Ethereum Classic, the virtual currency that can surpass Ethereum
Ethereum Classic cryptocurrency is described as the renaissance of Ethereum, according to users. The digital currency seems more accessible and generates a greater demand compared to its predecessor. It presents a very profitable stock exchange listing for investors who wish to bet or trade ETC. Virtual currency stands out on several points. Discover more details in this article.
Presentation of cryptocurrency
Ethereum classic is a unique virtual currency. Discover its history, its objectives and the difference with Ethereum.
What is Ethereum Classic?
Ethereum Classic is a numeric value that uses an open source blockchain. Digital currency offers the creation of smart contracts. It uses a network called EVM which implements several scripts through the use of a network of nodes. Its unit is the Ether Classic, better known by the acronym ETC.
Ethereum Classic is the primary value of Ethereum (ETH), a cryptocurrency created by Vitalik Buterin in 2013. Digital currency is the result of a division on the original ETH blockchain. The purpose of this separation is to circumvent the risk of piracy within the original blockchain.
The history and goals of Ethereum Classic
The blockchain division of ETH followed a large-scale theft of Ether after a hacking of The DAO project in June 2016. It was the presence of a flaw that encouraged the hacking of 3 , 6 million Ether, the equivalent of $ 50 million.
Ethereum Classic has the same goals as ETH. The platform allows you to create decentralized applications as well as smart contracts. It offers the purchase and download of applications at the heart of a free network. Besides, the price of applications on open source networks is still very competitive.
Ethereum and Ethereum classic
Some users refuse the ETH hard fork taking place on July 20, 2016 and have decided to keep the original version of the chain under another name: Ethereum Classic. The optimized version has kept its original name of Ethereum, while the unique version without hard fork has been called Ethereum Classic.
ETC is not yet at the same level as ETH in terms of performance. Updates are lower at ETC, unlike ETH. Nevertheless, Ethereum Classic offers greater freedom of action to its users. The platform erases any risk of modifications to the blocks recorded in the blockchain.
How does cryptocurrency work?
The immutability of the ETC blockchain is its main asset. To keep this state, here is how the platform works.
Ethereum Classic features
Like Ethereum, Ethereum classic transfers value to other users. It performs smart contracts automatically and irreversibly. The size of the blocks and the reward offered for mining are similar for the 2 platforms.
ETC makes use of the Proof-of-Work consensus. It is therefore up to miners to solve complex mathematical calculations in order to generate new blocks. There are several ETC mining pools, such as Epool, Comining, 2miners, ETC-Poolcrypto, Europool…
Smart contracts were invented in 1994 by Nick Szabo. At the time, no decentralized platform was able to store smart contracts securely. ETC offered the perfect platform to build secure smart contracts.
Smart contracts are used to make transparent, secure transactions and benefit from better traceability. They establish infallible agreements between the different parties. Smart contracts are used to keep participants’ anonymity on the public nodes of the ETC. network. These contracts do not need the intervention of a regulator or an external authority to function.
The pros and cons of this cryptocurrency
Find out what are the pros and cons of this cryptocurrency.
ETC is considered a reliable electronic money because it conforms to the philosophy of immutability preached by the creator of Ethereum. Virtual currency provides pseudo-anonymity thanks to its blockchain technology. ETC meets the needs of investors who favored these types of values when launching the Ethereum project.
Compared to Ether, Ethereum classic is more affordable. Its trading volume is such that electronic money is considered the most traded cryptocurrency after Bitcoin. In addition to these advantages, there are advantages similar to ETH, such as the possibility of creating smart contracts and decentralized applications.
It is however crucial to mention that its major drawback lies in the fact that ETC is incompatible with the new branch of Ethereum. The latter takes advantage of notable updates that do not affect ETC. in any way. Many challenges must therefore be met to match ETH.
It’s complicated to buy Ether Classic tokens directly. Exchanges with other quotes are possible, but the purchase itself is complex, which is a hindrance for users. The distribution of ETC tokens is limited, unlike ETH. The show will stop when 210 million ETC tokens go into circulation.
How to buy this cryptocurrency?
To invest and benefit from the numerous advantages of this electronic money, here is how to proceed.
The best way to get ETC tokens is to trade with other cryptocurrencies, such as BTC, LTC or ETH. To do this, start by buying one of these virtual currencies. Send them to Binance or Bitfinex to make the exchange.
To trade and speculate on ETC tokens, choose the eToro platform. The site has the advantage of being easy to use, even for beginners. Speculation, trading and investing in ETC currency is easy and takes place in as little as 5 minutes.
Why buy this cryptocurrency?
Users agree that ETC. is one of the most promising virtual currencies. The Ethereum Classic price keeps increasing. In January 2017, its price reached $ 1.13. Today, the Ethereum Classic course is at its peak and its value is at 5.27 €.
This virtual currency stayed true to the usage philosophy advocated when Ethereum was created. Between the stable value of the currency, the freedom of action of the platform, the multiple functionalities and the immutability of the ETC blockchain, the currency has everything to appeal to investors.