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On a macro level, the blockchain industry may be divided into two large categories; the truly decentralized blockchains and the centralized systems that try to mimic the attributes of decentralized blockchains but changing some parts of their designs to conform to certain misguided ideas.
However, these misguided changes in themselves are what remove the main attribute of true blockchains which is trust minimization.
The other categorization is between those networks that are more versatile and those that are narrow in their use cases.
In this post we will explain the 7 key reasons why Ethereum Classic (ETC) is in the most valuable position with regards to these categorizations.
ETC is a proof of Work (POW) blockchain, and this puts it in the category of truly decentralized systems because POW is the only way known to man that guarantees decentralization and the free participation of any node in a peer to peer network.
By “free participation” we mean that anyone in the world may operate a node or mine ETC without any permission or censorship.
It also means that anyone in the world may send transactions and have addresses with balances in ETC with the guarantee that they will not be confiscated nor tampered with by any special interest.
POW aditionally means that there is a cryptographic wall that protects the history of transactions in the system that is practically impossible to violate.
ETC is hard money because it is a POW blockchain, therefore the cost of creating the blocks is the cost of creating the coins, thus creating scarcity, unforgeable costliness, and value similar to gold in the real world.
ETC also has a fixed coin supply schedule in its monetary policy, meaning that there will only be 210,700,000 ETC ever in existence.
This stock is being issued as rewards are paid to miners on a per block basis, and is managed by reducing the amount paid by 20% every two years.
The current inflation rate in ETC as per its present issuance is 3.91%; it will be less than 2% by 2032; and less than 1% by 2036. This trend will tend to zero in the following years.
As hard money, ETC protects the value of users’ savings and investments in the long term.
Ethereum Classic is programmable at the base layer through smart contracts inside its highly secure environment.
Smart contracts are software programs that when they are sent to the network, they get replicated in all the nodes of the systems, therefore becoming totally decentralized.
The other competing POW chains such as Bitcoin, Litecoin, DOGE, Monero, or Kaspa, are not programmable, thus are simple and limited systems that only hold accounts, balances, and can move money from one account to the other, but nothing else.
ETC is a leap in versatility comparable to how computers were a leap in versatility versus pocket calculators in 1980s.
ETC’s blockchain; or database, with accounts, balances, and smart contracts; is fully replicated, meaning that 100% of the nodes keep an identical copy of all the information. The more nodes there are, the more secure the system is.
This was the original goal of blockchains; to achieve the full replication of the data in as many participating peers as possible to guarantee maximal redundancy.
POW was the key to achieve this replication through consensus in a decentralized way, and is actually the second most important security guarantee of the technology.
Full replication was the first security guarantee, and it offers a redundancy that makes the system resistant to tampering by man or destruction by nature. ETC can survive even a nuclear war!
Ethereum Classic is composable, which is a very important quality.
Composability is possible because all accounts, balances, and decentralized software programs are inside the same system, therefore complex multi-app transactions may be performed in single transaction executions.
When systems are separated; such as in Bitcoin, where the money is inside the blockchain but the applications are in other external platforms, because BTC is not programmable; then complex multi-app transactions are not possible as the blockchain does not have certainty of what is the state of the external system and the external system does not have certainty of what is the state of the blockchain.
Composability is very important because it enables instantaneous transactions, shorter settlement times, reduces friction, and lowers transactional costs.
Since Ethereum migrated to proof of stake in September of 2022, Ethereum Classic has become the largest proof of work smart contracts blockchain in the world.
Having this position makes ETC extremely attractive because, when markets start to realize that proof of stake and proof of authority consensus are centralized and vulnerable, developers, investors, users, miners, and node operators will start to move to ETC.
In the blockchain industry, security is only achieved through proof of work, and proof of work is only secure when the blockchain is the largest in its POW algorithm.
ETC is now the largest blockchain in the ETHash/ETCHash algorithm, which makes it the most secure in that aspect as well.
Applications in ETC are the most secure in the world because the combination of proof of work, hard money, programmability, full replication, composability, and the fact that it is the largest in its category make it the most secure environment there is to run and execute applications.
There is no other place in the universe where applications can be more secure than it ETC.
Not in military data centers, not in corporate data centers, not in cloud services, and not in any kind of network that is not the largest proof of work programmable blockchain.
Thank you for reading this article!
To learn more about ETC please go to: https://ethereumclassic.org