As we have reported earlier Ethereum Classic will have a protocol level upgrade ECIP-2017 which is designed to the stabilize the coin supply. At first, the new monetary policy was sceduled for December 12, but it will actually be launched on December 11, 2017.
Just over 18 hours away until the upcoming $ETC monetary policy! The moment is almost here, head to https://t.co/KuiyqL6gf2 for more details. #etc #ethereumclassic #ETCisComing @classiciscoming pic.twitter.com/AMRPX6S6kF
— Ethereum Classic (@eth_classic) 10 December 2017
The new monetary policy will set a limit for the total issuance of Ethereum Classic. The block reward will be reduced by 20% at block number 5,000,000, and another 20% every 5,000,000 blocks thereafter, and uncle block rewards will also be reduced. The total supply is expected to be approximately 210 million of ETC.
The features of the new monetary policy are stated as follows:
- No Disruptive Halving Events
- Sustainable Token Emission
- Reliable Monetization via Scarcity
- Optimal Total Investment
The new monetary policy of Ethereum Classic is scheduled to occur at about 10 a. m. Central Time on December 11.
Ethereum Classic new monetary policy countdown at the moment of writing
Ethereum Classic Improvement Proposals (ECIPs) are technical write-ups that describe suggested changes to the Ethereum Protocol.
The purpose of a properly structured monetary policy is to create an incentive for people to take a risk on a system that has not yet reached its full potential, providing an additional reason for those who may not otherwise be interested, who cannot or have not developed anything on the platform (yet), or who remain skeptical, to involve themselves in an otherwise nascent platform.
Ethereum Classic Team
The price of Ethereum Classic does not show any fluctuations or rapid increasing or decreasing tendencies at the moment, though it rose slightly within past 24 hours, growing from $24,2 to $29,3. The market capitalization of the coin rose from $2,3 to $2,8 billion within one day.
Ethereum Classic Charts
At the moment of press, these are main market parameters of Ethereum Classic:
- Average price: $29.21
- Marketcap: $2 871 096 899
- 24h volume: $438 839 000