Ethereum Classic Cryptocurrency Review
What is Ethereum Classic?
Ethereum Classic (value token, ETC) is an open-source, public, peer-to-peer blockchain-based distributed computing platform. It offers smart contract functionality.
After applying a hard fork to the conventional Ethereum platform, it was spilt into two versions: the new tokens kept the name Ethereum (ETH), and the old tokens were renamed Ethereum Classic (ETC).
It is free from external interference and subjective manipulation of transactions. Immutability is the attribute that differentiates ETC from ETH.
The Decentralized Autonomous Organization or The DAO built on Ethereum piled up around $168 million, in May 2016.
At the same month, a paper was released detailing security vulnerabilities in the architecture of The DAO. As a result, in June, 3.6 million Ether (approximately $50 million USD) was stolen by an unknown hacker or hackers from accounts of The DAO.
To resolve that situation The DAO and the Ethereum community debated. It was decided to perform a hard fork in the Ethereum code and then Ethereum Classic came into existence. Some members of the Ethereum community rejected the hard fork on and continued with using the authentic version of Ethereum i.e. Ethereum Classic.
People interacting on ETC are inspired by this reality; Code is Law (immutability). This philosophy of ETC is: the transactions cannot be modified and cannot be deleted. ETC primarily has value because of the speculator market. On the contrary, Ethereum is more like a software company that wants to grow exponentially. The leaders of the ETH community are far more public in nature than those in the ETC community.
Some famous online exchanges and medium of buying, selling and trading ETC are Binance, Coinbase, CoinSpot, bitFlyer, Crytopia, ShapeShit, KuCoin, Poloniex, Bittrex, and KRAKEN etc.
The paying methods of trading in ETC are through cryptocurrency, credit card or debit, Cash, Bank account, PayPal etc.
Ethereum Classic offers both computing currency transactions and building a decentralized computing system. This is the feature what differentiates Ethereum Classic and Bitcoin. Decentralized apps on the Ethereum and Ethereum Classic platform share their database transactions with every user on the blockchain.
Evolving in ETC
All the heavyweights of the Ethereum community have moved on to the new chain, which means that anyone who is part of the ETC won’t be able to access any of the updates done by the ETH. The 10% or so people from the original Ethereum are loyal to the concept of the immutable ledger. If anyone wants to purchase ETC, he/she can buy it through online currency exchanges.
Investing in ETC is quite simple and easy. The value of ETC is hopefully to increase as there has been an increase in the developing of a more decentralized app for the Ethereum Classic blockchain. ETC has faced a great rise in 2017. The peak point was $23.01 in 20017. But unfortunately, the price of ETC decreased dramatically in just three months in 2017. As a result, the future of this platform remains unpredictable.
Transferring money through ETC, Ethereum Classic compatible wallet is needed to be installed. This is quite simple. One should carefully install an Ethereum Classic wallet. Then he/she should have the recipient’s public key address or wallet address. After entering the amount of ETC to be sent, the user should confirm the transaction by pressing the send option.
The split between Ethereum and Ethereum Classic has always been very controversial. This debate is more about ideological than technical.
ETC appears to be slowly shrinking in market cap comparison to the rest of the cryptocurrency. But it does not mean ETC is any lesser entity than ETH.
The team of Ethereum Classic targets to make Ethereum Classic the best cryptocurrency on the market.