At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…
What is Ethereum Classic (ETC) and How Does it Work?
Ethereum Classic (ETC) is a blockchain-based, decentralized platform that enables the creation of smart contracts and decentralized applications (dapps). It is a fork of the original Ethereum blockchain. The main difference is that ETC does not include the changes made to the Ethereum blockchain due to the DAO (Decentralized Autonomous Organization) hack in 2016.
Like Ethereum, ETC uses a virtual machine called the Ethereum Virtual Machine (EVM) to execute smart contracts. The EVM is a Turing-complete virtual machine that allows for the creation of complex contracts and dapps.
ETC also uses its native cryptocurrency, called ETC, which is used to pay for transactions and computational services on the network. For example, miners earn ETC as a reward for validating transactions and adding them to the blockchain.
Ethereum Classic (ETC) Unique Features
Ethereum Classic (ETC) is the native cryptocurrency of the Ethereum Classic blockchain. It is used to pay for transactions and computational services on the network.
Some unique features of ETC include:
- Immutability: One of the key features of Ethereum Classic is its immutability, meaning that once a transaction is added to the blockchain, it cannot be altered. This contrasts with Ethereum, which changed its blockchain following the DAO hack in 2016.
- Decentralization: Ethereum Classic is a decentralized platform, meaning no central authority controls it. A network of nodes validates transactions, and the consensus is reached through an algorithm called Ethash.
- Turing-complete: ETC uses the Ethereum Virtual Machine (EVM) to execute smart contracts. The EVM is a Turing-complete virtual machine, which allows for the creation of complex contracts and dapps.
- Open-source: ETC is an open-source platform, meaning anyone can contribute to its development and use it for their projects.
- Mining: ETC can be mined using a proof-of-work consensus algorithm called Ethash. Miners earn ETC as a reward for validating transactions and adding them to the blockchain.
Ethereum Classic is a blockchain platform that enables the creation of smart contracts and dapps, it is a fork of the Ethereum blockchain, but it does not include the changes made after the DAO hack, uses its own native cryptocurrency ETC and uses the EVM to execute smart contracts.
ETC is the native cryptocurrency of the Ethereum Classic blockchain; it is used to pay for transactions and computational services; it is immutable, decentralized, Turing-complete, open-source, and can be mined using the Ethash consensus algorithm.
An Overview of Different Cryptocurrency Scams
Cryptocurrency scams are fraudulent schemes that are becoming increasingly common as the popularity of cryptocurrencies continues to grow. They can take many forms and are often designed to appear legitimate investment opportunities or exchanges. Unfortunately, these scams can cause significant financial losses for individuals and harm the reputation of the cryptocurrency industry as a whole. It is crucial for anyone considering investing in cryptocurrencies to be aware of the various types of scams and to take steps to protect themselves.…
What Are Crypto Data Aggregators?
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What Is CoinMarketCap (CMC)?
CoinMarketCap (CMC) is a website that provides information about the cryptocurrency market and tracks the capitalization of various cryptocurrencies. It was founded in 2013 and has become one of the most popular cryptocurrency data providers. CMC aggregates information about the prices, volume, and market capitalization of cryptocurrencies from various exchanges and calculates the average value. Furthermore, the website displays this information in real-time, giving users a comprehensive overview of the cryptocurrency market. CMC tracks over 22,000 cryptocurrencies, including Bitcoin, Ethereum,…
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What Is a SAFE (Simple Agreements for Future Equity) in Crypto?
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What Are Crypto Institutional Investors?
Crypto institutional investors are large financial institutions that invest in cryptocurrencies, such as Bitcoin and Ethereum. They play a crucial role in providing stability and growth to the crypto market, helping to bring more mainstream recognition to cryptocurrencies as a legitimate asset class. Crypto institutional investors typically comprise large investment banks, hedge funds, pension funds, and endowments. They bring significant resources and investment expertise to the crypto market, providing the liquidity and capital required for the market to grow and…
What Is Automated Crypto Trading?
Automated Crypto Trading is a type of trading that uses software programs to automate the buying and selling of cryptocurrencies on the market. It uses algorithms to analyze market data and execute trades based on predefined strategies. The software can be programmed to scan the market and make trades based on specific conditions, such as price changes or trends. It also allows for backtesting and optimization of trading strategies. In addition, the trades are executed automatically, reducing the need for…
What is Genesis Mining in Metaverse?
Genesis mining in the metaverse refers to the initial creation and distribution of virtual assets within a virtual world or metaverse, such as virtual real estate or virtual currency. The creators or developers of the metaverse often control this process. It may involve using blockchain technology to ensure the security and integrity of virtual assets. The term "genesis mining" describes the initial creation and distribution of these assets, similar to mining for precious metals or other resources in the physical…