You can flash the image to a USB drive or any other drive using Balena Etcher.

Log in to your HiveOS account, and you are ready to start setting up. Farms are managed via a web interface or a mobile application.

By clicking on the plus sign at the top, you can add a new farm if you are on the main page of the dashboard.

Now you need to go to the rig further down the menu hierarchy by clicking on it in the list and create a worker, which we will configure for mining ETC under HiveOS.

Then you need to fill in all the empty fields in the window that appears.

Next, you need to add the ETC wallet address to HiveOS. (For example, the one you created with the ETC Wallet).

To do this, go back to the main page of the dashboard and go to the wallets section and click on the “Add wallet” button.

Next, we move on to creating a Flight Sheet, which will be launched in our worker.

Select a coin and an ETC wallet from the list, select a Pool, and specify a miner. We advise you to mine with Phoenix, it is considered to be the best at stability and cost savings if glitches happen, because it knows how to restore found solutions after rebooting the farm after a glitch or a freeze.

Now you need to log into your acoount on the farm. This can be done in two ways, one of which: download the rig.conf file in the farm settings and put it in the root directory of the HiveOS flash drive.

If the flash drive is not displayed in the system, then try changing the drive letter using Partition Wizard Server or through the control panel.

However, the rig may glitch and not load data from the config file, in this case, you will have to connect a monitor and keyboard, and connect manually by entering the rig ID and password. During boot, HiveOS will automatically detect GPUs and load necessary drivers for them.

After your rig is “online”, you can proceed to start mining. To do this, you need to go from the dashboard to the rig, then select the worker from above and go to the flight sheets section.

Now just click on the rocket icon, and the miner launch process will start, after which the DAG file will be loaded into the RAM of the video cards, and after a while the hash rates will be displayed.

Overclocking graphics cards in HiveOS

If you have an AMD RX 400 or 500 series, then they need to be flashed under Windows using Polaris Bios Editor and ATI WIN Flash, although the main thing is to change the RAM timings for Ethereum Classic mining, and you can overwrite the Bios itself with a standard tool in HiveOS.

Next up is overclocking and downvolting in HiveOS. Just click on an icon located opposite to the list of graphics cards in the rig.

In the window that appears, you can enter the overclocking values ​​suitable for your video card (core frequency, memory frequency, power consumption, etc.).

You can also select values ​​for fine tuning your video cards on the “Popular presets” tab, they are left by the same miners in the HiveOS database.

But the essence is the same, to achieve the maximum profit (benefit) with minimum power consumption and low GPU temperatures. For AMD, this is usually a core downvolting, memory overclocking (after changing the timings). For Nvidia, these are Power Limit, core overclocking and memory overclocking. Everything is selected by the method of experiment individually for each graphics card. We recommend that you make the maximum downvolt to get the silence and stability of the farm.

HiveOS – fan setting

The fan speed can be set separately for each graphics card, but the value will be static. HiveOS has an excellent AUTO FAN function that allows you to set a target temperature for GPUs, and the system will automatically adjust the fan speed, as well as perform any action if it overheats.

Setting up Watchdog in HiveOS

The watchdog functionality helps to monitor the stability of mining. In case of errors and glitches of the graphics cards of the farm or miner, it will perform any action: reboot the miner or reboot the system.

Set the sliders to “on” in the “Reboot on GPU error” and “Do not restart on loss of Internet” columns. Specify the minimum hash rate of your graphics cards, if its value is less than specified, then the Watchdog will be activated. Set the miner restart time to 5 minutes, and the rig restart time to 6 minutes. Otherwise, if the dag file is loaded for a long time, the watchdog will mistakenly think that the rig has some problems, while you only have a slow drive and processor (or Internet connection).

You can stop and restart the miner manually, look for the pickaxe icon at the top.

It appeared in 2016, not long after the initial birth of Ethereum, and it actually wasn’t unsuccessful. It’s not a revolutionary new trend that ETH turned out to be, but Classic is still a very valuable and very promising coin. Not only that, but it’s also a unique experience, not entirely similar to ETH.

Situation around Ethereum Classic

Like most forks, Ethereum Classic came into being because a group of users didn’t like the update that the team of developers of the original coin decided to get released. In this instance, the change wasn’t as important as the remaining users’ desire to keep the original concept largely intact.

That’s why this one is called Ethereum Classic – as opposed to the New Ethereum that went a slightly different way, grew in value, and came to be the second most-prized coin ever. 

So, if Ethereum is so much more successful (not to mention Bitcoin), why choose Ethereum Classic of all things? Well, there are reasons.

#1: Promising Trend

For the past several years, Ethereum Classic has been stubbornly climbing in value. Of course, if you look at the graphs, you’ll see that there have been ups and downs, and there have been just as many sudden drops as there were increases. However, the general trend is still positive.

If you look at this coin as a potential investment, you may be onto something. Ethereum Classic uses the same stable, reliable mechanisms to keep its value steadily climbing even in spite of the market trends that increase its volatility and risks. 

Even though it should be riskier, it’s not. In fact, you are probably going to be safer with ETC than with ETH because the latter has a much bigger trading volume and, as such, is more susceptible to sudden price changes.

#2: Reliability

What makes Ethereum Classic a reliable, sturdy mechanism is actually a mix of two factors.

Firstly, the system of smart contracts used in Ethereum and Ethereum Classic is safe and secure by design. It’s a two-party decentralized system that allows people to construct fault-proof sequences, which come into action and conduct the transaction on their own when the requirements are met.

It’s constructed in such a way that it’s very hard to hack into your contract unless there is some definite flaw in its structure. Even that is hard to miss nowadays, thanks to the second factor.

Secondly, they kept polishing the original formula all these years, instead of adding new features to it. Their commitment to preserving the ‘classic’ Ethereum led them to a logical condition where they simply get rid of the remaining bugs, improve the quality of life, and make sure you don’t have downtimes.

That’s why ETC is not vulnerable to attacks, and also why its value is more stable than you would think (it’s just a calm experience without any major incidents).

#3: Field for Experimentation

The good thing about having your entire system run on smart contracts is that you can actually do whatever you want with them. If you know something about the coding sequences, you’ll be able to construct a few contracts. Even if you don’t, there are still tons of templates, and the creation process isn’t really difficult.

The good thing about ETC is that your decision to invest in Classic allows you to create projects that run on this currency. The smart contracts can take any shape. For instance, you can tie it to a widget and have someone pay you money in the exact sequence you want them to, all in a perfectly decentralized and automated manner.

#4: Very Easy ETC Mining

ETC developers did a lot to make sure the mining process on their network is extremely easy. They’ve removed many obstacles and constantly make sure there is no downtime, delays, or other technical issues that can reduce the mining efficiency of the users.

This fact correlates with another good aspect of this currency – the good value. Although not as valuable as some top crypto (like Bitcoin and Ethereum), each ETC coin is still worth about $60, as of August 2021. 

What it means for you is that you can continue mining a reasonably valuable coin without worrying that it’s going to decrease in value or otherwise damage your own profits. Part of why Ethereum Classic is so successful is actually because of its association with Ethereum proper. 

Whether they like it or not, part of their success is due to Ethereum. While Ethereum succeeds, so does Ethereum Classic.

#5: Availability

The problem with some obscure coins is that you can’t always redeem them for fiat money on exchanges. Even Binance often lacks them as exchange options. Ethereum Classic, by comparison, is a rather old cryptocurrency. Moreover, it was introduced to many top-tier exchanges from the get-go.

It’s true – a lot of them backed Ethereum Classic in the first months of the fork. That doesn’t necessarily imply privilege, but it shows you that most proper exchanges have been working with ETC for a long time now, and others joined it later. They had a lot of time to do that.

There are still differences, and ETC introduced several unique features, although most were carried on from the pre-fork era. All that molded Ethereum Classic into a distinct system with its own advantages and disadvantages. Exploring these is the sole purpose of this article.

Ethereum Classic Definition

ETC is not technically a fork of ETH, contrary to what most believe. The latter is the fork of the original, and ETC simply took the pre-existing protocol and continues to utilize it. As such, the Classic offers an exciting glimpse into the Ethereum experience as it was in its fledgling years.

The development team of Ethereum itself has moved on since then and brought many changes both to the protocol and the marketing aspects of their currency. ETC, however, did not. The only few changes they introduced only affected the quality of life. The principles are the same, and that includes:

1. It is a transparent and uncensored way of handling money.
2. ‘Code is Law’: the system uses applications that allow people to transfer money automatically precisely as they requested by creating smart contracts.
3. The system is fully decentralized and doesn’t require banking services to work.

In some ways, it’s like Bitcoin, except you can customize your own way of handling money if you know how to tinker with codes.

Major advantages 

There are several key upsides that make working with Ethereum Classic a beneficial and comfortable experience. These advantages aren’t drawn in comparison to other cryptocurrencies or protocols. 

• Smart contracts

Smart contracts are applications that support the entire ETC Blockchain. The transactions between the users are not possible without these. Their main quality is versatility. Since the code is open and Turing-complete, anyone with sufficient coding knowledge can create a sequence of their own.

The sequences usually have requirements which, if met, proceed to execute the contract, the contents of which can also be specified right there. You basically leave it and wait for the other party to make their own move. If they meet the requirements, the transaction will happen automatically and without involving any third party at all.

Basically, you have an extremely versatile and decentralized method of transferring money. It has a definitive edge over Bitcoin in terms of potential. That being said, you need to know a thing or two about coding.

• Ease of ETC mining

It’s especially apparent in comparison to Ethereum. Where Ethereum has increased the difficulty of mining for its users, ETC has removed most of the obstacles and stuck to the Proof-of-Work method of block creation. All of that means that it’s much easier to create blocks and mine coins on ETC than on many other networks.

You should note that it can also be a bad thing. ETC is a valuable coin, but because it’s easier to mine, it also means that it will be less useful in the long run. Basically, its value is projected to grow slower than you’d want.

• Freedom and decentralization

All cryptocurrencies are decentralized, at least mostly. ETC is completely decentralized, and even the development team itself doesn’t interfere with the transactions and most other processes that happen on the Blockchain. It’s not just a good policy, it’s a principle. 

The existence of ETC is due to the principle of not interfering with the transactions at all. Furthermore, it was basically inherited from the previous developers by the group of dedicated users. So, they are by no means supposed to exert some sort of control apart from decisions agreed upon by all ETC users.

Major disadvantages 

There are a few downsides that can be clearly pinpointed. These don’t just include the technical problems, but also issues related to the market.

• Worse market situation

Although ETC is still a valuable coin ($60 in summer 2021), it’s obviously much less valuable in comparison to ETH. It’s not really that big of a deal on its own, but it also means that there’s less demand, less trade volume, less liquidity, and more volatility. Basically, it’s riskier to invest in ETC than in ETH or BTC.

Not by much, mind you – Classic is still considered a promising coin, and it isn’t that risky to play around with, just riskier than top currencies.

• Fewer updates than ETH

If you compare it to ETH, you’ll see that ETC has way fewer updates and new content than its cousin. It’s not surprising, nor is it a big deal if you don’t want a lot of new content arriving on a regular basis. However, it’s still a valid complaint for some, and a lot of people would want major updates more often than once a year.

As it should be, let’s first talk in two words about what ETC (Ethereum Classic) is. It didn’t appear that long ago, but considering its predecessor, Ethereum Classic at the time of its “birth” didn’t need any more advertising. In fact, it is a hard fork of the already popular Ethereum network, which took place in 2016. You can learn more about the tokens and the network itself in the article What is Ethereum Classic.

To work with any tokens or virtual currencies, you will need a digital ETC wallet. The main thing is to find the right trusted service. There are several different types of cryptocurrency wallets (hardware, software or online services). Perhaps the easiest and most convenient option would be to use ETC Web Wallet, presented on our website. Hardware wallets are recommended for storing significant amounts of money, but first you will need to buy such a device. Its price is $80-250.

Is it worth mining Ethereum Classic?

Often asking the question whether it is worth mining this or that crypto, people mean profitability. And in this question, it is important to consider many factors:

• Availability of equipment.
• Initial capital – the possibility of buying and assembling a farm or special equipment (ICO).
• The cost of electricity.
• Complexity of the network (mining).
• The cost of tokens when exchanging into fiat money.

In addition, it is worth taking into account other less important, but still affecting the final result, factors:

• Exchange and withdrawal fees.
• Currency volatility.
• Mining in a group or solo.

To understand what equipment to buy, how to mine ETCs (solo or in a group), what is the volatility of currency, what affects it and so on, you need to study the issue in detail. It is simply impossible to describe everything in one article, but we will consider the main points.

Leaving all of the above outlined and immediately answering the question of whether or not to mine ETCs, at the time of writing this article – it is worth it. And the profits are not bad at all. The equipment pays for itself within 3-7 months (depending on the capacity and cost of electricity in your country).

However, you can estimate the potential profitability of mining Ethereum classic yourself using online-calculators. One of the most popular is WhatToMine. Go to the site, choose Ethereum Classic altcoin and enter:

• The cumulative hash rate of riga video cards;
• power consumption;
• power cost;
• the commission of the pool.

The calculator will give you the information about the estimated amount of coins to be earned during a day, week and month and will calculate the profitability of mining ETC at the moment. However, you should also take into account the possible fluctuations of the coin’s price in the future.

What you need to start mining

Mining Ethereum Classic does not differ from other cryptocurrencies. That is, in fact, all the settings are almost the same, with the difference that you set up mining ETC on a different pool, other tokens and a different wallet. That is, you just specify the appropriate site and wallet addresses. If you have not encountered such questions before, let’s look at everything in order. To mine ETC tokens you will need:

1. Access to a power grid.
2. Equipment – here you have a choice:
   • Build a farm on video cards – the advantage is that you can sell the cards you bought and recoup most of what you spent. You can do this at any time.
   • Buy ready-made equipment – the advantage is that initially it will be designed for efficient mining ETC, but with the increasing complexity of the network such a gadget will lose its merits. And after the device will work out its resource, you will not be able to sell it.Fortunately, at the moment, you don’t need specialized stations or superpowered assemblies to mine Ethereum Classic. A single farm on a few video cards is enough.
3. Software – so-called miners.
4. A suitable pool.

That’s all you need to start mining Ethereum classic. Now let’s take a closer look at some points.

Pools for mining Ethereum classic

At the moment there are quite a few groups (called pools) where you can do mining Ethereum classic. Choosing the best pool is quite difficult, especially since they are very similar to each other. The differences, if any, are very small. Still, let’s look at what pools you can use:

This is a list of the main pools for group mining. It is worth noting that some of them allow solo mining Ethereum classic. Using your computer (or farm) you create new blocks. For this, the network pays remuneration in the form of Ether Classic tokens. But first you need to set up your mining hardware and software.

Choosing and setting up video cards

We will talk about mining Ethereum classic on video cards, because it is the most profitable option. And today there are two competing manufacturers: Nvidia and AMD.

In this regard, there are divided and miners. There were two camps – green and red. To make the right choice and mining Ethereum classic was profitable, you should consider such parameters:

• Power consumption.
• Output power (hashes).
• Cost.

The better the ratio (less consumption and more power output), the more profitable the video card. Well, the lower the price, the faster you pay back the costs.

The most profitable graphics cards are:

• AMD Rx 470 8 gb – 28-30 Mh/s
• AMD Rx 480 8gb – 30-31 Mh/s
• AMD Rx 570 8 gb – 28-30 Mh/s
• AMD Rx 580 8 gb – 30-31 Mh/s
• AMD Rx 5700 XT 8gb – 55 Mh/s
• Nvidia RTX 3080 – up to 90 Mh/s
• Nvidia RTX 3070 – 64 Mh/s
• Nvidia RTX 3060 – around 50 Mh/s

These speeds of mining ETC on Dagger-Hashimoto algorithm in AMD Rx video cards can be achieved by changing the VRAM timings, by flashing the video card bios, as well as by proper overclocking and downvolting.

Before proceeding to the software setup, you will need to download and install drivers for mining ETC on AMD video cards or any current ones for nVidia video cards. In addition to drivers, there are other ways to optimize mining ETC and increase the performance of video adapters. The most popular are programs like MSI Afterburner. This is a program for overclocking your graphics card and controlling the turnover of the coolers according to its temperature.

Note that after closing this program, all settings for overclocking and fan speeds are reset.

Tuning the Miner

Once you have configured the system and installed the necessary drivers, you should download the miner.

If you are going to mine on Windows, PhoenixMiner is the best solution. Its features and graphical interface are similar to the formerly popular Claymore, but it has certain advantages:

• The developer is charged 0.6%, not 2% like Claymore.
• The hash rate is 1-2% higher.
• Faster DAG-file creation (set of data loaded into GPU memory when mining utility starts).
• Secure SSL connection is supported.

The Ethereum Classic (ETC) network switched to a modified version of Ethash called ETCHash. If you want to mine ETC, download PhoenixMiner 5.3b or higher, otherwise the cards will get rejected.

Greens can mine Ethereum Classic with T-Rex 0.19.1 or Gminer 2.3, and for reds lolMiner 1.16 will do. But the only universal program remains Phoenix.

In the folder containing the program, you have to create or edit a file with the extension .bat according to this example:

PhoenixMiner.exe -pool etc-eu1.nanopool.org:19999 -wal 0xf4bb374444716ef33e47c98091ccd2d74a21e07835 -worker 1080ETC -epsw x -mode 1 -Rmode 1 -log 0 -mport 0 -etha 0 -retrydelay 1 -ftime 55 -tt 73 -tstop 89 -coin etc pause

• pool – the parameter is responsible for the pool address and port,
• wal – we specify a wallet,
• worker – we come up with a name for the ring in the statistics,
• tt – we specify the desired temperature of the video card under load,
• coin – tell the phoenix miner that we are mining Ethereum Classic.

Double click on the BAT file to start the miner. Wait about 20 seconds and press “S” to check the hashing speed. You will see something like this on your screen:

Once your miner is set up, you can just watch your equipment bring you revenue in the form of ETCs.

The above applies to Windows. Setting up mining Ethereum classic on Linux is different. We will talk about it in another article.

What happened is closely related to an initiative called The DAO. The latter was an investment fund aimed at financing promising projects. The organization was seen as a center for the accumulation of investor funds.

On June 17, 2016, a group of hackers discovered a vulnerability that helped them gain access to The DAO’s funds (about $50 million). Technically, the incident could have been solved, by conducting a hardfork (since the hackers could not gain full access to the investment until 28 days later).  However, at this point, an ethical dilemma arose for members of the cryptocurrency community.

The fact is that during the creation of Ethereum, the developers and users interested in the development of the project were guided by the principle “the code is the law”. What is law cannot be changed. A hard fork means making adjustments. Accordingly, in terms of the original idea of the project, such changes are impossible.

However, if the hard fork was rejected, Ethereum could lose The DAO funds, which were accessed by attackers. Due to the discovered circumstances, the participants of the crypto-community were faced with the question of choosing the further development path of the project. The latter contained two options:

1. Leave the code unchanged, guided by the principles. In this case, the funds would have finally fallen into the hands of attackers. As a way to fix the security problems, the developers were suggested to make minor corrections to the code.
2. Perform a hard fork and continue to exist on a new, updated, better version of Ethereum. The bug that led to the theft of funds by attackers would have been fixed. The DAO’s assets would have been returned.

Gavin Wood, one of the Ethereum developers, on the attack on The DAO:

Representatives of the project were unable to reach a unanimous decision. Some users insisted on protecting the code from changes, while others leaned toward improving quality through the crime of principles.

As a result of the controversy, the Ethereum cryptocurrency community split into two camps at the end of July 2016:

1. Users who did not want to change the code continued to work with the cryptocurrency in its original form. The name of the project was changed from Ethereum to Ethereum Classic (the classic version of the asset).

The second birthday of the cryptocurrency is July 20, 2016. It was on this day that the project community published a declaration of independence. The document states the intention of users to continue working on the classic version of Ethereum, which from now on should be recognized as a separate project.

1. Members of the crypto community, who did not agree to put up with the imperfections of the code, supported the hard fork. The latter resulted in the emergence of the Ethereum cryptocurrency. The asset became “mainstream” because the majority of the project’s users voted for it.

It turns out that Ethereum Classic is the true cryptocurrency launched by Vitalik Buterin and his team in 2015, and the project known today as Ethereum is only a fork of the “classic” version of the asset.

The ETH ticker has been assigned to Ethereum. ETC cryptocurrency continued under a new ticker.

At the time of the project split, Ethereum Classic needed support from miners and major exchanges. Cryptocurrency mining was needed to stabilize the price, while listing on trading platforms was needed to maintain demand and status.

Poloniex, a digital asset exchange, played an important role in the future fate of the “classic” version of the asset. Thanks to Poloniex specialists, ETC cryptocurrency was listed on a major trading platform in the shortest possible time.

At the end of 2018, the project experienced a crisis due to the refusal of the current development team (ETCDEV) from further work on the cryptocurrency. The reason was funding problems.

Despite the difficulties and the refusal of the developer funding from the members of the cryptocommunity, the project continued to exist at the expense of programmers working on a voluntary basis.

Ethereum Classic vs Ethereum

Ethereum Classic today is significantly inferior to Ethereum in popularity and demand on the market. The situation can be explained as follows:

• Most developers, led by Ethereum founder Vitalik Buterin, supported the new version of the cryptocurrency. Ethereum Classic went “free-floating” with an incomplete team.
• The code adjustments made the cryptocurrency fork, now known as Ethereum, a more efficient version of the asset. In the course of eliminating weaknesses in the technical component, experts formed a platform for further changes to the project for the better. As a result, the fork outperformed the original in many ways.

The Ethereum community has eventually outgrown the community of its progenitor. At the time of writing the review, Ethereum Classic is inferior to its little brother in many aspects: from the level of capitalization to the number of partners. The differences between the cryptocurrencies can also be seen in the behavior of their exchange rates.

Critique of ETC cryptocurrency

“Classic” version of the cryptocurrency often faces criticism from members of the cryptocurrency community. The main arguments against the asset include the following:

Exaggerated value. According to many members of the cryptocommunity, trying to defend the code as a law, in the context of the weak technical performance of the cryptocurrency and the presence of security flaws, is not appropriate.

Ethereum Classic has no value as a separate project. Technically, ETC cryptocurrency is the same ETH, only in its worst form.

The “classic” version of the cryptocurrency is underdeveloped. With the main developers switching to Ethereum, work on improving the first version of the asset has seriously slowed down.

It is important to note that Ethereum Classic, due to the similarity of the code with Ethereum, can copy almost all the technical solutions of the latter’s team. It turns out that Classic is able to “parasitize” on its own fork by adopting the developments of the new project. In this case, the ETC cryptocurrency team may consider ETH as a test bed: in case of a successful implementation of a technical solution, it may be borrowed.

A new wave of criticism fell on representatives of Ethereum Classic in early 2019, amid a 51% attack, to which the cryptocurrency was exposed.

Initially, the project team denied what had happened, but later experts were forced to admit the fact. The attack was attributed to the negative impact of testing new miners. The episode undermining the security system in the cryptocurrency network has been confirmed by many popular companies, including Coinbase.

At the moment, programmers of the project are considering the possibility of abandoning the word “Ethereum” in the name. According to ETC cryptocurrency Labs developer Stefan Lozh, this decision will allow the asset to “leave many of the top coins far behind.”

Ethereum Classic ecosystem

As a result of being forced to branch into two cryptocurrencies, the first version of Ethereum has its own, different ecosystem from the fork. At the time of writing, according to the official website of the “classic” cryptocurrency, the structure of the project looks as follows

As of September 1, 2021, 128,116,780.16 ETC have been mined on the blockchain network.

There is a reward of 3.1 ETC, or $202 at the current exchange rate, for each block generated.

Ethereum Classic (ETC) mining uses the EtcHash algorithm.The consensus type of the Ethereum Classic (ETC) network is PoW.

Paper wallet: appearance and properties

A paper wallet is a “cold”, i.e. offline way of storing cryptocurrency: paper with information printed on it, which gives the owner access to their crypto-assets.

The paper version of cryptocurrency storage is one of the safest. The principle of cryptocurrency allows you to save money in the form of a sheet with private and public access keys. It is technically impossible to break a wallet: it is only in the hands of the owner, and the only way to steal your cryptocurrencies is to gain access to a physical storage medium, i.e. a paper wallet.

Visually, a paper wallet can look like this:

Black and white squares – QR-codes with encrypted access keys. This is an optical label that is recognized by any smartphone using special software. They contain the necessary information: a private key to access the cryptocurrency and a public address for transactions with other users.

And if the public address is intended to be transferred to other users, the private key in any form should not know anyone but the owner of the wallet: it gives access to the wallet, and, accordingly, to all transactions with cash in the account.

What do you need a paper wallet for?

At first glance, an e-wallet is not a very necessary thing, because there are software and hardware wallets. But this is not the case. Thanks to the paper wallet, it is possible to receive a cryptocurrency payment even without a laptop or smartphone. You can also quickly get your money from any device. This way, with just a sheet of paper, you will retain control over your coins.

Now let’s see how it works on the example of the coin Ethereum Classic (ETC), because it is very popular, but, unlike Ethereum, a working manual for creating a paper wallet for it is very difficult to find.

How to create an ETC wallet?

To start, we need a PC or smartphone with Internet access, a printer and a paper. Your printer had better not be connected to a WAN.

There are manuals on the Web that explain how to create a paper wallet for Ethereum Classic using the official Ethereum wallet MyEtherWallet, but now they have lost relevance because this service has stopped working with ETC.

Now you need to use the web wallet: https://ethereumclassicwallet.com/, designed to work specifically with the Ethereum Classic. It allows you to quickly create a paper ETC wallet by following a few simple steps:

1. Go to the above resource. If you already have an ETC wallet, click: Unlock Wallet. Log in to your ETC wallet using one of the methods offered on the site. (If not, you must first create a wallet by clicking Create Wallet and following the instructions below).
2. In the wallet interface, click the Info icon.
3. Use your browser tools to take a screenshot of the data that appears in the pop-up window.
4. Save and, if necessary, print the resulting image.

As a result, you should get:

Important: keep your private key secret, unlike a public address, no one but you should see it! (The image above contains data from an existing zero-balance ETC wallet created for demonstration purposes only).

How to get access to your ETC coins with a paper wallet?

With a paper wallet, you can manage your money from any device, such as a newly purchased smartphone.

This requires:

1. Install an application from one of the multi-currency wallets that support ETC, such as Trust Wallet.
2. Select the ETC currency to create a wallet.
3. Select the I already have a wallet option.
4. Import a private key using a QR scanner.

That’s all! You have gained access to your existing ETC wallet and, accordingly, the funds on it on your new device.

What cryptocurrencies can be stored on a paper wallet?

Almost every coin can be stored this way. Bitcoin, all its forks (Gold, Diamond, Cash), Ethereum, Ripple, Monero, Litecoin and other key cryptocurrencies can be stored on paper wallets. The process of creating a wallet may be different from what was shown above, but the general logic of working with paper wallets will remain the same.

Comparison with hardware devices

The key advantage of a paper wallet is security. Your money will not be stolen by hackers, unless they break into your house and steal the key papers. In fact, you own cryptocurrencies physically.

A paper wallet is a so-called “cold” method of storage, the essence of which is that the private key is stored offline.

Paper wallets are one of the best ways to store a large number of cryptocurrencies, along with other “cold” storage options – hardware. This is primarily Trezor, Ledger Nano. When using them, access to the wallet and all operations with cryptocurrencies are performed inside a physical device, this is the difference between hardware storage.

A significant advantage of hardware storage methods: the private access key is not removed and generated inside the device. Accordingly, all transactions take place between wallets, only the electronic signature of the transaction interacts with the Internet. But the hardware storage method is significantly more expensive than a paper wallet: prices for the most popular models start at $ 70.

Because of the hardforks conducted, the prospects of Ethereum Classic (ETC) are quite decent according to the experts in the field of digital currencies.But what the coin is, how it appeared and how it differs from its predecessor is still not clear to some novice users.  Therefore, in the article below we will consider all the detailed characteristics and parameters of this platform. Only after having evaluated and studied all the important information, one can make a decision on the advisability of adding Ethereum to the cryptocurrency portfolio next year.   

What is Ethereum Classic (Ethereum)

So what is Ethereum Classic and what is it? This platform is a cryptocurrency project operating through a blockchain system and equipped with smart contracts. The blockchain information system of this coin stores almost all data, namely the data on the status of accounts and all software after the transactions. This resource is an open-source public platform.

It is generally accepted that the main feature of the coin lies precisely in the smart contracts. These contracts are notable for their operating mechanism. That is, the contracts function thanks to predetermined conditions that are automatically observed in the process of making a deal between traders. The program monitors every stage of signing the papers and controls the conditions of executing obligations under the contract. In fact, thanks to the software, the chance of human error, third-party intervention or fraud is minimized. That is, such smart contracts are the most reliable agreements in the trading business.

Participants in the network of information blocks have the ability to transfer between themselves the asset of classic Ethereum, and store funds in specialized wallets. Also coins are paid to users of the nodes for performing calculations in carrying out financial transactions. An internal Transaction Asset Allocation Tool (GAS) is used to eliminate spam on the platform and distribute assets as requested.

The platform is a decentralized virtual machine that is capable of running scenarios using an international network of public nodes. The platform emerged as a consequence of the DAO hack and is an offshoot of the original Ether. After the attack, the decision was made to hold a hardfork, which made the affected transaction invalid and formed a new blockchain model. But not all users agreed with this decision, so some customers continued to work on the original basis. That is, the project discussed in this article uses the same old blockchain.

The platform is designed for the creation and development of new open source applications. The resource produces cryptocurrency, due to which users have the opportunity to create their own tokens based on the information blocks of the classic Ether. The project is inferior to the original Ether in its scale. And to some extent, this is its advantage, which is beneficial for application developers who choose the platform for work.

As for the mining organizations, they help maintain the independence and decentralization of the Classic version. Also, importantly, they help to stabilize the value of the coin on the market. The project is among the ten largest sites in the field according to the size of the market capitalization. Cash turnover to date is about 97 million tokens. At the same time, to get the asset is as easy for everyone as Bitcoins, which are popular all over the world. 

Several teams are currently working on the network:

1. ETC Dev Team – this group is headed by Igor Artamonov. It works on the main client of the Classic Geth system. In addition, the team is creating several other projects from scratch – Emerald Platform, Emerald Wallet. It’s also busy developing a virtual machine called SputnikVM.
2. IOHK is a team headed by Charles Hoskinson. The group has been working on the further development of classic Ether since December 2016.
3. Ethereum Commonwealth – This organization raises funds and assets for product development to improve and modernize the project. The activity is carried out with the use of ICO. The team itself was founded by a confidential individual under the nickname Dexaran. The same team develops the DexNS smart agreement system and token standards.

That is, in principle, there is no single leader in the company. The leader’s responsibilities are evenly divided among the core development teams, each contributing in their own way. This configuration of the leadership department was created for a reason. After all, the main idea of the project as a whole is the embodiment of independence and decentralization, and this arrangement means being a truly decentralized movement. At the same time, any user can become a member of the project development department. Customers have the opportunity not only to join the work on the modernization of the software, but also to help in the preparation of documents, financial materials, conducting traders’ events, the development of mining farms, and the like. 

History of Ethereum Classic

When choosing and researching a cryptocurrency as a candidate for a resource to work with or invest in, it is important to know where any project came from in the market in the first place. The history of Ethereum Classic does not begin with it at all, but with the preceding platform.

Ethereum was originally proposed by Vitalik Buterin, the man who founded Bitcoin Magazine, known to all traders. The first idea was put forward in late 2013, and already on July 30, 2015, the network was fully ready for operation and launched. From the moment of entering the market, the resource showed itself on the positive side, causing interest not only from new startup projects, but also from large investors. 

However, in June 2016, an extremely unpleasant incident occurred. A bug was found in the software code of The DAO. On June 16, a vulnerability in the platform for autonomous investment wealth management led to a hacker attack. Unknown people moved more than a third of all assets worth $50 million to the vaults under their control. But the design of the wallets and the system itself did not allow for immediate withdrawal of these funds. The transfer wasn’t available until a month later.

The management of Etherium was thinking about how to return the invested capital to investors and resolve this unpleasant incident in general. As a solution to the problem and to preserve funds in the future, the developers and founders of the platform decided to change the blockchain and return the stolen money. But not everyone was on board with this course of action. Some felt that the information chain should remain unchanged and secure.

As a result of the bifurcation of opinion, the platform underwent a division. That is, two projects were born from the original Ethereum – ETC and Ethereum. Adherents of the Classic resource continued to mine coins based on the old blockchain, while others began working on the new one created as a result of the hardfork. But it is worth noting that each investor’s capital doubled during the fork, so many continue to use both platforms.  

The distinctive features of Ethereum Classic

To the features of this asset, the crypto market specialists refer the following characteristics:

1. Smart contracts are an agreement to sign and comply with the terms, which are regulated and controlled by specialized software. The digital mechanism clearly follows the instructions, so there is no interference in the process. This guarantees the transparency of the transaction between traders and the honesty of the parties.
2. The Solidity DApps programming language is a standard type of programming used to create Ether. It is used to develop self-executing contracts and was created as part of the project.
3. Intact Transaction History – Generally, this metric is responsible for the reliability of the blockchain. Such an information chain is considered “untouchable,” that is, something that will remain unchanged. But forking can lead to adjustments. That’s exactly what happened after the 2016 hacker attack. However, the transaction story was still intact, except for one point: the forking took the stolen investment money from the hacker and placed it in a refund deposit.
4. Well-established infrastructure – the data center is located in Europe, America and Asia. It is a real physical server that is protected against DDOS attacks.
5. Nicehash support – integrating a dedicated port, full compatibility with the Nicehash version of the stratum protocol, and being on the list of recommended pools.
6. Email and Telegram notifications – the system notifies users by sending notifications about new blocks. Also, the results of monitoring the state of workers, which is free for any number of farms, are sent via channels of communication.

To summarize, it is worth saying that the digital coin is a decentralized platform, on the basis of which intelligent contracts work. At the same time, they function absolutely freely, without censorship and are accurately executed by the prescribed software without delays or anyone’s participation (interference). That is, the human factor is 100% excluded and has no effect on the network performance. This is the main idea of using the system.  

Also, it is noteworthy that in its work, the cryptocurrency resource uses the postulates, which are listed on the main page of their site, where each user can find them. The principles of activity include such qualities as immutable and not censored. That is, the site embodies the idea of complete freedom. But the classic Etherium differs from the others in several other features:

1. Security – the level of security of the resource is high, as despite numerous hacking attempts, the network continues to work steadily without failures or delays.
2. High trading volumes – the index is quite high in comparison to other participants in the stock market. In addition, in some periods the turnover grows even more than that of the main competitors.
3. Limited emission – the issue of assets is limited, which does not allow the coins to depreciate.
4. Ether Classic is easy to exchange to fiat money, because there is no need to convert it to BTC.

So due to these parameters Ethereum is a special asset, which is firmly rooted in the sphere and according to analysts’ forecasts, will be among the leaders for many years to come.

The difference between Ethereum Classic and Ethereum

After the platform split into two platforms in 2016, the resulting resources are actively used by a large number of users. But whether there is a difference between them at all and what exactly it consists of is not clear to everyone. Therefore, when studying a coin, it is important to understand which one is better.

Let’s start with the common criterion for both cryptocurrencies – it is a blockchain. In principle, it is identical. That is, the informative blockchain of the ETC is the same as the Ethereum blockchain, but until the specific block number 192000, in which the hardfork was conducted after the hacker attack. The Classic version is a continuation of the original blockchain of the first Ether with its transaction history intact. This explains one of the main principles of the project. The founders pride themselves on the fact that the resource is completely free of extraneous interference.

Also the similarity of both platforms is in the mechanism of work, which is identical, namely the activation of decentralized applications based on its own digital machine. And the uses of tokens are the same – for cryptocurrency coins you can buy other assets and pay for the formation of smart contracts.

As for the difference between the two resources, it lies in the very ideology of functioning. All the differences can be divided into several groups:

1. Interference with the informational blockchain. In Ethereum, the blockchain can be changed. That is, if adjustments need to be made, a vote is taken, and if there is a majority “For” vote, a change is written into the registry regarding any nuance. As for the classical version of Ether, it is the opposite, that is, the blockchain is not changed. It is not possible to edit information from the registry.
2. Decision making. The original Ether worked through decision making from the Ethereum Foundation developers with initiative from the network users themselves. But that’s not how the Classic branch is arranged. Decisions in it are discussed by community members and the development managers themselves. That is, collective problem solving prevails in this project.
3. The vector of development and modernization. The original Etherium attracted a large number of developers to the project, which ended up outnumbering the users who created the applications themselves. But the Ethereum Classic is aimed specifically at creating secure smart agreements. The number of users is not important. The main thing is the security of launching the application (the higher the protection the better).
4. The policy of the digital coin. In the first version of the resource, the total issue of cryptocurrency was unlimited, that is, the number of assets was not limited by the creators. This arrangement of the platform led to inflation (3% annually). As for the classic version of the platform, the issue has a limit, namely 210 million ETCs. Every year inflation will be about 3%, but from 2025 extra coins will be withdrawn from circulation.

There are a few other minor technical differences. For example, Classic has a higher throughput. That is, the resource can process up to 25 transactions a second, unlike the first Ether, the indicator of which is 15.  

The projects also differ in the level of complexity of coin mining. Ethereum Classic is mined much easier, because the process does not require large computing power or large farms. A good computer with a high-quality video card is enough.

Projects on the Ethereum Classic network

Ethereum Classic hardforks are not splitting the network as some believe, they are just new projects being created to improve the current version of the system. On January 13, 2017, developers were able to eliminate the so-called “complexity bomb” that was envisioned for the transition to PoS mining. On December 11, 2017, a limited coin emission was introduced.

But one of the most promising projects is the Callisto Network, activated in March 2018. The name means the name of one of the satellites of the planet Jupiter. But the project itself is not just a fork, but a whole sidechain (a blockchain for modernization). The new platform has its own CLO token. When creating the asset, the developers used the source code of Classic Etherium, but Calisto itself is an independent blockchain, which is simply integrated with the main information chain ETC. But it also has its own genesis blockchain.

Another more modern project, created as a result of the January 11, 2019 fork, is called Ethereum Classic Vision. The resource is a blockchain platform for creating decentralized applications. The project provides for its own currency ETCV.

The modern Ethereum blockchain platform has been operating on this market for only a few years, but during this time it has already managed to undergo a number of changes and separate into a couple of independently functioning areas. The working principle of classical and basic solution is based on one technology, the reason for separation was a hacker attack and subsequent hard-fork. Working with Ethereum Classic, the forecast for 2021 assumes a planned growth of the rate and attracting new potential customers.

Content

1. Ethereum Classic: prospects for 2021
2. What will happen to Ethereum Classic in 2021
3. Will the exchange rate rise?
4. How much will it be worth by the end of 2021

Ethereum Classic: prospects for 2021

Ethereum Classic is predominantly compared to its namesake, which is the wrong approach when choosing a cryptocurrency for everyday use. A potential customer should pay attention to the growth dynamics of ETC over the past amount of time. The financial picture is achieved through investments from large third-party companies and the work of individuals and businesses. Since the rate is not held on one position for a long time and can change dramatically – this unleashes the hands of traders, who make a profit by trading cryptocurrency on exchanges and “playing” with the rates.

Every owner of this type of cryptocurrency can immediately exchange it for real currency using specialized exchanges. Beforehand, study the list of available offers, which will allow you to identify the best rate plan. High competition among private exchangers promotes a variety of promotions, which affect the reduction of the final rate. Studying the preliminary forecast of ETC 2021 will allow investing finances profitably or exchanging “Classic Ether” for real money.

What will happen to the Ethereum Classic in 2021

The Classic Ether has a number of advantages over its detached counterpart. These points can serve as a good reason for investors to invest financially:

1. Operational stability due to the lack of dramatic changes since the design and release of the project. The conflict with the hacker attack was resolved without interference in the internal code of Ethereum. Developers are actively testing for holes and third-party flaws that could contribute to unauthorized ether siphoning;
2. an increased level of protection and support of the largest trading exchange of electronic currency, which occupies a leading position in the field of cryptocurrency;
3. planned issuance, which will make ether accumulation more attractive and open new opportunities for the rapid growth of the market exchange rate;
4. a good level of liquidity, indicating the demand for the payment solution by users around the world.

The above-mentioned factors open new perspectives for further development of the direction and large investments. A parallel analysis of the value change over the past year also shows a stable increase in the exchange rate.

Will the rate go up?

Working with cryptocurrency ETC, the forecast for 2021 is favorable. Modern technical and software tools allow the exchange of modern electronic currency between themselves and to real money, and both Etherium are in high demand and can become a direct competitor to bitcoin.

When considering whether the rate will rise, one should pay attention to the following factors:

• The classic version of Ether has received support from both major exchanges and miners around the world;
• Banking organizations, telecommunications organizations, software manufacturers and other large companies are actively showing interest in the cryptocurrency, financing funds in this direction. The more investment is attracted, the higher the final exchange rate;
• Although the program structure of the project has not changed, the planned issuance has a positive effect on liquidity and the possibility of accumulation of cryptocurrency because of its allowable limit and the difficulty of mining;
• made fork contributed to a sharp decline in the rate, followed by a recovery to the previous level with further growth;
• The unstable state makes Ethereum Classic in demand for traders who positively influence the final rate.

It is impossible to know what awaits this cryptocurrency after the new year. The lack of a central governing body and financial security guarantees can contribute to the instant collapse of the established value. A positive growth trend allows us to independently form further growth forecasts and approximately set a possible rate. The financial investment can not only justify itself, but also pay back several times: since the release of this type of cryptocurrency, its rate has grown several hundred times.

How much will be worth by the end of 2021

As we have already found out, the cryptocurrency rate forecast can only be assumed and only indirectly depends on external factors. Preliminary planning of the upper end of the growth forecast should be done taking into account the following factors:

• Individual and corporate activity and the number of day-to-day transactions they make;
• The conclusion of partnership agreements with large organizations and the release of additional software that operates on Ethereum blockchain technology;
• Customers’ reactions to forks and issuances, which can affect the number of Ethereum accumulated;
• Analysis of the chart of the current rate and its changes over the past year. Studying the provided information, it is possible to catch a tendency of occurrence of sharp changes, which will be favorable for traders.

It is difficult to analyze in advance how much it will cost. Financial experts guarantee a smooth growth of the cryptocurrency rate. Considering what will happen with the system, it is worth noting the favorable conditions for its functioning:

• Many third-party e-wallets for storing ETC have been developed, guaranteeing full confidentiality of data and security of transmitted information. Personal data is not stored on the server, which makes it impossible to restore access to a personal account;
• Third-party developers develop appropriate decentralized applications that expand the basic functionality of Ether and simplify its daily operation;
• The ability to exchange it for real money shows the credibility and acceptance of this type of cryptocurrency.

A hardfork is the introduction of a new rule into the blockchain, necessary to update the software. It is a change in the code and operation of algorithms, introducing new technologies, leading to a bifurcation of the blockchain when the community decides that they will no longer follow the old protocol.
The 2016 Ethereum hardfork was made to compensate losses to investors in The DAO, a smart contract operating as a venture capital fund, whose hacker attack allowed an attacker to withdraw about $50 million. And the main problem was not the dollar amount, but the percentage of coins stolen to the total number of coins.

A new branch of the blockchain was created with the help of the hardfork, in which the hacker’s transactions became invalid. The part of the community that prioritizes decentralization over indemnification opposed the hardforge and continued to use the old network, giving it a new name, Ethereum Classic.

Users received as much ETC as they had ETH, preserving transaction history and private keys. The main principle of the community opposing the fork was “The code is the law,” corresponding to the principles of the immutability of the blockchain, the impossibility of changing the registry and undoing transactions.

Technical description

Ethereum Classic is a decentralized Turing-Ethereum Virtual Machine, which executes programs on public network nodes. From a technical point of view, Ether Classic is much easier to program smart contracts thanks to its own compiler.The main functionality of the Ether Classic blockchain is a network of smart contracts with the ability to create and work with decentralized applications (dApps).

Development team

The creators of Ethereum Classic, as well as Ethereum, are considered to be Vitalik Buterin and Gavin Wood. Several independent development teams are working on the support and development of Ether Classic network, there is no single centralized management. Some nodes of the network run on the Parity client, while others run on Geth Classic.

The development teams include:

• ETC Dev – develops Geth Classic in the Go programming language and includes Go and Rust developers, as well as consultants, strategic analysts and marketers. The team is working on updates to the network;
• Ethereum Commonwealth – working on the ERC-223 protocol, Classic Ether Wallet, ECNS and DexNS name services, a cross-network address messaging system and test networks to develop Callisto Network updates.

DexNS is a decentralized name service – an application with integrated wallet support that allows addresses to be named and then used to make transactions and access smart contracts.

• IOHK Grothendiek – working on the Mantis client in Scala, including developers, managers and researchers;
• EthCore – is developing the Parity client in the Rust programming language, which supports Ethereum Classic, Ethereum and Expanse;
• ETC Cooperative – develops marketing policy and handles PR and community management;
• ETC Labs – responsible for financial, community and ecosystem acceleration, and maintains offices in the US and Singapore.

The complexity of the Ethereum Classic

Ethereum Classic difficulty chart – https://www.coinwarz.com/mining/ethereum-classic/difficulty-chart

Mining complexity expresses the time it takes to process a transaction and receive a reward from the network – it depends on the power of the equipment and the complexity of the data processing. The more miners in the network, the higher the mining complexity due to competition.

The recent complexity of Ether Classic is approximately 300 TH/s.

In early 2017, the Die Hard hardfork was held, preventing the mixing of Ethereum and Ethereum Classic transactions. This hardfork successfully postponed the “complexity bomb” embedded in the Ethereum code to exponentially increase the complexity of mining and the process of calculating new network blocks. Unlike the main Ethereum network, Ether Classic has no plans to switch to Proof of Stake.

Ethereum Classic vs Ethereum: differences and similarities

Initially, the technical characteristics of Ether Classic fully corresponded to the main network. Ethereum Classic operates in many ways similar to Ethereum:

• Gas is used to charge commissions;
• Smart contracts are executed on a blockchain;
• The ecosystem consists of decentralized applications.

For Ethereum Classic and Ethereum, the significant difference is that the last one plans to move to the Ethereum 2.0 network, which will run on the Proof of Stake consensus mechanism, while Ether Classic will continue to run on Proof of Work.

Proof-of-Work is an algorithm for protecting distributed systems from DoS attacks, spam and other abuses. Proof-of-Work is characterized by two main characteristics – the need to perform a complex and time-consuming task and the ability to easily and quickly verify the result.

Proof-of-Stake is an algorithm that uses the concept of “share” to determine which node gets the right to mine the next block. Difficulty is distributed in proportion to the balance of a given node – according to the number of coins or tokens on the user’s balance.

Also a significant difference of Ethereum Classic is the limited maximum supply – 210,700,000 coins. Ethereum (ETH) has no maximum supply of coins.

Advantages and disadvantages of Ethereum Classic

Pros    

• Complete decentralization of the network   
• Open Source   
• Fixed number of coins 
• Growing community 
• Affordable mining 
• Code supremacy principle 

Cons

• Vulnerability to 51% attack
• Scalability issues
• Reputation damaged by hacker attacks
• Market manipulation (Pump & Dump)
• High competition from other altcoins
• Underdeveloped infrastructure

Ethereum Classic: peculiarities of mining

Ether Classic, like the usual Ethereum, runs on the Dagger-Hashimoto (Ethash) algorithm. AMD and Nvidia video cards (GPUs) with 3-4 GB or higher are suitable for mining, as well as special Asic. Mining Ethereum Classic is possible using the power of a PC without assembling large farms and significant energy costs.

Mining Ether Classic offer various pools – associations of miners in one network:

• Nanopool;
• 2miners;
• Hiveon;
• EthTeam;
• F2Pool;
• Gpuminer;
• ViaBTC;
• Digger;
• MinerGate.

Tip! Choosing a pool to mine Ethereum Classic, pay attention to the number of computing power in the Ethereum Classic network and miners. The more people are mining Ether Classic in the pool, the faster the search for the required block, and therefore the more productive the process is.

Ethereum Classic mining is quite profitable because the hash rate of the network is lower than that of Ethereum. You can calculate the profitability for mining Ether Classic with the help of any mining calculator.

Ethereum Classic: cryptocurrency forecasts

The developers of Ethereum Classic are optimistic in their forecasts. Despite the fact that the reputation of the blockchain has suffered significantly due to hacker attacks on the blockchain, the network demonstrates resilience and positive dynamics of development. The main question is the future security of the project: if the teams can protect the blockchain and attract the creators of dApps, the network will evolve.