ETHEREUM CLASSIC (ETC) – A BRIEF INTRO FOR INVESTORS
A hard fork of Ethereum that also offers smart contract and decentralized app technology, but instead is 100% immutable. Since the ledger is irreversible users can be assured their transactions will never be changed.
- Operates the Ethereum Virtual Machine (EVM) for smart contract computation
- Proof-of-stake consensus algorithm
- Block times of about 15 seconds
Ethereum Classic began with an uncapped coin supply, but in 2017 forked to a monetary policy with a hard cap of 210 million tokens.
Smart contracts and decentralized applications run on the turing-complete Ethereum Classic blockchain. The Sputnik VM is a next generation stand-alone virtual machine for developers, and sidechains are being developed to increase scalability for microtransactions
Ethereum Classic operates as a public blockchain in which all transaction information is publicly viewable.
The ETC team has less firepower than Ethereum, with a core development team of 6 people and a team of advisors. The team is supported by IOHK which supports other high-profile blockchain projects such as Cardano.
Ethereum has forgotten about one of the main tenets of blockchain technology, immutability. Ethereum Classic brings the same potential of smart contract technology and decentralized applications, all with a full immutable digital ledger that is irreversible, giving users the confidence that their transactions will never be changed in any way.
When The DAO was infamously hacked in 2016, the Ethereum community had a decision to make.
While founder Vitalik Buterin decided to hard fork the Ethereum blockchain at block 1920000, giving back the funds that were stolen, a large sub-set of developers and advocates didn’t agree with this decision, and decided to continue forward with the blockchain as it was, creating Ethereum Classic (ETC).
While Ethereum Classic began by providing the same basic functionality as its predecessor, the ideology behind the project is for the blockchain to be 100% immutable, with nothing ever to be changed for any reason.
ETC is committed to its proof-of-work consensus model and has instituted a monetary policy with a hard supply cap by reducing the block reward by 20% every 5 million blocks. Even though its counterpart has the bigger name, Ethereum Classic is the continuation of the original Ethereum blockchain.
HOW TO BUY ETHEREUM CLASSIC
Ethereum Classic can be purchased on major worldwide cryptocurrency exchanges. It is most commonly purchased for US dollars or Bitcoin, but be sure to check the coin pairings to determine the best exchange for your needs. One you have picked an exchange, use their instructions to deposit fiat or cryptocurrency and purchase Ethereum Classic.
EXCHANGES WHERE YOU CAN BUY ETHEREUM CLASSIC (ETC)
|EXCHANGE||COIN PAIRS TRADED|
|HitBTC||ETC/USDT, BTC, ETH|
|BTC Markets||ETC/AUD, BTC|
|Bittrex||ETC/USDT, BTC, ETH|
|EXX||ETC/USDT, BTC, ETH|
|Huobi||ETC/USDT, KRW, BTC, ETH|
|Kraken||ETC/USD, EUR, BCT, ETH|
|OKEx||ETC/USDT, BTC, BCH, ETH|
|Poloniex||ETC/USDT, BTC, ETH|
|Upbit||ETC/USDT, BTC, ETH|
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