What is Ethereum Classic?
Ethereum Classic is a decentralised blockchain platform that is open-source in nature. It was created as a result of hard fork with Ethereum. Similar to Ethereum, Ethereum Classic allows for the implementation of decentralized applications and smart contracts. It consists of the Ethereum virtual machine (EVM) that is useful at the time of executing script. The main aim of Ethereum Classic is to build a blockchain platform using smart contracts that enables developers to build decentralized applications (dapps). Ethereum Classic has its own token called as ETC that is traded on exchanges.
History of Ethereum Classic
Ethereum Classic was created as a result of disagreement of the (DOA) decentralized autonomous organization hard fork between the Ethereum foundation. The DOA was built on Ethereum on May 2016. Prior to the fork, the token was called Ethereum. Users that owned ETH before the DAO hard fork own an equal amount of ETC after the fork. In simple terms, when a hard fork takes place, a new version of the original blockchain is created from that spot.
In June 2016, ethers worth $50 million were hacked on original Ethereum.
Features of Ethereum Classic
- Decentralisation: Decentralised networks are secure and stable as compared to centralised networks. Ethereum Classic works as a decentralised network similar to email and http.
- Adaptability: As Ethereum Classic is open-source in nature it can be easily improved and adapted as per new additions in the technology.
- Immutability: Ethereum Classic maintains a unchangeable global blockchain that prevents frauds or censorship.
- Low transaction fees: With 10-14 second block times, Ethereum Classic has low transaction fees with with an average fee of about 1 cent.
Where to buy Ethereum Classic
Ethereum Classic has no fixed cap which means it has an unlimited supply. The ETC coins are listed on various exchanges like Bittrex, BitSquare, Changelly, CoinSwitch, Shapeshift and others. The market capitalisation of Ethereum Classic as of April 2018 was $2,178,655,649.
Ethereum Classic Wallets
The price of 1 ETC coin was $21.50 at the time of writing this article. There are several wallets in which you can store Ethereum Classic coins including hardware wallets like Jaxx, Trezor, Ledger, Trust, Emerald and others.
Ethereum Classic Mining
Ethereum Classic tokens can be mined.
Ethereum Classic Price Trends
Risks involved with investing in Ethereum Classic
It must be noted that cryptocurrencies are volatile in nature and it is difficult to predict their rise or fall. Investing in mutual funds instead, could be a safer and reliable option.