What Is Ethereum Classic (ETC)?

Ethereum Classic (ETC) is a hard fork of Ethereum (ETH) that launched in July 2016. Its main function is as a smart contract network, with the ability to host and support decentralized applications (DApps). Its native token is ETC.

Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmap diverging further and further from each other with time.

Ethereum Classic first set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH.

Who Are the Founders of Ethereum Classic?

Ethereum Classic is in fact the legacy chain of Ethereum, and its true creators are therefore the original Ethereum developers — Vitalik Buterin and Gavin Wood.

A contentious hard fork on Ethereum occurred in July 2016, when participants disagreed over whether to revert the blockchain to cancel out the effects of a major hack. This impacted The DAO, a decentralized autonomous organization (DAO) which had raised approximately $150 million in an initial coin offering (ICO) several months earlier.

Ethereum Classic came into being as the network which did not revert the chain. Developers state that there is no “official” team attached to the project, and that its “global development community is a permissionless 'do-ocracy,' where anyone can participate.”

What Makes Ethereum Classic Unique?

Ethereum Classic’s main aim is to preserve the Ethereum blockchain as it originally was, without artificially countering the DAO hack.

Its appeal was first to those who disagreed with Ethereum’s response, but the legacy network has since gained a wider fan base, which include major investors such as Barry Silbert, CEO of investment firm Grayscale.

As a voluntary organization, the developers of ETC do not aim to turn the network into a for-profit entity. Users pay transaction fees as with Ethereum, and miners collect them based on work done as per the proof-of-work (PoW) mining algorithm.

Unlike Ethereum, Ethereum Classic has no plans to convert to a proof-of-stake (PoS) mining algorithm, while multiple developers continue to work on future improvements such as scaling solutions.

How Is Ethereum Classic Different From Ethereum?

Ethereum Classic (ETC) and Ethereum (ETH) are two separate blockchain networks that share a common history but have since diverged in philosophy and development.

Ethereum Classic is the original version of Ethereum that was launched in 2015. It is a decentralized, open-source blockchain platform that allows developers to build and deploy decentralized applications (dApps) and smart contracts. Ethereum Classic secures its network using a Proof-of-Work (PoW) consensus algorithm.

Ethereum, on the other hand, is a fork of the original Ethereum blockchain created in 2016. It emerged as a response to a hack that caused the loss of millions of dollars worth of Ether. The Ethereum community implemented a hard fork to reverse the hack and return the stolen funds to their owners. As a result, two separate blockchains, Ethereum (ETH) and Ethereum Classic (ETC), were created.

One of the main differences between Ethereum Classic and Ethereum is their approach to governance. Ethereum has a more centralized system, with a core development team that makes decisions about the platform's future. In contrast, Ethereum Classic has a more decentralized approach to governance, with decisions made by the community through a consensus process.

Another key difference between the two is their development roadmap. Ethereum is focused on transitioning from a Proof-of-Work consensus algorithm to a proof-of-stake (PoS) algorithm after The Merge. Ethereum Classic, on the other hand, has focused on maintaining its original PoW algorithm and staying true to its decentralized philosophy.

Concerns About Ethereum Classic

Ethereum has grown in popularity as the more trustworthy one of the two networks, even though Ethereum Classic and Ethereum both offer smart contracts and compete for the same market.

The possible scalability constraints of Ethereum Classic are one of its main worries. The network can typically support 15 transactions per second (TPS), which is significantly lower than payment networks like Visa, which support more than 1,000 transactions per second. Although Ethereum Classic has undergone numerous software improvements, one of its largest problems moving ahead will continue to be the scalability of its payment systems.

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Apecoin, the highest market value metaverse project, has voted on a proposal called Ape Accelerator to expand its ecosystem. The proposal was accepted with a margin of 19%. In this way, APE owners will have a say in the participation of new projects and will be able to invest in these projects.

Apecoin, which has managed to establish the most influential community in the NFT market, is launching a launchpad program that is thought to bring energy to the community after the voting completed today. The program was approved with 4.1 APE no votes to 5.9 million APE yes votes. According to the information on the official site, the offer was put forward by Forj, a subsidiary of Animoca Brands. Acceptance of the offer could expand Animoca Brends' stake in the ecosystem.

Ape Accelerator (Ape Launchpad) is designed to help strengthen the ApeCoin and BAYC ecosystem by developing and facilitating projects that contribute to and benefit from the growth of the ApeCoin and BAYC ecosystem. Projects wishing to launch through Ape Accelerator will need to hold APE tokens to submit bids, and APE and BAYC NFT holders will have access to the Launchpad platform to invest in these projects.

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According to Tether's CTO Paolo Ardoino, the company is using the power of Bitcoin and Uruguay's renewable energy capabilities to pioneer sustainable and responsible Bitcoin mining:

“Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint while maintaining the security and integrity of the Bitcoin network. Tether is proud to lead a movement that combines cutting-edge technology, sustainable practices and financial innovation.”

Tether is also preparing to in renewable energy sources to support and promote sustainable Bitcoin mining, which is an essential component in maintaining the world's most robust and secure currency network.

To achieve this goal, the company reported that it is actively trying to strengthen its team by recruiting experts in the energy sector.

Uruguay stands out as a global leader in renewable energy, with 94% of its electricity production from renewable sources, primarily wind and solar power. With abundant natural resources, Uruguay offers ideal conditions for renewable energy generation, facilitating the establishment of wind farms, solar parks and hydroelectric projects, ensuring a consistent supply of clean and environmentally friendly energy.

According to the statement from the Tether official blog, this solid foundation provides an excellent platform for Tether to start its Bitcoin mining operations, providing efficient and sustainable operations.

Tether also holds $1.5 billion worth of Bitcoin as part of its reserve assets and plans to invest 15% of its profits in Bitcoin as part of its new investment strategy.

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In a surprising turn of events, Emrah Şener, a high-ranking official at the Central Bank, has reportedly submitted his resignation. The news has sent shockwaves through the financial industry, leading to speculation and discussions about the reasons behind his decision. This article delves into Emrah Şener's statement from Saray and examines the potential implications of his resignation on the Central Bank and the broader economy.

The Resignation Announcement:

Emrah Şener's resignation has been a topic of intense interest and speculation. The respected Central Bank official, known for his expertise in monetary policy and economic affairs, released a statement from Saray, citing personal reasons for his unexpected decision. The news has surprised many within the financial sector, given Şener's pivotal role in shaping monetary policies and his contributions to the Central Bank's operations.

Implications for the Central Bank:

Emrah Şener's departure raises concerns about the Central Bank's stability and the potential impact on its decision-making processes. As a prominent figure in the institution, Şener's resignation could lead to a temporary void in leadership and disrupt ongoing initiatives. The Central Bank will need to navigate this transition period carefully to maintain its credibility and ensure a smooth continuation of its responsibilities.

Market Reaction and Investor Confidence:

News of Şener's resignation has reverberated throughout the financial markets, prompting investors and market participants to reassess their positions. Uncertainty surrounding the Central Bank's leadership can lead to fluctuations in investor confidence and market volatility. Market participants will closely monitor the developments and announcements from the Central Bank in the coming days to gauge the impact on the broader economy.

Future Direction of Monetary Policy:

Emrah Şener's departure may also influence the future direction of monetary policy in the country. As a key decision-maker, his absence could potentially alter the balance of views within the Central Bank's monetary policy committee. The appointment of a new official to fill the vacancy will play a crucial role in shaping the Bank's future policy decisions and market expectations.

Government Response and Stability:

The government's response to Emrah Şener's resignation will be closely watched by market participants and the public alike. Ensuring stability and maintaining confidence in the Central Bank's independence are paramount in these circumstances. The government's commitment to maintaining a transparent and consistent monetary policy framework will be critical in reassuring both domestic and international stakeholders.

Emrah Şener's unexpected resignation from the Central Bank has created a sense of uncertainty and intrigue in the financial landscape. As the news reverberates through the markets, market participants will closely monitor the implications for the Central Bank's operations, monetary policy decisions, and investor confidence. The coming days will shed further light on the implications of Şener's departure and the steps taken by the government and the Central Bank to ensure stability and continuity in the financial system.

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Polygon (Matic) announced a significant development over the weekend, which was revealed yesterday. The announcement stated that there would be substantial changes on the network with a major update called Polygon 2.0. The discussion also opened up the possibility of launching a new token as part of the plan, which would include changes to Matic.

In the official statement, it was mentioned that the Matic token economy would be altered. It was shared that an announcement regarding Polygon 2.0 would be made every Monday, and July 10th was indicated as the date for the Matic update.

Following the statements about Polygon 2.0, there has been speculation about developers potentially releasing a new token. Market analysts pointed out that developers could distribute a new Matic with Polygon 2.0 to avoid the security classification by the SEC. However, no official information regarding this matter has been provided in the announcements.

As it is known, the SEC classified Matic as a security last week. After this classification for the native crypto asset of the Layer 2 project, Matic experienced a sharp decline.

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Tether reported that they will protect Bitcoin assets under its own watch, and said that he is convinced that Bitcoin is an ideal investment vehicle, given the cryptocurrency's return performance over the past 10 years. While Bitcoin has had a return of 22,000% in the last 10 years, it is currently trading at an average of 60% below the 2021 record level.

Tether CTO Paolo Ardoino made the following statement on the subject:

“It was the power and potential of Bitcoin as an investment asset that influenced our decision to invest in Bitcoin, the world's first and largest cryptocurrency. Bitcoin has proven its resilience at all times and has emerged as a long-term store of value with significant growth potential.

Its limited supply, decentralized nature and widespread adoption have made Bitcoin a preferred investment alternative among both institutional and individual investors.”

Tether currently has a market cap of close to $83 billion with the largest stablecoin issuance, while also maintaining its position as the 3rd largest cryptocurrency in the market.

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Circle and Tether, two prominent players in the stablecoin market, have recently made an important decision to freeze their stablecoins on the Multichain platform. This move aims to enhance stability, transparency, and trust within the stablecoin ecosys tem. In this article, we delve into the reasons behind this decision, the implications for users and the broader crypto market, and the potential benefits it brings to the stability of the digital asset landscape.

Ensuring Stability and Transparency: Circle and Tether's decision to freeze their stablecoins on Multichain is driven by the desire to maintain stability and transparency within the stablecoin market. Stablecoins play a crucial role in the crypto ecosys tem by providing a reliable bridge between traditional fiat currencies and the digital asset space. By freezing their stablecoins, Circle and Tether aim to reinforce the confidence of users and investors in the stability and security of their offerings.

Increased Regulatory Compliance: The move to freeze stablecoins on Multichain aligns with the growing regulatory scrutiny surrounding stablecoins. Regulators worldwide have expressed concerns about the potential risks associated with stablecoins, including issues related to transparency, asset backing, and potential sys temic impacts. By taking proactive measures to freeze their stablecoins, Circle and Tether demonstrate their commitment to regulatory compliance and risk mitigation.

Enhancing User Protection: Freezing stablecoins on Multichain also serves as a mechanism to protect users' interests. Stablecoins are often used as a means of exchange, store of value, and a medium for remittances. By ensuring the stability and transparency of their stablecoins, Circle and Tether aim to safeguard the value and usability of these digital assets for users across various use cases.

Implications for the Crypto Market: Circle and Tether's decision to freeze stablecoins on Multichain carries several implications for the broader crypto market:

a. Improved Market Confidence: The commitment to stability and transparency through freezing stablecoins can boost confidence among market participants, including investors, traders, and businesses. This, in turn, may attract new users and foster the continued growth of the stablecoin market.

b. Strengthened Regulatory Landscape: The move aligns with ongoing efforts by regulators to establish clear guidelines and frameworks for stablecoins. It highlights the industry's commitment to proactive compliance and reinforces the need for regulatory oversight to ensure the stability and integrity of the digital asset space.

c. Increased Trust and Adoption: By taking measures to enhance stability and transparency, Circle and Tether aim to foster greater trust among users and promote wider adoption of their stablecoins. This could contribute to a more robust and sustainable stablecoin ecosys tem.

Potential Benefits of Stablecoin Freezing: The decision to freeze stablecoins on Multichain offers several potential benefits:

a. Risk Mitigation: By freezing stablecoins, Circle and Tether reduce the risk of potential disruptions caused by extreme market volatility or unforeseen events. This enhances stability and ensures that stablecoin holders can rely on the value of their assets.

b. Transparency and Auditability: Freezing stablecoins on a blockchain platform like Multichain enables improved transparency and auditability. Users can verify the assets backing the stablecoins, promoting trust and reducing concerns about the opaque nature of traditional financial systems.

c. Strengthened Market Integrity: The freeze mechanism can help prevent potential misuse or unauthorized transfers of stablecoins, contributing to market integrity and protecting the interests of users.

Circle and Tether's decision to freeze their stablecoins on Multichain reflects their commitment to stability, transparency, and regulatory compliance in the stablecoin market. By taking proactive measures to enhance user protection, improve market confidence, and align with regulatory expectations, they aim to strengthen the stablecoin ecosystem as a reliable bridge between traditional fiat currencies and the digital asset space. The freezing of stablecoins on Multichain offers potential benefits such as risk mitigation, enhanced transparency, and strengthened market integrity. As the crypto market continues to evolve, initiatives like these play a crucial role in building trust, fostering adoption, and ensuring the long-term sustainability of stablecoins in the broader digital asset landscape.

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Coinbase, one of the leading cryptocurrency exchanges, has recently come under scrutiny as allegations arise suggesting that the company knowingly violated securities laws. The U.S. Securities and Exchange Commission (SEC) has accused Coinbase of engaging in unlawful activities related to its cryptocurrency lending program. In this article, we delve into the details of the SEC's allegations and examine the potential implications for Coinbase and the broader crypto industry.

The SEC's Allegations: The SEC alleges that Coinbase's lending program, known as "Lend," qualifies as a security under U.S. securities laws. According to the SEC, Coinbase planned to offer Lend as an investment opportunity, promising users a fixed interest rate on their digital assets. However, the SEC argues that Coinbase failed to register the Lend program as a security offering, violating securities regulations.

Coinbase's Response: In response to the SEC's allegations, Coinbase has publicly disputed the SEC's characterization of Lend as a security. The company argues that Lend is a product that allows users to lend their digital assets and earn interest, similar to many other lending platforms in the traditional finance space. Coinbase contends that the SEC's position is unclear and lacks regulatory clarity, creating challenges for companies seeking to innovate within the crypto industry.

Regulatory Uncertainty: The allegations against Coinbase highlight the ongoing challenges and regulatory uncertainties faced by cryptocurrency exchanges and companies operating in the digital asset space. The classification of various crypto products and services under existing securities laws remains a point of contention, with regulators striving to strike a balance between investor protection and fostering innovation.

Potential Implications: The outcome of the Coinbase-SEC dispute could have far-reaching implications for the crypto industry:

a. Legal Precedent: The resolution of this case could set a legal precedent for how other lending or yield-generating crypto products are regulated in the United States. It may shape future regulatory frameworks and impact how exchanges and platforms structure their offerings.

b. Investor Protection: The SEC's actions reflect its commitment to safeguarding investors and ensuring compliance with securities laws. The outcome of this case could establish guidelines and requirements for similar lending programs, offering more clarity and protection for investors in the crypto space.

c. Industry Adaptation: Regulatory scrutiny and enforcement actions prompt companies to reassess their operations and compliance practices. The outcome of this case could lead to enhanced compliance measures and improved industry standards, fostering long-term growth and credibility within the crypto market.

Coinbase's alleged violation of securities laws, as claimed by the SEC, highlights the challenges faced by cryptocurrency companies in navigating complex regulatory landscapes. The case underscores the need for clear regulatory frameworks that strike the right balance between investor protection and fostering innovation in the rapidly evolving crypto industry. As the legal proceedings unfold, the outcome will have significant implications for how lending and other yield-generating crypto products are regulated in the United States. It is imperative for companies to collaborate with regulators and proactively engage in constructive dialogue to establish a transparent and compliant framework that promotes the long-term growth and stability of the cryptocurrency ecosys tem.

 

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The cryptocurrency market is known for its volatility and occasional moments of uncertainty. In a recent turn of events, Multichain, a prominent blockchain platform, has faced a significant setback as a staggering $126 million worth of assets abruptly exited the network. This sudden exit has sent shockwaves through the crypto community, raising concerns about the platform's security, stability, and the broader implications for investors and the cryptocurrency ecosys tem. In this article, we delve into the details of the alarming situation, its potential causes, and the consequences for Multichain and its users.

The Massive Exit: Multichain recently experienced an unprecedented exodus of funds, totaling $126 million. The sudden withdrawal has left many investors and users stunned, questioning the platform's integrity and security measures. The extent of the impact on individual investors varies, with some experiencing substantial losses and others facing uncertainties regarding the future of their holdings.

Possible Causes: While the exact causes behind the massive exit from Multichain remain unclear, several theories and speculations have emerged within the crypto community. Some attribute the exodus to security vulnerabilities or concerns regarding the platform's infrastructure. Others speculate that it may be related to internal conflicts, regulatory pressures, or even a deliberate act by a group or individual seeking to disrupt the platform's operations.

Repercussions for Multichain: The significant exit of funds raises questions about Multichain's ability to maintain user trust and confidence. The platform will likely face scrutiny from regulators and investors, necessitating a transparent and thorough investigation into the circumstances surrounding the incident. Rebuilding trust and restoring the platform's reputation will be paramount for Multichain's future viability and success.

Impact on Investors: The large-scale withdrawal from Multichain has directly impacted the investors involved. Those who had assets on the platform now face potential financial losses and uncertainty. The incident serves as a reminder of the risks associated with cryptocurrency investments and the need for users to conduct thorough due diligence when choosing platforms to entrust their funds.

Lessons for the Crypto Community: The Multichain incident serves as a wake-up call for the broader cryptocurrency community, highlighting the importance of robust security measures, transparency, and investor protection. It reinforces the need for thorough audits, regular risk assessments, and improved governance frameworks to safeguard users' assets and maintain market confidence.

Strengthening Security Measures: Following this incident, it is crucial for blockchain platforms and cryptocurrency exchanges to reevaluate their security protocols and bolster their defenses against potential vulnerabilities. Implementing comprehensive security measures, such as multi-factor authentication, robust encryption, and regular audits, can help mitigate risks and enhance the overall security of the ecosys tem.

The recent $126 million exit from Multichain has sent shockwaves through the cryptocurrency community, highlighting the fragility and risks associated with the industry. This incident serves as a reminder of the importance of maintaining robust security measures, conducting thorough due diligence, and fostering transparency in the crypto space. It is essential for platforms, investors, and regulators to collaborate in strengthening the integrity of the ecosys tem to ensure the long-term sustainability and growth of the cryptocurrency market.

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In the USA, there has been a significant development in terms of the use of cryptocurrencies. It has been learned that a first will take place in the elections to be held in 2024 in the country. Robert F. Kennedy Jr., one of the Democratic Party presidential candidates, announced that he will receive donations in Bitcoin for his campaign.

Kennedy, who attended the ongoing 2023 Bitcoin Conference in Miami as a speaker, shared an important detail about his campaign with crypto money supporters. Expressing that Bitcoin is a symbol of democracy and freedom, Kennedy Jr. emphasized that he will break new ground in this sense:

“Today we are showing the world the power, resilience and resilience of Bitcoin. Almost everyone in this room is aware of the connection between Bitcoin and democracy and freedom… Today we see how fragile our highly centralized system is. Our economy will be more resilient when it has a diverse ecology of currencies, not just one centrally controlled currency.”

Robert F. Kennedy Jr. will compete with Joe Biden to become the Democratic Party's candidate in the 2023 US presidential election. Kennedy Jr., the nephew of 35th US President John F. Kennedy, has been emphasizing the innovativeness of blockchain technology in his speeches for a while.

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