Where to Buy and Store Ethereum Classic (ETC)
Use Ethereum Classic: Ways to spend and Invest ETC
Ethereum Classic Price
Current ETC price & historical price chart
What is Ethereum Classic
Ethereum Classic (ETC) is the original chain of the popular Ethereum (ETH) cryptocurrency. Like ETH, ETC is a fully decentralized, peer-to-peer, open source, blockchain-based digital currency platform. Unlike ETH, it is not maintained by the original developer, Vitalik Buterin. The Ethereum Classic platform retains every unique feature of Ethereum, including Smart Contracts, token creation and the Ethereum Virtual Machine (EVM), but only enjoys a fraction of the popularity of the hard-forked version of Ethereum, ETH.
History of Ethereum Classic
In June 2016 2016, 3.6 million Ether was stolen by exploiting a coding flaw during an Ethereum-based ICO (known as the DAO). After much deliberation, the governing council decided to perform a hard fork of the existing system, rolling back the blockchain to a point in time before the hack occurred. However, some Ethereum users rejected this idea and continued to use the original Ethereum blockchain, with the hacked coins still represented in transactions on the blockchain. Thus, technically speaking, Ethereum Classic is the ‘original’ Ethereum.
In October 2016, Ethereum Classic underwent a hard fork to adjust the internal pricing for running a key network component, Ethereum Virtual Machine (EVM). Another hard fork in 2017 delayed the “difficulty bomb” setting which is a built-in feature of the platform code. In June 2017, the Ethereum Classic developer team confessed that their website have been compromised. Nevertheless, ETC continues to enjoy some popularity, even if only a fraction of that of ETH.
How Ethereum Classic Works
Ethereum Classic follows the working procedure of Ethereum, almost identically. It is a fully decentralized cryptocurrency which functions without any central authority or repository. Any transaction between two Ethereum Classic users peer-to-peer transfer, with miners keeping a record of the transaction and approving transactions by adding them to the blockchain.
In Ethereum Classic, like Ethereum, the nodes in the network keep the recent state of the network which includes user balances, smart contract information and where Ethers are stored. Bitcoin tallies the spent and unspent changes to keep a record of the account balance, while Ethereum Classic works like a bank account and the Ethers are always in your account and can be transferred to another user.
Why Ethereum Classic
Ethereum Classic competes morally against Ethereum (ETH), in that it maintains the ideological principle of not forking a blockchain due to a hack or human error. The advantages of Ethereum Classic considerably overlap advantages of Ethereum (ETH), in that it features:
- Fully Decentralised Apps (DAPPS): Ethereum Classic allows applications to be built upon the EVM. Ethereum Classic is thus a unit of online exchange and creates its own protocol, much like the internet’s TCP/IP.
- Faster Transactions: Ethereum Classic utilizes Smart Contracts to transfer funds quickly and directly between two users. The transaction takes somewhere between 10-20 seconds from issuing the send to receiving a transaction confirmation. This is opposed to bitcoin’s average confirmation time of 10 minutes.
- Smart Contracts: Smart Contracts can be easily used to insure proper payment to a third party. Moreover, the EVM can easily execute smart contracts because they are stored in the blockchain. Smart contracts can thus eliminate multiple threats like censorship, collusion, and counter-party risk.
- Safer Transactions: Ethereum Classic employs double blockchain technology to ensure that not every bit of data for a financial transaction is kept in the same block. Thus, even in the rare case that one block is compromised, the hacker can’t access the remaining transaction data to defraud transaction participants.