Ethereum Classic will have a protocol level upgrade ECIP-2017 which is aimed at the stabilisation of the coin supply and considered as a hardfork of the coin. It is planned to go live on December 12.
At it is stated on the official ECIP-2017 website the reason for a new network split is that the community needs to adopt a monetary policy that balances the long-term interests of investors, developers, and business operators. Ethereum Classic Improvement Proposals (ECIPs) are technical write-ups that describe suggested changes to the Ethereum Protocol.
$ETC Monetary Policy Now Just 13 Days Away - https://t.co/dWNANtOm8z - No Disruptive “Halvings” - Sustainable Token Monetization via Scarcity - Optimal Total Investment #ETCInvest #ETCisComing https://t.co/dWNANtOm8z pic.twitter.com/Dp0oBW0NwU
— ETC Is Coming (@ETCisComing) 28 November 2017
The block reward will be reduced by 20% at block number 5,000,000, and another 20% every 5,000,000 blocks thereafter. Uncle block rewards will also be reduced. Due to variations in the reward rate of ETC, the total supply is planned to be approximately 210 million ETC, not to exceed 230 million ETC.
— Ethereum Classic (@eth_classic) 28 November 2017
As it is stated in the official twitter account of the currency, some changes are coming to Ethereum Classic and the community's input is needed.
We will continue to work with the Ethereum Classic protocol development community to develop, in public, a safe hard fork procedure based on the proposed monetary policy. We will run consensus systems that are compatible with Ethereum Classic clients, which will eventually contain the ECIP 1017 monetary policy and the hard-fork, in production. If the hard fork is activated, the first reduction in block reward will happen around December 2017.
Ethereum Classic Development team
Moreover, on November 27 it was announced in Medium blog of Ethereum Classic project manager that Bitnovosti has decided to leave Ethereum Classic. Also it was reported about plans to use a multi-sig code, the donation address containing 17,3k ETC, many domain names, including ethereumclassic (.com/.net/.org) and etctalk (.com/.org), a news aggregator etc.today.
Ethereum Classic Charts
In the meantime, Ethereum Classic started to rapidly grow in price following the recent news, having increased by 43,44% within past 24 hours and by 81,61% within past 7 days. The price rose from $17,46 with market capitalisation of $1,7 on November 21 to the price of $33,58 with market capitalisation of $3,2 billion on November 28. The price continues to grow.
At the moment of press, these are main market parameters of Ethereum Classic:
- Average price: $33.61
- Marketcap: $3,289,165,691
- 24h volume: $1,671,850,000