Popularity, convenience, safety, and lightning-fast transactions are the things people talk about when talking about Ethereum Classic. Born in 2016 with many controversies, Ethereum Classic has gradually asserted its position on cryptocurrency. So what is Ethereum Classic? Why is it so powerful? Find out with 5ROI Global right through the following article.
What is Ethereum Classic?
Ethereum Classic (code: ETC) is a Blockchain platform developed and created based on the Ethereum Blockchain technology, allowing anyone to build and use decentralized applications (dApps). Ethereum Classic is the original chain of Ethereum next to Ethereum (ETH).
The concept is very similar to Ethereum (ETH) right?
So why do these two coins have such a similar definition?
The main answer is that Ethereum hard fork splits into two chains: Ethereum (ETH) and Ethereum Classic (ETC).
Ethereum Classic is the original chain of Ethereum.
So what was the reason that made Ethereum Classic was born? Everyone, let’s go to the next part!
Why was Ethereum Classic born?
Before July 2016, Ethereum (ETH) and Ethereum Classic (ETC) were a single blockchain called Ethereum.
But because of a bug in the fundraising smart contract of the DAO (decentralized autonomous organization) executing on Ethereum (this is the smart contract writer’s fault, not the blockchain’s fault). Hackers took advantage of this vulnerability to withdraw 3.6 million Ether (equivalent to $50 million at the time).
However, in the DAO smart contract, it is specified that the funds in the wallet will be locked for 28 days. Therefore, the hacker has to wait 28 days to have full access to this $50 million.
Wanting to rescue investors, the Ethereum Foundation hastily passed a carbon vote to launch a controversial bailout by manually changing the code on the blockchain to recover the stolen Ether with a hard fork.
Those who love, support the philosophy of Bitcoin, respect the immutable history of the blockchain and oppose this hard fork have decided to refuse to update and stay with the old chain (Ethereum Classic) and use the consensus of society to settle the stolen Ether.
As a result, although the lost money was recovered, the consequences of this hard fork caused the Ethereum network to split into two chains, Ethereum (ETH) and Ethereum Classic (ETC).
Ethereum (ETH) blockchain pursues processing speed and plans to move toward Proof of Stake (PoS).
Ethereum Classic is the Ethereum original chain that retains the same system as Bitcoin for a secure, decentralized, autonomous blockchain and continues to be the fulcrum for a Proof of Work (PoW) based economy.
The goal of Ethereum Classic:
- Replace traditional contracts between different parties
- Building decentralized applications
- Trusted Transactions
- Free to pay
- Can’t fake
What is the difference between Ethereum Classic (ETC) and Ethereum (ETH)?
The common purpose of ETC and ETH is to allow anyone to build and use decentralized applications (dapps). However, the direction of the two is completely different.
ETC focuses more on security and usability. Meanwhile, ETH is more focused on performance and scalability.
In addition, ETC and ETH have some differences, please learn more through the following comparison table:
|Block Size||1.1189 KB||24.84 KB|
|Consensus||Proof of Work (PoW)||Proof of Stake (PoS)|
Overview of ETC coins
Basic information about ETC Token
- Token Name: Ethereum Classic Token.
- Ticker: ETC.
- Blockchain: Ethereum.
- Total supply: 210,700,000.
- Maximum power supply: 210,700,000
The role of ETC
- Gas Fee: ETC Token is used as an asset to pay Gas fees in the Ethereum Classic network. This feature is similar to Gas fees on the Ethereum platform.
- Block Reward: Tokens are used as rewards for participating miners on Ethereum Classic. This not only maintains the security but also ensures the safety of the Ethereum Classic network.
On which exchanges can ETC be traded?
In addition, on 5ROI Global, it is also possible to trade ETC, carry out trading operations on ETC on 5ROI at:
Through the article, you have understood what Ethereum Classic (ETC) is? The development history of Ethereum classic and how to own Ethereum classic, hope this article of 5ROI Global has helped you with a lot of useful knowledge before investing.
For investors, trading digital assets is both an opportunity and a challenge with outstanding profit potential. 5ROI Global only provides useful information for investors to grasp, refer to and not provide financial investment advice of any kind.
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