Ethereum Classic is a decentralized blockchain-based computing platform that works with smart contracts and provides users with an unchanging, resistant blockchain platform that will allow developers to create decentralized applications (Dapps).
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What Is Ethereum Classic?
Born out of a discrepancy as many cryptocurrencies are nowadays, this smart contracts platform is presented by its developers as an improved version of its relative where transactions can be carried out in a free and decentralized way and it is a collaborative platform where anyone can contribute. Ethereum Classic emerged in July 2016 as a response to a hack on the Ethereum platform, known as a DAO attack where 50 million Ethers were stolen. Although most of the stolen coins were recovered, the creator of Ethereum, Vitalik Buterin along with a part of the community decided to run the hardfork.
As a result, two groups emerged – the supporters of carrying out the hardfork and modifying the Blockchain to return the stolen coins and those who wanted to keep things immutable. Those who decided to continue with the original version founded a new platform called Ethereum Classic with Ethers Classic coins as a token. After an unpromising start, the currency managed to remain stable throughout 2017, experiencing a notable rise in June. Shortly after this peak, Ethereum Classic has gradually increased its value until reaching approximately $40 in January 2018. The increase in its price is attributed to a successful crowdfunding campaign when Ethers Classic has raised more than $ 143 million and was placed among the 20 most important cryptocurrencies by capitalization volume.
Ethereum Classic is a decentralized blockchain-based computing platform that works with smart contracts and provides users with an unchanging, resistant blockchain platform that will allow developers to create decentralized applications (Dapps). Neither the state nor any other controlling bodies have authority over them. Dapps on Ethereum Classic should be more secure and transparent to create new types of applications that are not possible on centralized servers. At the same time, in Ethereum Classic applications all information about the program and transactions is stored and distributed across all nodes on a decentralized blockchain. Regarding its structure, Ethereum Classic is organized into nodes made up of clients that are also servers (with a total of 34,442 nodes). It uses the type of SHA3 algorithm based on PoW ("proof of work"), allowing the creation of distributed applications (Dapps) and smart contracts.
Pros and Cons of Ethereum Classic
Advantages of Ethereum Classic
- Ethereum Classic takes things from its predecessors and makes them better. Originally, Ethereum Classic is founded on Blockchain technology but only takes 16 seconds required per mined block, which is significantly faster than usual. It also has a lot of technology inherited from the Ethereum project. For example, it enables the system to have a powerful infrastructure for smart contracts and DApps that have been extensively tested.
- Although it is a young project that has had a bumpy start, Ethereum Classic stands out for its solutions. It is a community project completely, so it does not respond to business or private interests, guaranteeing its decentralization and autonomy. Its developers are faithful followers of the premises of immutability, non-censorship, and respect for personal privacy. They have a well-defined development path that can drive the adoption of their blockchain.
Disadvantages of Ethereum Classic
- There is always a risk of not making tangible profits with Ethereum Classic. For efficient coin mining of ETC, it is necessary to carry out fairly complex calculations and use expensive equipment. This digital money is not backed up by anything and its price depends only on the level of demand in the market. High resistance to hacker attacks does not guarantee a 100% level of protection. In addition, if you forget your wallet password or an account is hacked, you will not be able to return their digital assets.
Where to Buy Ethereum Classic?
Storing ETC: Best Ethereum Classic Wallets
The most suitable solution is to store your cryptocurrency in MyEtherWallet since it specializes in this kind of cryptocurrency. You can also choose to store your money in multi-currency wallets like Coinomi, Jaxx, Monee, Mist, DexNS, Geth Classic, and Ethcore's Parity. If you feel like using hardware wallets, consider Ledger Nano S or Nano X.
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