tek ödeme şekli olarak kullanılacaktır. EasyMINE kullanıcıları, bireysel EMT hesaplarına ön ödeme yapacaktır. EasyMINE hizmetlerinin ücretleri otomatik olarak hesap bakiyelerinden tahsil edilecektir.

Tanıtım videosu

https://www.youtube.com/watch?v=mJU4dj3cEQo

Faydalı Linkler

Websitesi:https://easymine.io/

White paper: https://ico.easymine.io/easyMINE_Whitepaper.pdf

Bitcointalk Ana Konu: https://bitcointalk.org/index.php?topic=2046673.0

Facebook: www.facebook.com/Easymine.io/

Twitter: https://twitter.com/easymineio

Slack: slack.easymine.io

goraset

my etc adress: 0x612E9cD74668cF5EB3629238f025d3107ED01662

Ethereum Classic Price Technical Analysis – Can ETC/USD Hold $16.50?

Key Highlights Ethereum classic price after trading a few points below the $20 handle against the US Dollar found sellers. There is a major support area forming above $16.50 on the hourly chart of ETC/USD (Data feed via Kraken). The price is likely to remain above the $16.00-16.50 levels and might continue to move higher. … Continue reading Ethereum Classic Price Technical Analysis – Can ETC/USD Hold $16.50?

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Digital Asset Market Reports: June 2017 Summary


Here are the bitcoin, ethereum, and altcoin reports that made market news in the last 30 days.

Tap or click title to read report:

Bitcoin

2017-06-29 00:21:12

Bitcoin makes a partial recovery from a weekly loss. Bitcoin is up 4.54% on the day, down -7.73% on the week and up 20.79% on the month on a last price of $2674.00. $BTC/USD is trading between a 24hr high of $2750.00 and a 24hr low of $2444.00 on a 24hr OKCoin volume of 1024 BTC. The weekly trend is mixed.

2017-06-15 22:46:17

Bitcoin has dropped over $500 in twenty-four hours. Bitcoin is down -2.24% on the day, down -5.19% on the week and up 50.08% on the month on a last price of $2570.88. BTC/USD is trading between a 24hr high of $2896.74 and a 24hr low of $2350.00 on an OKCoin 24hr volume of 2,837 BTC. The weekly trend is mixed.

Ethereum

2017-06-30 01:32:14

Ether has seen wide price fluctuation this month. Ethereum is down -5.09% on the day, down -2.82% on the week and up 37.04% on the month on a last price of 0.11758312 or about $298.42. $ETH/BTC is trading between a 24hr high of 0.12649999 and a 24hr low of 0.11354683 on a 24hr volume of 53,174 BTC. The weekly trend is mixed.

2017-06-14 22:37:50

Ethereum Classic is down -2.85% on the day, up 13.26% on the week and up 98.75% on the month on a last price of 0.00719082 BTC or about $18.39 per ether. ETC/BTC is trading between a 24hr high of 0.00762532 and a 24hr low of 0.00705000 on a 24hr volume of 7,799 BTC or 168,336 ETC. The weekly trend is mixed.

2017-06-14 20:11:33

Ethereum is down -1.27% on the day, up 51.20% on the week and up 186.28% on the month on a last price of 0.14233000 BTC or about $366.78 per ether. ETH/BTC is trading between a 24hr high of 0.14758440 and a 24hr low of 0.13500030 on a 24hr volume of 59,844 BTC or 424,085 ETH. The weekly trend is up.

2017-06-07 16:57:28

Ethereum Classic is up 1.49% since launch on HitBTC.com today. Ethereum Classic launched on June 07 2017 with an opening price of 0.00639000 ETC/BTC. The Ethereum Classic all time high on HitBTC is 0.00668400 with an all time low of 0.00586100. Today’s volume is 6.0078 BTC and the last price is 0.00648500 BTC or about $17.96. In light volume trading the short term trend is up.

Cryptocurrency

2017-06-28 20:37:45

NeosCoin has reached the highest price in its history at 0.00255477 BTC or about $6.50. NeosCoin is up 22.65% on the day, up 4.86% on the week and up 152.75% on the month on a last price of 0.00229988 or about $5.85. $NEOS/BTC is trading between a 24hr and all time high of 0.00255477 and a 24hr low of 0.00181163 on a 24hr volume of 433 BTC. The weekly trend is mixed

2017-06-25 19:43:33

Stellar is nearing a monthly low. Stellar is down -4.95% on the day, down -8.53% on the week and down -24.51% on the month on a last price of 0.00001383 or about $00.03733979. $STR/BTC is trading between a 24hr high of 0.00001460 and a 24hr low of 0.00001365 on a 24hr volume of 1753 BTC. The weekly trend is mixed.

2017-06-24 20:05:47

NautilusCoin is up 58.04% on the day, up 59.34% on the week and up 99.14% on the month on a last price of 0.00019914 or about $00.71. $NAUT/BTC is trading between a 24hr high of 0.00021700 and a 24hr low of 0.00012500 on a 24hr volume of 2358 BTC. The weekly trend is up.

2017-06-23 20:32:01

Namecoin has been trending upwards since March 2017. Namecoin is up 50.08% on the day, up 29.71% on the week and up 34.09% on the month on a last price of 0.00131000 or about $4.68. $NMC/BTC is trading between a 24hr high of 0.00135400 and a 24hr low of 0.00085123 on a 24hr volume of 856 BTC. The weekly trend is up.

2017-06-22 17:11:16

$FLDC is at an all time high. FoldingCoin is up 52.60% on the day, up 90.93% on the week and up 213.36% on the month on a last price of 0.00001642 or about $00.04. $FLDC/BTC is trading between a 24hr high of 0.00001642 and a 24hr low of 0.00000789 on a 24hr volume of 4439 BTC. The weekly trend is up.

2017-06-22 03:20:47

The LBRY Credits market cap tops fifty million dollars. LBRY Credits is up 6.25% on the day, up 23.56% on the week and up 208.39% on the month on a last price of 0.00032979 or about $00.87. $LBC/BTC is trading between a 24hr high of 0.00038478 and a 24hr low of 0.00029735 on a 24hr volume of 4109 BTC. The weekly trend is mixed.

2017-06-21 23:52:25

The Ripple ten day upswing has ended. Ripple is down -12.99% on the day, down -8.33% on the week and down -38.33% on the month on a last price of 0.00009762 or about $00.25. XRP/BTC is trading between a 24hr high of 0.00011508 and a 24hr low of 0.00009711 on a 24hr volume of 16,998 BTC. The weekly trend is mixed.

2017-06-21 03:12:16

Decred has exceeded 195M in market capitalization. Decred is down -8.17% on the day, up 8.96% on the week and up 43.29% on the month on a last price of 0.01448768 or about $37.99. DCR/BTC is trading between a 24hr high of 0.01602060 and a 24hr low of 0.01355056 on a 24hr volume of 953 BTC or 64,038 DCR. The weekly trend is mixed.

2017-06-20 00:55:40

Viacoin is up 30.48% on the day, up 96.99% on the week and up 152.88% on the month on a last price of 0.00048500 satoshi or about $1.25. VIA/BTC is trading between a 24hr high of 0.00048899 and a 24hr low of 0.00036214 on a 24hr volume of 549 BTC. The weekly trend is up.

2017-06-19 20:21:30

Ardor has set an all time high of 12,000 satoshi or about thirty-one cents.
Ardor is up 38.01% on the day, up 68.24% on the week and up 78.44% on the month on a last price of 0.00011299. ARDR/BTC is trading between a 24hr high of 0.00012000 and a 24hr low of 0.00007856 on a 24hr volume of 3,119 BTC or 30,732,299 ARDR. The weekly trend is up.

2017-06-18 20:22:58

Factom has set an all time high of 0.01334097 BTC or about $35.34. Factom is down -6.47% on the day, up 27.59% on the week and up 149.52% on the month on a last price of 0.01206979 or $31.97 at today’s BTC market rate. FCT/BTC is trading between a 24hr high of 0.01317855 and a 24hr low of 0.01159450 on a 24hr volume of 2,670 BTC or 217,042 FCT. The weekly trend is up.

2017-06-16 20:33:55

LiteCoin is on a rally. LiteCoin is up 8.83% on the day, up 25.50% on the week and down -1.65% on the month on a last price of 0.01326118 BTC or about $33.05 per LiteCoin. LTC/BTC is trading between a 24hr high of 0.01323991 and a 24hr low of 0.01182000 on a 24hr volume of 15596.85943700 BTC or 1251824.76192994 LTC. The weekly trend is up.

2017-06-13 20:33:54

DigiByte is up 23.61% on the day, down -28.69% on the week and up 1,113.64% on the month on a last price of 0.00001335 BTC or about three and a half cents. DGB/BTC is trading between a 24hr high of 0.00001450 and a 24hr low of 0.00001037 on a 24hr volume of 18,821 BTC or 1,496,317,789 DGB. The weekly trend is mixed.

2017-06-12 12:02:34

Golem Network Token is down -5.71% on the day, down -0.29% on the week and up 43.70% on the month on a last price of 0.00018667 BTC or about fifty-two cents. GNT/BTC is trading between a 24hr high of 0.00020217 and a 24hr low of 0.00018501 on a 24hr volume of 1,521 BTC or 7,899,618 GNT. The weekly trend is mixed.

2017-06-11 15:48:14

Einsteinium is down -8.17% on the day, up 69.16% on the week and up 249.23% on the month on a last price of 0.00002710 BTC or almost eight cents. EMC2/BTC is trading between a 24hr high of 0.00003888 and a 24hr low of 0.00002600 on a 24hr volume of 955 BTC or 30,561,790 EMC2. The weekly trend is mixed.

2017-06-08 20:37:15

Bitshares is up 39.30% on the day, up 74.90% on the week and up 84.46% on the month on a last price of 0.00005366 BTC or about fourteen cents. BTS/BTC is trading between a 24hr high of 0.00005650 and a 24hr low of 0.00003708 on a 24hr volume of 9,663 BTC or 195,363,589 BTS. The weekly trend is mixed.

2017-06-07 15:36:00

Zencash is down -9.20% on the day and down -36.21% since launch on Bittrex. Zencash launched on June 04 2017 with an opening price of 0.00800000 ZEN/BTC or about $22.69. The Zencash all time high is .00800000 with an all time low of 0.00311003. Today’s volume is 476 BTC and the last price is 0.00510303 BTC or about $14.47. In medium volume trading the short term trend is down.

2017-06-07 14:55:06

Steem market capitalization exceeds half a billion dollars.
Steem is up 8.48% on the day, up 110.39% on the week and up 148.51% on the month on a last price of 0.00085800. STEEM/BTC is trading between a 24hr high of 0.00097392 and a 24hr low of 0.00062000 on a 24hr volume of 15,094 BTC or 18,180,494 STEEM. The weekly trend is mixed.

2017-06-06 21:28:05

Factom has reached an all time high of 0.01273000 BTC or about $36.51. Factom is up 18.49% on the day, up 101.81% on the week and up 74.02% on the month on a last price of 0.01100000. FCT/BTC is trading between a 24hr high of 0.01273000 and a 24hr low of 0.00729262 on a 24hr volume of 25,211 BTC or 2,479,086 FCT. The weekly trend is up.

Tags

digital, asset, market, reports, coin, summary, ETH, ETC, BTC, NEOS, STR, NAUT, NMC, FLDC, LBRY, XRP, DCR, VIA, ARDR, FCT, LTC, DGB, GNT, EMC2, BTS, ZEN, STEEM, FCT,
$ETH, $ETC, $BTC, $NEOS, $STR, $NAUT, $NMC, $FLDC, $LBRY, $XRP, $DCR, $VIA, $ARDR, $FCT, $LTC, $DGB, $GNT, $EMC2, $BTS, $ZEN, $STEEM, $FCT

Thanks for reading! 🙂

Ethereum Classic Price Technical Analysis – ETC/USD Nearing Key Level

Key Highlights Ethereum classic price after a downside move towards $14.80 against the US Dollar found support. There was a break above a bearish trend line formed at $17.25 on the hourly chart (data feed via Kraken) of ETC/USD. The price is currently hovering near key resistance level of $17.60, which holds a lot of … Continue reading Ethereum Classic Price Technical Analysis – ETC/USD Nearing Key Level

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Chinese BTCC Launches Global Crypto Exchange ‘DAX’ with Ethereum Classic as First Asset

BTCC, the second largest Bitcoin exchange in China and the world, has announced the integration of Ethereum Classic on its digital cryptocurrency exchange BTCC DAX, which is the first listing of Ethereum Classic by a major Chinese exchange before Ethereum.

Rise of Ethereum Classic

The value of Ethereum Classic has increased by around 10x in the past three months. Its market capitalization has risen from $200 mln to nearly $2 bln. Experts mark the launch of the Ethereum Classic Investment Trust Digital Currency Group’s GrayScale Investment as the main factor of Ethereum Classic boost as it allowed investors in the public market investing in the cryptocurrency.

Besides, the change in Ethereum Classic’s monetary policy implemented in March of 2017 is definitely worth mentioning as Ethereum Classic altered its monetary policy from an inflationary policy to deflationary, implementing a fixed supply that is similar to that of Bitcoin. This allowed Ethereum Classic to transform from a digital asset into a digital currency for three months.

“Platform token is a critical part of blockchain system that aligns economic incentives of key stakeholders, users, developers, investors, and miners. Its monetization makes everything tick and helps to bootstrap the ecosystem. However, it has been shown time and again in economic history that reliable long-term monetization is impossible without two key characteristics; utility and scarcity,” Ethereum Classic movement pioneer Arvicco said.

Chinese market

Leading Chinese exchanges including Huobi and OKCoin have also started Ethereum trading.  These two exchanges process more than 63 percent of the country’s Ethereum trades.

Still, BTCC remains to be the only Chinese cryptocurrency exchange to integrate Ethereum Classic and offer support for ETC traders. It has also unveiled that its digital asset exchange DAX will serve as a global crypto-to-crypto exchange for users worldwide.

All this has slightly changed the situation on Asian cryptocurrency market. Ethereum trading used to concentrate mostly in the South Korean market with 27.6 percent market share, while now it spread across the Chinese exchange market – the second largest Ethereum market with 18.8 percent market share.

In March, BTCC launched a new global multicurrency wallet called Mobi available on both iOS and Android platforms. Mobi offers in-app conversion of more than 150 global currencies, including dollar, euro, pound, gold and silver. It also enables users to send money to any Twitter account and phone number, as well as an optional Visa debit card.

As Bobby Lee, CEO of BTCC, said, Mobi is a “killer app for bitcoin” that will help to boost bitcoin awareness and drive its adoption worldwide.

The post Chinese BTCC Launches Global Crypto Exchange ‘DAX’ with Ethereum Classic as First Asset appeared first on CoinSpeaker.

Crazy cryptoweek, didn’t make any profit

Last week I wrote my first blogpost here about the two goals I have.

  1. Quiting my job in 1 year
  2. Making 100k out of 6k.

I my first blogpost last week, I said that I would give you some more insights in my bags. So I will today. But first of all, I wanted to tell you, last week was tough. Really tough. The 6k in cryptovalue I had at 20th of June, has dropped to around 5k, like a rollercoaster! Ofcourse we have seen a majorprice drop of $ETH and also $BTC had some up’s and downs.

So maybe it’s time to tell my about the coins I have and what I’m planning to do with them.

$BTC HODL

I have a long hold on 1 $BTC and I’m not planning to trade or to do anything with it. It’s safely stored, and we will see what happens with it in the coming year. I have read some articles about #theflippening but after last weeks #ETH flashcrash I do think this one is a long #HODL. I have done this before with half a bitcoin when I started in 2014.

$ETH (sold)

Last week I sold a part of my $ETH’s for $BTC and this seems to turn out well. The other part i put it in 2 #ICO’s. Along with others I had some real issues with transferring my $ETH from MyEtherWallet to the #Status contribution. I have now 1,5 ETH in $STN and 1,5 ETH in $CVC. First time I joined the ICO party. I’m not sure how this turns out, i’ll have to wait for a couple of weeks before trading in $STN and #CVC starts.

$ETC HODL

My other long hold is in $ETC. I have about 0,5 $BTC in the Ethereum Classic. Bought this coin at 19th of June at a trading price of 0,00859280 $BTC. In the days after price decreased but at the moment $ETC is getting a lot of traction and hopefully this one is getting to pump. My strategy on this coin is to #HODL.

$ARDR (new buy)

So my #HODLS are $BTC and $ETC and with the ICO’s from Status and Civic yet to be unknown, i have around 0,4 $BTC to play with. I took some profit from the $LTC legup and swapped it to $ARDR today. It seems to be that this coin is following $NXT most of the time. $NXT made some moves up last 24 hours so now let’s see what this one can do.

Summary

So to wrap this one up, I do have a small portfolio from ฿ 2,24 including the 3 ETH who are in ICO’s. To accomplish my goals, I really need your help and feedback. As a newby I still have to develop strategy and tactics.

Your help is welcome

Currently, I would like to have answers on two questions in order to get me closer to my goals.

  1. Which tools are you using to keep track on your current portfolios?

At the moment I’m using Blockfolio but I hate it to put in all the different transactions I do on trading platforms.

2. What are the best tactics for me as a non day 2 day trader?

As I do have a normal day 2 day job, I don’t have the time to take a look at my trades all day. As said before, I have long HODL’s on $BTC and $ETC. But I should pay attention to my other coins. What’s your advice here?

I really appreciate your feedback on everything. Follow me on Twitter or at Medium to see my journey towards quiting my job and 100k!

Ethereum Classic Climbs the Ranks to Become Fourth Largest Cryptocurrency by Market Cap

TheMerkle Ethereum Classic Market Cap

While a lot of people are keeping a close eye on Bitcoin and Ethereum, other interesting things are taking place in the cryptocurrency world as well. Ethereum Classic has suddenly become the fourth-largest cryptocurrency by market cap. The currency successfully overtook New Economy Movement over the past 24 hours and is well underway to hit the $2bn market cap. The bigger question is where this sudden growth is coming from, which seems to be a bit unclear.

Ethereum Classic is Rising to Power

Alternative cryptocurrencies are usually known for their volatile price swings. The value per coin can go up or down significantly in a span of mere minutes, which skews the market cap numbers quite a bit. However, in the case of Ethereum Classic, there is a clear growth trend on the charts. Ever since April of 2017, Ethereum Classic has started to appreciate in value, which brings us to where we are today.

Anyone who held onto their ETC balance after the previous Ethereum hard fork will be quite pleased with the way things are going right now. One ETC is valued at $20.7, which is quite a lot of money for a currency that didn’t even exist that long ago. It is certainly possible the rise in the value of ETC and ETH is correlated, although both projects seemingly aim to pursue different end goals.

One thing working in Ethereum Classic’s favor is how trading platforms and exchanges are opening up ETC markets as of late. One of the latest companies to do so is HitBTC, which enabled ETC trading a day ago. More exchanges mean there is more liquidity. This does not always affect the price of a particular currency or token in a positive manner, though. Then again, it also shows there appears to be growing demand for Ethereum Classic, which could hint at positive things for the future.

The Ethereum Classic Twitter account also made an interesting comment a few days ago. The tweet mentions how more and more cryptocurrency ICOs will be coming to ETC. Moreover, there would be no bailouts for any ICO mishap taking place on the Ethereum Classic blockchain. This is a clear jab at the Ethereum hard fork to “bail out” investors of The DAO, which eventually resulted in the creation of Ethereum Classic as a separate ecosystem.

Then again, it has always been possible to run ICOs on the Ethereum Classic blockchain. The ETC ecosystem has the exact same technology as Ethereum, minus the hard fork, which caused quite a bit of controversy many months ago. Moreover, Barry Silbert has jumped on the Ethereum Classic train a while ago and continues to make ETC look appealing to mainstream investors. Rest assured the vast majority of ETC purchases are mere speculation, though, yet that does not have to be a bad thing.

Looking at the current markets, it is evident Korean traders have taken a liking to Ethereum Classic. We highlighted this in our “top cryptocurrencies in Korea” article a while ago. Both Bithumb and Coinone are clearly leading the trading volume charts right now, followed by Poloniex, CHBTC, and Korbit. It is quite surprising to only see one ETC/BTC trading pair in the top five right now, to say the least. It will be interesting to see where this market heads next, as anything can happen in the world of cryptocurrency right now.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

ETH Or ETC? Battle To Dominate Asia Is On

The struggle underlying the division between the Ethereum and the Ethereum Classic networks seems to have shifted to the Asian market. After Bitcoin and Litecoin, a traditional China-linked cryptocurrency, Ether (ETH) and ETC are currently the two most recognised altcoins in parts of Asia, especially China, where they seek to capture more share of the market. However, going by recent trends, it is unclear which among both of them will gain a upper hand in the long term.

As at April 30, the price of Ethereum Classic on South Korea’s biggest exchange Coin One showed it has increased with trade volume soaring to as high as 1.5 million – a 10x increase resulting in the rise of its price to slightly over $6 – giving its proponents a reason to think ETC is a better choice than Ethereum at the point.
Though these are based on some of the recent moves that have worked out well for ETC, ETH has risen on the other hand too in terms of price – over $80 – even as activities related to the second most biggest cryptocurrency by capitalization seems to be increasing in China.

etceth asia

Ethereum Classic
The first-ever private fund that invests in Ethereum Classic with $10 million in seed capital was launched by the U.S. investment management company, Grayscale Investments LLC and ETC also recently capped its supply at 210 million units which makes it infinite and easier to value as the market evolves further.
At a market capitalization currently standing at around $600 million making it the sixth largest digital currency in the market according to CoinMarketCap and a five ETC per block and a 20% decrease (The Tithing) in block reward at every 5 million blocks until the cap is reached, it didn’t come as a surprise that interest in ETC grew at the news of the launch of Grayscale’s fund.
Also looking at it from a general perspective of those who trade in digital currencies, the belief that Bitcoin will always grow with time but altcoins will always grow faster in percentage applies to an extent. At a meagre $6, ETC has room for growth which is considered higher at the time going by the buzz around.
Though some in the industry still think ETC needs to find a legit use case or a value proposition other than the professed immutability to sustain its growth, Grayscale in its introductory paper describes Ethereum Classic as a “next generation blockchain platform for a new internet infrastructure – one that can dramatically enhance the ways that information and value are shared in the digital economy, unlocking trillions of dollars in untapped economic surplus in the process.” If this turns out good, it would mean that others who view ETC as an undervalued coin with strong fundamentals that is just starting to find its true value would take the day.

Ethereum
ETC has since risen to be the third most traded cryptocurrency just behind Ethereum and Bitcoin. However, it is still behind ETH on the market stand. Ethereum has been working its way inside out of Asia’s largest market, China, to other countries like Taiwan and India which is organizing its first ever international blockchain hackathon later this month in collaboration with the Ethereum Foundation.
Following an increased interest in the Enterprise Ethereum Alliance, some Chinese cryptocurrency exchanges including OKCoin have expressed the plan to integrate support for ETH trading on their platforms. If and when that happens, there is likely to be a competition over Ethereum in both the Chinese and South Korean markets which could spark a boom for ETH price.
Some meetups have also been held in parts of China in April where relevant discussions about Ethereum and its EEA were tabled. Put together with China’s interest in blockchain and the plethora of big corporations that are already looking into the technology in the country, the Ethereum platform could seize the opportunity to spread through the Asia region as a perfect growing ground.
While Ethereum’s Vitalik Buterin speaks Mandarin which could appeal to a wide audience, Ethereum Classic has major Chinese investors such as Chandler Guo behind it.

Why You Should LOVE Proof Of Stake Systems

Proof of work systems are widely used and thoroughly scrutinized. There is concern that funds will be at risk if proof of work systems are replaced with proof of stake systems. Fortunately, proof of stake systems can improve security rather than threatening it!

Proof Of Stake

In proof of work systems, volunteers assist in the creation and validation of new blocks. Rewards are proportional to the amount of computing resources contributed to the process. There are built in disincentives for acting maliciously or foolishly. For example, contributing computing resources to losing chains will lead to financial loss.

Proof of stake systems attempt to keep the benefits of proof of work systems while eliminating the problems. There are multiple varieties and much ongoing research. Volunteers still assist in the creation and validation of new blocks. Rewards are proportional to the amount of funds (stake) temporarily placed in escrow. There are still built in disincentives for acting maliciously or foolishly. For example, some systems confiscate escrowed funds if volunteers simultaneously work on multiple chains.

Benefits

Proof of stake systems can strengthen proof of work systems. Rather than replacement, proof of stake systems can simply add additional steps to the process of approving candidate blocks. This is analogous to adding a second lock to a door. Proof of work blockchain systems are vulnerable to participants who control a majority of the computing resources. This leads to 51% attacks:

“[A] mining pool — an association of people who own specialized hardware that produces Bitcoins by running specific mathematical operations — gained a 51 percent share of computing power used in currency production. That gave it the power to reverse transactions, to pay twice with the same Bitcoins, and to delay or even cancel other people’s transactions. The pool was GHash.io, run by a secretive U.K.-incorporated outfit called CEX.io”

Bloomberg, July 17, 2014

and

“I am Chandler Guo, a 51% attack on Ethereum Classic (ETC) is coming with my 98G hashrate. This is roughly 3 times [the] current ETC network hashrate. This is an action to against Poloniex’s decision to support ETC.”

Cointelegraph, July 24, 2016

Such attacks might not be possible with additional proof of stake system requirements.

Concerns

It is always possible that vulnerabilities might be found in proof of stake systems. Although combining proof of work and proof of stake systems would likely be harder to attack, it is conceivable that issues could still cause problems. This is analogous to losing the key to a second door lock. Multiple door locks provide additional security, but, also increase the chances of denying yourself access.

Conclusion

Proof of stake systems may be able to improve blockchain systems by not simply replacing existing security systems. Blockchain systems can simultaneously juggle security and innovation.

Feedback

Feel free to leave any comments or questions below. You can also contact me by clicking any of these icons:

Acknowledgments

I would like to thank IOHK (Input Output Hong Kong) for funding this effort.

License

This work is licensed under the Creative Commons Attribution ShareAlike 4.0 International License.

Trading of LTC, ETC and other altcoins might be halted in China

Since the on-site inspection on Chinese bitcoin exchanges and suspension of bitcoin withdrawals, the regulatory policy or the “red lines” are being reiterated. However, according to a report by China.com today, trading of LTC, ETC and other altcoins might have been suspended to control risk.

 

china yuqing

Screenshot of China.com report on halting LTC, ETC trade in China

It’s said that regulators may have contact exchanges for guidance counseling, topics of which would be around the following:

1. Suspend trading of LTC, ETC and other altcoins.
2. Freeze suspicious accounts.
3. Keep Bitcoin trading only.

The report has not citied any source to support the above claims. But it is not some cliche like we have heard so much before.

Although (Bitcoin) withdrawal is still being suspended, the recent pump and dump of altcoins has disturbed the order of financial markets and resulted in significant loss of small investors. With the speculation on altcoins heating up, scams and MLMs under the name of digital currency are often spotted.

At the end of the report, the guidance counseling was cited the “right time” to

Cool down digital currency market to prevent large-scale involvement in behaviors that violates laws and regulations.

The report was released around 9:30 am Beijing Time. Around 20 minutes later, LTC price on Huobi took a nose dive. 30 minutes later Huobi posted a weibo warning the risk of LTC price dump. Given the fact that Huobi is still under regulatory scrutiny, the intention of the warning might be underestimated.

huobiltc1

Huobi’s reminder on LTC price dump

On the regulatory documents leaked yesterday, it’s specifically mentioned that:

Article 10 Guidance of public opinion
Proper guidance of public opinions must be handled during the process of rectification. Opinions could be released through the official website, media interviews, expert interpretation and other means. Initiatives shall be taken to release regulatory signals and guide the community expectations.”

Maybe the halting of altcoin trade is not a groundless and wild guess.

Ethereum Classic Blocks Explained: The Three Categories

Ethereum Classic (ETC) blockchain blocks contain headers as well as transaction and uncle header lists. It is informative to also consider the following three block element categories: context, computation and consensus.

Context

The context, or environment, of all ETC computations must be completely specified. Therefore, blocks contain block numbers, parent header hashes, dates and times. Parents of blocks are the preceding blocks:

Block Numbers

Every block has a unique identifier equal to the number of past blocks. The first (genesis) block has an identifier of zero.

Parent Header Hashes

All block elements, except for the transaction and uncle header lists, form the headers. Every block contains the Keccak 256 hash of the header of its parent. This is partially for security reasons.

Dates & Times

All blocks contain the dates and times they were added to the blockchain. This is denoted by the number of seconds since 1970–01–01 00:00:00 UTC.

Computation

All ETC computations must be completely specified as well. Therefore, blocks contain transaction lists, transaction list hashes, transaction list gas requirements, transaction list state hashes, transaction receipt list hashes, and, transaction receipt list Bloom filters. It may appear to be problematic that blocks only contain hashes of states and receipts. This is acceptable because the blockchain contains sufficient information to repeat the entire history of the ETC world computer. Therefore, the blockchain implicitly contains all states and receipts:

Transaction Lists

Entities external to ETC submit jobs as transactions. Blocks contain the lists of these transactions.

Transaction List Hashes

Blocks contain the Keccak 256 hashes of their transaction lists. This is partially for security reasons.

Transaction List Gas Requirements

ETC resources are measured in units of gas. Blocks include the number of gas units required to execute their transaction lists.

Transaction List State Hashes

The state refers to all the values in all the accounts. Blocks include the Keccak 256 hashes of the states after the transaction lists, and the related chores, have been executed.

Transaction Receipt List Hashes

Execution information for all transactions is included in receipts. These are used by search engines and other applications. Blocks contain the Keccak 256 hashes of their corresponding list of transaction receipts.

Transaction Receipt List Bloom Filters

Bloom filters are binary strings used to quickly determine set membership with nominal storage requirements. Blocks contain Bloom filters for the sets of transaction receipt logs.

Consensus

Mining is the process of creating and validating new blocks. This is referred to as mining because participants (miners) are rewarded with newly created funds. The mining procedure is referred to as the consensus algorithm. Mining involves a race to find the proof of work information necessary to create new blocks. The block candidates that lose this race are referred to as the uncles since they are related to the parents. All information pertaining to the consensus algorithm must be specified. Therefore, blocks contain: miner extra data, miner addresses, miner validation helps, miner transaction list gas requirement maxima, proof of work information, proof of work difficulty levels, uncle header lists, and, uncle header list hashes:

Miner Extra Data

Miners can include up to an additional 32 bytes in blocks they create. There are no further restrictions on this element.

Miner Addresses

Miners specify addresses to receive mining rewards in the blocks they create.

Miner Validation Helps

Miners include values to speed up block validation. Blocks could be validated without these aids. However, denial of service attacks are possible if validation is too slow.

Miner Transaction List Gas Requirement Maxima

Blocks specify the maximum possible gas requirements of transaction lists. Miners can adjust these maxima by a small amount relative to the parents.

Proof Of Work Information

Miners can only add new blocks to the blockchain if they can add values to their candidate blocks that cause a special mining hash of those blocks to have certain properties. These are referred to as the proof of work information.

Proof Of Work Difficulty Levels

The consensus algorithm automatically increases the difficulty level of finding proof of work information when new blocks are being added too quickly. Likewise, the difficulty level decreases when new blocks are being added too slowly. Blocks include the difficulty levels used to create them.

Uncle Header Lists

Blocks contain lists of uncle headers. This improves the security of the blockchain.

Uncle Header List Hashes

Blocks include the Keccak 256 hashes of uncle header lists. This is partially for security reasons.

Conclusion

Considering the context, computation and consensus categories has hopefully been enlightening. Sometimes different perspectives can make all the difference.

Ethereum Classic Blocks Explained: The Three Categories

Ethereum Classic (ETC) blockchain blocks contain headers as well as transaction and uncle header lists. It is informative to also consider the following three block element categories: context, computation and consensus.

Context

The context, or environment, of all ETC computations must be completely specified. Therefore, blocks contain block numbers, parent header hashes, dates and times. Parents of blocks are the preceding blocks:

Block Numbers

Every block has a unique identifier equal to the number of past blocks. The first (genesis) block has an identifier of zero.

Parent Header Hashes

All block elements, except for the transaction and uncle header lists, form the headers. Every block contains the Keccak 256 hash of the header of its parent. This is partially for security reasons.

Dates & Times

All blocks contain the dates and times they were added to the blockchain. This is denoted by the number of seconds since 1970–01–01 00:00:00 UTC.

Computation

All ETC computations must be completely specified as well. Therefore, blocks contain transaction lists, transaction list hashes, transaction list gas requirements, transaction list state hashes, transaction receipt list hashes, and, transaction receipt list Bloom filters. It may appear to be problematic that blocks only contain hashes of states and receipts. This is acceptable because the blockchain contains sufficient information to repeat the entire history of the ETC world computer. Therefore, the blockchain implicitly contains all states and receipts:

Transaction Lists

Entities external to ETC submit jobs as transactions. Blocks contain the lists of these transactions.

Transaction List Hashes

Blocks contain the Keccak 256 hashes of their transaction lists. This is partially for security reasons.

Transaction List Gas Requirements

ETC resources are measured in units of gas. Blocks include the number of gas units required to execute their transaction lists.

Transaction List State Hashes

The state refers to all the values in all the accounts. Blocks include the Keccak 256 hashes of the states after the transaction lists, and the related chores, have been executed.

Transaction Receipt List Hashes

Execution information for all transactions is included in receipts. These are used by search engines and other applications. Blocks contain the Keccak 256 hashes of their corresponding list of transaction receipts.

Transaction Receipt List Bloom Filters

Bloom filters are binary strings used to quickly determine set membership with nominal storage requirements. Blocks contain Bloom filters for the sets of transaction receipt logs.

Consensus

Mining is the process of creating and validating new blocks. This is referred to as mining because participants (miners) are rewarded with newly created funds. The mining procedure is referred to as the consensus algorithm. Mining involves a race to find the proof of work information necessary to create new blocks. The block candidates that lose this race are referred to as the uncles since they are related to the parents. All information pertaining to the consensus algorithm must be specified. Therefore, blocks contain: miner extra data, miner addresses, miner validation helps, miner transaction list gas requirement maxima, proof of work information, proof of work difficulty levels, uncle header lists, and, uncle header list hashes:

Miner Extra Data

Miners can include up to an additional 32 bytes in blocks they create. There are no further restrictions on this element.

Miner Addresses

Miners specify addresses to receive mining rewards in the blocks they create.

Miner Validation Helps

Miners include values to speed up block validation. Blocks could be validated without these aids. However, denial of service attacks are possible if validation is too slow.

Miner Transaction List Gas Requirement Maxima

Blocks specify the maximum possible gas requirements of transaction lists. Miners can adjust these maxima by a small amount relative to the parents.

Proof Of Work Information

Miners can only add new blocks to the blockchain if they can add values to their candidate blocks that cause a special mining hash of those blocks to have certain properties. These are referred to as the proof of work information.

Proof Of Work Difficulty Levels

The consensus algorithm automatically increases the difficulty level of finding proof of work information when new blocks are being added too quickly. Likewise, the difficulty level decreases when new blocks are being added too slowly. Blocks include the difficulty levels used to create them.

Uncle Header Lists

Blocks contain lists of uncle headers. This improves the security of the blockchain.

Uncle Header List Hashes

Blocks include the Keccak 256 hashes of uncle header lists. This is partially for security reasons.

Conclusion

Considering the context, computation and consensus categories has hopefully been enlightening. Sometimes different perspectives can make all the difference.

Reminder: last day to claim your DAO to ETC refund

Today is the last day to claim your DAO to ETC refund.

As of today, there is still approximately USD $4M ETC left unclaimed from DAO. If you have invested in DAO and haven’t claimed back your ETC, you should claim it before the deadline.

The instruction is here:

https://theethereum.wiki/w/index.php/The_DAO_Refunds go to the myetherwallet section.

The instruction is also here:

DAO Token Holders, Come Claim Your Money! Updated Jan 31,2017!

You may use the simpler method of myetherwallet, but you will have to download an older version of myetherwallet (as stated in the instruction).

You can claim your ETC from DAO until April 15th, 2017. Note: you can still claim your ETH from DAO after April 15th, 2017.



Reminder: last day to claim your DAO to ETC refund was originally published in etherpricing on Medium, where people are continuing the conversation by highlighting and responding to this story.

Reminder: last day to claim your DAO to ETC refund

Today is the last day to claim your DAO to ETC refund.

As of today, there is still approximately USD $4M ETC left unclaimed from DAO. If you have invested in DAO and haven’t claimed back your ETC, you should claim it before the deadline.

The instruction is here:

https://theethereum.wiki/w/index.php/The_DAO_Refunds go to the myetherwallet section.

The instruction is also here:

DAO Token Holders, Come Claim Your Money! Updated Jan 31,2017!

You may use the simpler method of myetherwallet, but you will have to download an older version of myetherwallet (as stated in the instruction).

You can claim your ETC from DAO until April 15th, 2017. Note: you can still claim your ETH from DAO after April 15th, 2017.

Reminder: last day to claim your DAO to ETC refund

Today is the last day to claim your DAO to ETC refund.

As of today, there is still approximately USD $4M ETC left unclaimed from DAO. If you have invested in DAO and haven’t claimed back your ETC, you should claim it before the deadline.

The instruction is here:

https://theethereum.wiki/w/index.php/The_DAO_Refunds go to the myetherwallet section.

The instruction is also here:

DAO Token Holders, Come Claim Your Money! Updated Jan 31,2017!

You may use the simpler method of myetherwallet, but you will have to download an older version of myetherwallet (as stated in the instruction).

You can claim your ETC from DAO until April 15th, 2017. Note: you can still claim your ETH from DAO after April 15th, 2017.

Grayscale Investments Plans To Launch Private Ethereum Classic Fund

Grayscale Investments LLC, a Digital Currency Group investment subsidiary owned by Barry Silbert, announced that it is planning to launch a private fund that will give investors exposure to ethereum classic.

The cryptocurrency ether classic (ETC) was sprung out of the aftermath of the Ethereum DAO hack in June 2016, when around $50 millions worth of ether (ETH) was stolen. The developer team decided to ‘hard fork’ the blockchain to recuperate the lost funds; this, in turn, caused a divide among the miners of which some decided to continue to mine the original Ethereum blockchain whose cryptocurrency was then referred to as ETC.

Ether classic is currently the seventh largest cryptocurrency with a market capitalization of around $115 million according to CoinMarketCap and is currently trading at around $1.29 per coin. Ethereum classic’s blockchain has effectively the same functionalities as the ethereum blockchain allowing for the creation of smart contracts and the development of decentralized apps.

Grayscale’s ether classic fund will be an open-ended investment trust that can raise an unlimited amount of funds. The seed capital to launch the fund will be provided by the Digital Currency Group and the initial investor base will be limited to accredited investors only.

Grayscale Investments has made a name for itself in the fund management sector for being the first to launch a fund that exclusive invests in bitcoin, called the Bitcoin Investment Trust. The Bitcoin Investment Trust (GBTC) was initiated in 2013, has over $200 million assets under management and is traded over-the-counter. It currently trades at a premium to bitcoin, which indicates that there is a demand for more traditional investment products that facilitate digital currency investment.

"As investors have grown more interested in digital currency as an asset class, we’ve also seen growing frustration with the difficulty in purchasing non-bitcoin digital currencies. We’re excited to launch a fund for ethereum classic to satisfy the growing interest we are seeing in ETC from more mainstream investors," Barry Silbert told Reuters.

Investing in an ETC fund is without a doubt a much riskier investment than investing in Grayscale’s Bitcoin Investment Trust, for example, which has bitcoin as the underlying asset.

The ETC community is small, and changes will still be made to the cryptocurrency and its blockchain to ensure that it does not face the same security issues that its older brother ethereum has faced and to improve it for developers and miners. This includes a hard fork that comprises proposed changes to its monetary policy with a cap on coin supply and block reward halving by the end of 2017.

Then, there is still the issue that ether (ETH) holders at the time of the ethereum hard fork that created ethereum classic (ETC) can double spend their ether as ethereum classic. Naturally, ether holders have been dumping their “free” ethereum classic, which has prevented the price of ETC from climbing higher. Therefore, there are still enough ETC holders out there who are willing to sell and, in some cases, have an incentive to keep the price of ETC low as they do not want ethereum classic to succeed and compete with ethereum.

While it is promising to see another cryptocurrency investment product appear in the traditional financial markets, an ether classic fund has to be looked at with caution due to the substantial risk involved in investing in this altcoin. Should there be significant investor demand for the new fund, though, then the price of ether classic would experience a massive rally.