What is Ethereum Classic?

Ethereum Classic (ETC)


Ethereum Classic (ETC) is a split cryptocurrency of the regular Ethereum (ETH). It is not a new crypto, but rather a separate digital currency of the standard ETH. After a group of unknown hackers has taken 150 million dollars from ETH’s fund. The ETH community, so they think of a way on how they could get back the 150 million dollars.

At the time, DAO holds the largest total supply of ETH. They have thought of an idea of creating a hardfork; this refers to a change in the protocol that either validates or blocks previous transactions. They have stopped the Blockchain that they had and created something fresh from scratch. But there are ETH miners that don’t want to create a new fork, so they have created their own, and that gave birth to Ethereum Classic, ETC. Ethereum was divided into two cryptocurrencies- ETC and ETH and each crypto act individually.

ETC has a market capitalization of almost 150 million coins, there are 91 million coins in circulation, and each coin is around 5 dollars’ worth. One of the most anticipated parts of ETC is that it has an upcoming software release perhaps in the expected date at early June. They also plan on releasing newer and better versions of the software in the fall of 2017.

ETC vs. Ethereum (ETH)

Members who have supported the hard-fork believes that the contract of law, which is the original terms and conditions are stated can be altered and should follow what the major people have to say. Compared to standard ETH which is a hard-fork to violate a contract. It is far less likely that ETC will ever hurt for to change a contract.

There’s a huge change that ETC would probably be cheaper than ETH to launch a smart deal. Furthermore, ETC has a solid development team. Though a lot of crypto traders think that ETC will soon surpass ETH, we can still never be sure if that’s going to happen. But, we would say that the possibility is out there that it could happen.

 Ethereum Vs Ethereum Classic Video

Why Classic?

            Classic was added to the original Ethereum name because it’s a continuation of the regular ETH. The crypto developers have said that ETC is going to be the classic version with no untampered history and no interference during transactions. It is a platform that runs with smart contracts, purposely designed for people to be free from downtime, fraud, censorship, and having to deal with intermediaries.

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