Learn about Ethereum Classic
Ethereum Classic (ETC) emerged from the original Ethereum blockchain, developed by Vitalik Buterin and his team to enable decentralized applications (dApps) and smart contracts. After a contentious hard fork in 2016, Ethereum Classic became the immutable version of Ethereum, maintained by miners committed to Proof of Work (PoW) and decentralized governance.
How Does Ethereum Classic (ETC) Work?
Ethereum Classic operates on a Proof of Work (PoW) consensus mechanism, similar to Bitcoin. Key functionalities include:
- Smart Contracts: Self-executing agreements written in code, eliminating intermediaries.
- Mining: Miners secure the network by solving computational puzzles to validate transactions.
- Immutability: ETC refuses protocol changes post-fork, ensuring transaction permanence.
Key Features:
- Decentralized Governance: No central authority controls the network.
- Fixed Supply: Capped at 230 million ETC to prevent inflation.
Who Are the Founders of Ethereum Classic?
- Original Team: Led by Vitalik Buterin under the Ethereum Foundation (2015).
- Hard Fork Catalyst: A 2016 DAO hack triggered a split, with ETC rejecting the fork to preserve blockchain immutability.
- Technical Roadmap: ETC permanently disabled Ethereum’s "Difficulty Bomb," ensuring PoW longevity.
What Makes Ethereum Classic Unique?
- Immutable Blockchain: Transactions cannot be altered or reversed.
- Proof of Work Commitment: Unlike Ethereum’s shift to PoS, ETC remains PoW-based.
- Fixed Monetary Policy: Predictable token supply enhances scarcity.
Ethereum Classic’s Value Proposition
- Utility: Powers dApps, smart contracts, and peer-to-peer transactions.
- Governance: Holders participate in network decisions.
- Speculative Asset: Traded on major exchanges with over $1 billion daily volume.
Supply and Security
- Circulating Supply: ~230 million ETC (max cap).
- Security: PoW and 51% attack prevention via EtcHash algorithm (post-2020 upgrade).
How to Use Ethereum Classic
Wallets:
- Hardware: Ledger, Trezor (most secure).
- Software: Custodial (e.g., Kriptomat) or non-custodial apps.
- Web-Based: Convenient but less secure.
Mining:
- PoW-Based: Requires GPU/ASIC rigs.
- EtcHash Upgrade: Enhances network security post-51% attacks.
Ethereum Classic FAQs
Is ETC a Competitor to Ethereum?
Yes. ETC competes by adhering to PoW and immutability, diverging from Ethereum’s PoS model.
Can You Stake ETC?
No. Ethereum Classic exclusively uses PoW mining.
How to Buy ETC?
Purchase via exchanges like 👉 Kriptomat using fiat or crypto.
Current ETC Price:
Check real-time data on tracking platforms or exchanges.
Conclusion
Ethereum Classic remains a historically significant blockchain with a loyal community. Its commitment to immutability and PoW offers a distinct alternative to Ethereum, appealing to purists and miners.
👉 Explore ETC further or start mining today!