In the case of the overall downturn of the crypto market, UST has seriously de-anchored, and the LUNA plummet has become a typical event that the market pays attention to.
In May, the algorithmic stable currency UST was attacked by capital, which led to the rapid collapse of the price of the governance token LUNA. In just a week or so, the cliff-like decline was close to 80 million times. Capital took advantage of the weakest moment in the UST-3Crv pool, and with only $84 million, the TERRA ecosystem, which ranked second in crypto ($40 billion) in market value, collapsed.
It can be seen from the LUNA incident that in a large, complex, fast-developing and unregulated field, if the Token mechanism is not perfect, it may lead to catastrophic consequences and bring huge losses to investors and ordinary users. What is even more frightening is that extreme panic will quickly spread to the entire crypto market, causing the entire market to plummet and suffer heavy losses.
What determines the security of the blockchain is the consensus mechanism of the underlying public chain and the security protection capability of the project itself. For example, the security of BTC and ETC networks using the POW consensus mechanism is extremely high, but the security of public chains using security mechanisms such as POS will be greatly reduced, just like LUNA. In addition, the security of some side chains has also been questioned. For example, the security of ETH’s side chain – Binance Smart Chain is far less secure than the ETH main chain, and projects built on the side chain are more vulnerable to attack.
At present, apart from BTC and ETC, which are mainly based on PoW mechanism, other ecosystems and projects are far from being completely decentralized. As a blockchain-based decentralized open source platform, Ethereum Classic (ETC) enables developers to build and deploy smart contracts, as well as host and run decentralized applications (dApps). It operates independently of Ethereum and is now one of the most valuable cryptocurrencies in the market.
The Ethereum Classic team believes that immutability is the main value proposition of any blockchain. Therefore, the fact that a successful transaction is final and permanent, along with the phrase “code is law” govern interactions in Ethereum Classic.
Currently, Ethereum Classic’s blockchain is based on “proof of work” mining, which means that individuals around the world use hardware and software to verify and secure transactions on the network, and miners earn ETC in return. Unlike Ethereum, Ethereum Classic has no intention of switching from the current proof-of-work consensus process to proof-of-stake. Also, unlike ETH which has no limit, the total supply of Ethereum Classic is around 210 million. While Ethereum was still experimenting with the concept, Ethereum Classic completed the creation and deployment of sidechains.
Mining is the best way to get Ethereum Classic. Mining belongs to the main market, and most of the Ethereum Classic in circulation in the market is obtained through mining. Compared with other mainstream currency mining, the operating cost and energy consumption of ETC mining are relatively low, but the mining profit has always been higher than other currencies. This means that as long as the right time to enter the market is seized, it is possible to obtain a larger profit margin.
Currently, the world’s number one hardware device for mining Ethereum Classic is the JASMINER X4 High-throughput 1U server, which is a firm supporter of mining ETC. This top-of-the-line device has a hash rate of 520MH/S±10% and consumes only 240W±10%. Due to the use of the latest “integrated storage and computing” computing power chip and more advanced chip manufacturing technology, the daily power consumption of a 1U server is only 4.76 degrees. The characteristics of “high hash rate and low power consumption” will undoubtedly allow users to reduce high electricity costs and easily mine in any convenient environment, which can be regarded as a milestone product to accelerate Ethereum classic mining.
Ethereum Classic uses many of the same technologies as the Ethereum project, and in such a complete community project, there are many ardent supporters of the principles of immutability, non-censorship, and user privacy, providing a powerful architecture for smart contracts and decentralized applications. As more and more miners join the ETC mining ecosystem, ETC is also poised to benefit from higher security and hash rate. Therefore, in terms of performance, revenue and all aspects, the JASMINER X4 High-throughput 1U server is also fully in line with the current price trend of ETC. More importantly, it can help miners save power and obtain greater returns in crypto investment.