Ethereum Classic (ETC) - a hard fork of Ethereum (ETH) that was launched in July 2016. Its main function - to enable the hosting and support of decentralized applications (DApps) as a network of smart contracts. Its native token - ETC.
Contents:
What is Ethereum Classic (ETC)?
Since its launch, the project has strived to differentiate itself from Ethereum, with the roadmap of the two networks, drifting further and further apart over time. Ethereum Classic has decided for the first time to preserve the integrity of the existing Ethereum blockchain. The project is actually a legacy Ethereum chain and its true creators are the original Ethereum developers Vitalik Buterin and Gavin Wood. The developers state that the project does not have an official team and that its global developer community is a community that anyone can participate in.
Project uniqueness
The main goal of Ethereum Classic - to keep the Ethereum blockchain as it was originally, without artificially counteracting a DAO hack.
Why should you trust this project:
| Fees | As a voluntary organization, the ETC developers do not seek to turn the network into a commercial organization. Users pay transaction fees, just like in Ethereum, and miners collect them, based on the work, done according to the proof-of-work (PoW) mining algorithm. |
| Future | Ethereum Classic has no plans to move to a proof-of-stake (PoS) mining algorithm, while several developers continue to work on future improvements such as scaling solutions. |
Unlike any others, the community has been in complete control of the project from the very beginning. A week after the launch of the official website, the Poloniex exchange registered ETC, which meant that other crypto markets officially recognized the new cryptocurrency.
Tokenomics
ETC uses a PoW mining algorithm that functions like Bitcoin - miners get rewards with new coins for validating the blockchain in competition with each other. The ETC block reward decreases over time. ETC - a major market cap cryptocurrency and is freely traded on a large number of major exchanges. Exchanges that allow you to buy Ethereum Classic include:
- Binance;
- OKEx;
- Huobi Global.
Pairs are available against stablecoins, other cryptocurrencies and fiat currencies, while derivatives and institutional investment vehicles also exist.