Ethereum Classic (ETC)

Last updated 06/10/2022

Official Website: https://ethereumclassic.org/

What is Ethereum Classic (ETC)?

A hard fork of Ethereum (ETH) dubbed Ethereum Classic (ETC) was introduced in July 2016. With the capacity to host and enable decentralized apps, its primary function is as a smart contract network (DApps). ETC is its native token. Since its development, Ethereum Classic has worked to set itself apart from Ethereum, and as time goes on, the two networks' technological roadmaps are becoming evermore dissimilar.

The Ethereum Classic Foundation is a set of principles created to steer decision-making in a way that promotes ETC's durability and prevents it from being seized, in contrast to other blockchains whose development is governed by corruptible centralized institutions. It is a strong concept that can withstand numerous attacks and stand the test of time.

The absence of top-down control in Ethereum Classic results in antifragility, which is attained by members upholding and honing a decentralization tenet that can be simply stated, clearly understood, and sustained over time.

For Ethereum Classic, principles come first, and the term "Code is Law" is used at the beginning of the project's history to sum up its basic tenets.

Ethereum Classic (ETC) vs Ethereum 2.0 (ETH)

The main difference between Ethereum Classic and Ethereum is that Ethereum Classic is a conservatively run system, focusing on security, while Ethereum is a progressive operated system, focusing on performance. This distinguishes the commercial posture for both blockchains quite clearly.

Ethereum 2.0 appears to be a system that will be more than capable of serving consumers and businesses who need to handle lots of low-value, high-volume transactions. For Ethereum Classic, processing low volume, high value transactions will be handled perfectly.

Unlike Ethereum, Ethereum Classic has no intention of switching to a proof-of-stake (PoS) mining process, while several developers are still working on potential upgrades like scaling options.

What Ethereum Classic is attempting to achieve can be displayed in a rather simple philosophy combining Ethereum and Bitcoin blockchain technologies.

Team

Since Ethereum Classic is the legacy chain of Ethereum, its genuine creators are Vitalik Buterin and Gavin Wood, the original Ethereum developers.

The Ethereum Classic Foundation is an idea, not a collection of individuals.

There is no "formal" team associated with the project, according to the developers.

Roadmap

Ethereum Classics full history can be found here. More mentionable recent events include the following:

12/02/2022 - Mystique Hard Fork on ETC block 14,525,000 - to preserve operational consistency with its sister chain, Ethereum Classic's core developers incorporate the London network protocol improvements of ETH
18/03/2022 - ETC Welcomes New Hashrate - support for the ETChash mining algorithm and the present mining industry is pledged by Ethereum Classic. With the ETH network switching to proof of stake consensus, Ethereum Classic is now in a good position to take on the majority of the disenfranchised Ethash miners
11/04/2022 - Ethereum Classic DAO - with the Ethereum Foundation's abandonment of Ethereum Classic in 2016, stable and long-term funding becomes a challenge. The Ethereum Classic DAO is established with the goal of future-proofing the network's development with an open-source development fund to address the network's LTS financing problem. Using an ETC DeFi stack hosted at EthereumClassic.com, funding is created
18/06/2022 - ETCswap - Classic Ethereum Launch of ETCswap, the first product from DAO. The network will be one step closer to having reliable funding for open-source development on Ethereum Classic as a result. The Ethereum Classic platform will be used to create a professional decentralized protocol stack
31/08/2022 - ETC Hashrate Surges - as the upcoming Ethereum merge continues to cause excitement within the crypto space, Ethereum Classic (ETC), a sister of Ethereum, has seen an 83% increase in hashrate since June 2022
15/09/2022 - ETH's Move to Proof of Stake - the largest EVM network is upgraded to proof-of-stake consensus by the Ethereum Foundation. The largest Proof of Work EVM network is now Ethereum Classic thanks to this Merge event. As the leading network for all Ethash derivative mining techniques, Ethereum Classic's network security increases

The independent development teams and network users are led by the values that make Ethereum Classic such a distinctive network as the ecosystem develops naturally. The network is genuinely immutable, decentralized, and unstoppable. Law is code.

Where to Store Ethereum Classic (ETC)

Ethereum Classic can be stored on many of the most popular wallets currently available. These include:

Exodus
Trust Wallet
Metamask
Atomic Wallet
Math Wallet
Ledger (Cold Storage)
Trezor (Cold Storage)

We always recommend our customers to perform their due diligence and research into any platform they are looking to start using. You may find some general information regarding various wallets on our Wallet Guides page.

Where to Buy and Sell Ethereum Classic (ETC)

You can Buy & Sell Ethereum Classic (ETC) here at BC Bitcoin.

You can Buy ETC by heading over to the Buy Coins page of our website. $ETC is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying Ethereum Classic (ETC) has never been easier, simply place your order and provide your wallet address. Once your payment arrives, ETC will be sent directly to your wallet.

If you choose to Sell Ethereum Classic (ETC), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.

Ethereum Classic (ETC) Resources

Website: https://ethereumclassic.org/

Block Explorer: https://blockscout.com/etc/mainnet/

Github: https://github.com/ethereumclassic

Twitter: https://twitter.com/eth_classic

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.