etcis.money
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.
Here's what that future supply looks like:
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.
The latest block is ?. The next Era will arrive at block ? in about:
(based on average block time of NaN seconds)
Let's compare and contrast the properties of some other chains in a maximally biased way:
| ETH | BTC | ETC | ||
| Known Supply | 🥳 | 🥳 | BTC and ETC have a fixed emission curve, as shown above. ETH has an unknown future supply that can be easily changed at any time. | |
| Proof of Work | 🥳 | 🥳 | ETH has switched Proof of Stake. ETC is committed to remaining on the more secure Proof of Work indefinitely. | |
| Turing Complete | 🥳 | 🥳 | ETH and ETC use the same underlying EVM to enable Smart Contracts; any contract deployed on ETH will also be deployable on ETC. | |
| No Premine | 🥳 | 🥳 | About 70m ETH was pre-allocated to investors and developers. ETC and BTC distributions were not pre-mined. | |
| No CEO | 🥳 | 🥳 | BTC and ETC have no central leadership or foundation to direct development, making them more decentralized and resilient. | |
| No Irregular State | 🥳 | 🥳 | ETC exists in response to ETH's TheDAO bailout hardfork. This "irregular state change" is a permenant reminder that your ETH can be confiscated. | |
| Layer 2 Scalabiltiy | 🥳 | 🥳 | 🥳 | It is possible to scale to a greater extent without sacrificing security by using Layer 2 solutions such as Lighting, State Channels, Optimistic Rollup, etc. |
Choose unstoppability.
Choose principles.
Choose money.
Choose ETC.
