Ethereum Classic- Everything you should know about this Cryptocurrency
Since the time when Bitcoin was introduced, there has been a sea of digital currencies in the market. Some are highly successful like Bitcoin, while some are not so successful. Presently, there are more than a thousand currencies, and among them is the Ethereum Classic. However, there is huge confusion between Ethereum and its Ethereum Classic, and which is the best to invest on. Before we dive into Ethereum Classic, let us first clear the air about Ethereum.
Ethereum- The Elder Currency-
A brainchild of Vitalik Buterin, Ethereum was created in 2013 to perform things which Bitcoin is unable to do. It was formally announced at The North American Bitcoin Conference in Miami in 2014. It was not just built as a cryptocurrency, but a hub to code, run and execute DApps and Smart Contracts.
Smart Contract is a contractual state stored in Blockchain and is executed only after conditions are met. In fact, Smart Contracts are the one which runs the entire Ethereum Ecosystem. The best thing is this contract is completely automated and applications running on these platforms are appealing.
The DAO Attack-
Two after the launch of Ethereum, the community launched Decentralized Autonomous Organization (DAO) to work as a decentralized venture capital fund for decentralized crypto projects. The main purpose to introduce is to create a stateless decentralized organization having no board of directors, but independent investors to act over it.
In the year 2016, DAO went ahead for crowd token sale with $150 million in the pocket. This stood out to be the second largest crowd sale ever. Unfortunately, after sometime due to some flaws, DAO code got exploited and hackers drained $50 million of the total funds. This really created panic among investors and avoided investing over it.
Hard Decision Ahead-
With these unfortunate events, many investors and Ethereum community members lost their money. Since Ethereum was in the infant stage, the prices of this currency dropped. Even though hackers exploited DAO code, not Ethereum's, Ethereum still had to pay money to retain its reputation. This attack certainly shattered the confidence of people towards investing in cryptocurrencies.
This is when Ethereum community decided they would go for Hard Fork this crypto and restore the confidence of investors over it. Hard Fork is a kind of split or divergence where the community members decide that they will not follow similar protocols on the same platform. Upon implementing Hard Fork, it made the hacked transaction invalid to create a whole new version called as "Ethereum Classic".
What is Ethereum Classic?
According to its official website, Ethereum Classic is a smarter version of its hacked predecessor. It allows people to send and receive value and create complex contracts that operate autonomously. It is also a decentralized program Blockchain and works with the same functions of decentralized apps. It carries the similar smart contract language called as Solidity.
ETC vs. ETH- The Difference-
Since they both come from the same makers, but both carry some differences which you should know before investing.
ETC runs on similar protocol and does the similar function. It has the value because of the spectacular market, much like other alt-coins out there.
ETH, on the other hand, is similar to Software Company wanting to grow and has more hard forks than ETC. ETH has value due to the mix of the spectacular market, carrying good support from the community. For instance, Ethereum Alliance consists of billion-dollar firms like Accenture, JP Morgan, Microsoft and others.
The Ideology Difference-
Between ETH and ETC the difference is not just about features and value, but also an ideology. The decision to Hard Fork ETH was completely based on the fact of missing $50 million which was still on the hacker's child DAO and couldn't be accessed for 28 days due to smart contract. So the ETH community had only three options-
- Do Nothing- The Code is Law is an integral component to immutable blockchain believers supported by ETH. Majority of people from the community weren't happy that $50 million were hacked.
- Soft Fork- This gave holders the choice whether to update or not. Whichever decision was taken, holders can still interact. The main concept behind this was to isolate all blocks containing hacker's transactions.
- Hard Fork- There is a slight difference between hard and soft pork. The hard fork didn't allow updated and non-updated holders to interact. In case, any holder doesn’t join the upgraded blockchain, then there will be no interaction with users.
Why Opt for Ethereum Classic?
Many blockchain investors prefer ETC because of its largest network activity and is consistently higher than Bitcoin Cash. There is a huge team that works towards the success of ETC. Currently; ETC is under top 10 and continues to grow. Here are certain things that you should know and reason to invest over it-
ETC runs on three principles-
- Technology- ETC is built to allow high-value transfers and carriers IoT applications rather the complex Ethereum Virtual Machine (EVM). The developing team works hard to keep the ETC highly safe and tech oriented
- Community- Many blockchain communities carry centralized leadership. The entire community is structured to avoid issues in decision making. Moreover, there is no biased governance involved in the community.
- Immutability- The account of ETC cannot be modified by others. Some blockchain carries different policies allowing participants to use social and economic power to vote on behalf of others.
How to buy ETC?
If you are looking forward to buying ETC tokens, then buying it directly from flat currency is quite difficult. However, you can exchange other coins like BTC, LTC, or ETH in exchange of ETC tokens. To buy ETC tokens-
ETC address where you would want to get ETC tokens
Some Bitcoins to exchange ETC
You can do these exchange things on Changelly or ShapeShift. Shapeshift supports more than 30 cryptocurrencies including ETC. So you have options to choose between both.
Below is the list of cryptocurrency exchanges listing ETC-
- Binance: Supported pairs are ETC/BTC, ETC/USDT, ETC/BNB, ETC/BNB
- Bittrex: Supported pairs are ETC/BTC, ETC/USD, ETC/USDT, ETC/USDT
- Gate.io: Supported pairs are ETC/BTC, ETC/ETH, ETC/USDT
- KuCoin: Supported pairs are ETC/BTC, ETC/ETH
- Bitfinex: Supported pairs are ETC/BTC, ETC/ETH
If you are looking for ETC Wallets, then below is the list-
- Hardware Wallets – Trezor, Ledger Nano S
- Mobile Wallets – Jaxx (iOS, Android)
- Desktop Wallets – Jaxx (Windows, Mac OS, Linux), Mist (Windows, Mac OS, Linux)
- Web Wallets – Classic Ether Wallet
- Paper Wallets – Classic Ether Wallet
Ethereum Classic Future-
Since countries like South Korea, Japan and other Asian countries are showing the keen interest in investing over ETC, there will be a good volume of trading in future. However, the time will only tell what the future holds for ETC. Keeping market perspective in mind, ETC is the competitive coin and in the last two years, the platform has grown by 1600% giving a positive hope to investors. Here, one needs to understand that ETC isn't about ICOs and neither is competing with other top Blockchains. The major aim is to facilitate smart contracts for Iot.
If we consider the words from Tyler Winkelvoss from his interview in February 2018 when he said, "cryptocurrencies facilitate machine-to-machine trades of economic value. Cars of the future getting involved in a crash won't settle the dispute by accessing a bank account, but by making quick crypto transactions to settle the dispute." ETC will have a bigger role in future. It will enable all devices connected to the interest to trade value according to smart contracts.
According to Charles Hoskinson, co-founder of ETC, “And the great value for the Ethereum Classic community for the road ahead is that we now have to pursue a completely different roadmap from where Ethereum is eventually going to go. It is sure going to be a fight ahead but we have to be our own guide,”
If you are planning to buy ETC then check the value. If the value is low and in case there is any hacking takes place you are set to lose less and gain better in near future. It is important that you do an in-depth research about ETC before going ahead to invest.