Whether you’re well versed in cryptocurrencies or completely new to the subject you should have heard of the 2 front runners Bitcoin & Ethereum.
Ethereum was released in July of 2015 and had steady growth before developers reached an impasse. The introduction of the DOA (decentralized autonomous organizations) 2 months in saw the introduction of Smart contracts, the ER20 token and many of the features that make Ethereum popular today. However, during the initial release of DOA it had a security flaw which was exploited and millions of dollars worth of Ethereum were stolen.
The hack along with the debate on DOA split the Ethereum community and it was eventually decided to fork the blockchain. To put it simply Ethereum has also gone through a hard fork similar to the situation with Bitcoin forking into Bitcoin Cash. The original concept of Ethereum was renamed Ethereum classic while the new fork was dubbed Ethereum.
What is Ethereum Classic (ETC)?
Ethereum Classic is an open-source, peer-to-peer, computing platform based on blockchain technology and the original Ethereum code. Just like Ethereum, it provides a value token, or “altcoin”, called “classic ether” which is used to pay users for products and services, and as a transaction fee when using decentralized apps and smart contracts.
Ethereum Classic (ETC) is just a different version of the Ethereum (ETH) code base and blockchain. The two blockchains are identical up to block number 1,920,000 and after that, they started working based on different rules, so the transactions and state changes happen independently of each other.
Why should you pay attention to Ethereum Classic?
Smart contracts are autonomous digital applications that are capable of running by themselves as per programme instructions, and follow the principle of “Code is Law.” Smart contracts enable seamless execution of trusted transactions and agreements among various parties while maintaining participant anonymity on the network’s global public nodes. They run without the need for any central regulator, legal framework, or external enforcement authority.
They facilitate transparency, traceability, and foolproof execution of the transactions. There is no possibility of any external interference, manipulation, or censorship for the working of such applications on the Ethereum Classic network.
Ethereum Classic provides a “Turing complete” virtual machine that is distributed on the blockchain network and comes with built-in programming language capability. It gives developers the flexibility to write code or develop applications that can solve any reasonable computational problem through the process of mining.
To prevent the network from getting spammed and to efficiently allocate the available resources, an internal transaction pricing mechanism, called Gas, is incorporated as an integral part of the Ethereum Classic system. All kinds of mining activities performed by the various participants are also rewarded by the Gas system.
What is Ethereum Classic used for?
Products and services
Many merchants providing their products and services online are already accepting bitcoin and they often also take ETC, if not you can use services like shapeshift to convert your ETC into BTC or ETH which are more widely accepted.
Can you mine Ethereum Classic?
Ethereum Classic uses proof of work to secure its blockchain and therefore it can be mined. You will need to download Geth which communicates with the Ethereum network once installed, you can mine using your CPU or GPU.
If you don’t have the technical expertise to set up a rig and join a mining pool you can also try buying a cloud mining contract with sites like Hashflare or Genesis Mining and mine Ethereum Classic.
Can you earn Ethereum Classic?
ETC users can earn digital currency via exchanges. Users can earn coins through trading on different fiat and cryptocurrencies and take advantage of market fluctuations.
Since ETC makes use of Proof of Work, users who want to support the network can actively mine the blockchain in exchange for ETC rewards.
Where can you buy Ethereum Classic?
Ethereum Classic is listed on a range of international cryptocurrency exchanges and is actively traded on websites like:
- Bitcoin Indonesia
- BTC Markets
- Mr. Exchange
Should you invest in Ethereum Classic?
While I don’t want to get into too much debate and stir up the 2 Ether camps I do have a strong feeling that Ethereum is so far ahead and the adoption so strong that Classic simply won’t be able to catch up.
As for Ethereum Classic ever amount to anything valuable in the future, It’s hard to say right now. Ethereum Classic is still a revolutionary technology and still has unique capabilities in extension, it is really down to the community support and where they take it from here.
While I don’t see ETC fading anytime soon may remain alive as a novelty or gimmick in the years to come, but it would take nothing short of a miracle for it to ever top ETH is doing right now.
For more on Ethereum Classic check out their github website
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Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.