Ethereum Classic has been the topic of many crypto conversations lately and it’s easy to see why. Originally intended as a joke and then taken seriously, Ethereum Classic has grown into one of the largest cryptocurrencies out there today and seems poised to continue growing in popularity in the months to come. While most people are familiar with the concept of Ethereum, not many know what Ethereum Classic actually is or why it exists in the first place. This article will explore all of these topics, including why Ethereum Classic could be the foundation upon which all other cryptocurrencies are built.
Ethereum Classic was born out of controversy
The hard fork that resulted in the creation of Ethereum Classic came about because a group of users didn’t agree with the decision to bail out The DAO. They believed that bailing out The DAO went against the core principles of blockchain technology, which are immutability and censorship-resistance. Consequently, they mined on the original chain, now called Ethereum Classic. Some people believe that Ethereum Classic is the true foundation of the Ethereum blockchain because it adheres to these principles. It remains to be seen what the future holds for Ethereum Classic, but it’s definitely a project worth keeping an eye on. There are some new developments happening around Ethereum Classic lately: as a result of its commitment to not accepting any changes whatsoever in its software, it has attracted interest from crypto-enthusiasts who view it as having more potential than Bitcoin due to this immutable quality.
How Ethereum Classic grew strong through adversity
Ethereum Classic is a cryptocurrency that was created as a result of a fork in the Ethereum blockchain. The fork occurred after the DAO hack, in which members of the Ethereum community disagreed on how to handle the situation. The fork resulted in two different versions of Ethereum: Ether and Ethereum Classic. Both versions have their own supporters and both have their own unique features. However, Ethereum Classic has maintained its core values by refusing to make any changes or adjustments since it came into existence. It’s this refusal to change for any reason that may be what makes ETC so promising for the future of cryptocurrency. Many people are speculating about the future of ETC, with some predicting that it will become more valuable than ETH. As time goes on, only time will tell what becomes of Ethereum Classic but one thing is certain- it’s here to stay!
The vision for Ethereum Classic is a simple one
We’re proponents of a censorship-resistant, permission less ledger. We believe that for a blockchain to be truly decentralized, it cannot be controlled by any single entity. And we believe that in order for a blockchain to be censorship-resistant, it must be immutable. That is why we are building Ethereum Classic – to fulfill the original vision of the Ethereum blockchain as a platform where anyone can build censorship-resistant applications.
The future of Ethereum Classic: We are committed to building a foundation for the future of decentralized applications. We believe that Ethereum Classic is the best platform for developers who want to build censorship-resistant applications. And we are committed to ensuring that Ethereum Classic remains a stable and secure platform for developers to build on for years to come.
Some good news about Ethereum Classic
It is a decentralized platform that allows you to run Ethereum-based applications without fear of corruption or fraud by third parties.
The Ethereum Classic blockchain is an extension of the original Ethereum chain. It hasn’t been altered and maintains the original integrity of the past like the Ethereum Classic blockchain. Etheruem actually provides a distributed Taurigen-complete virtual machine, the Ethereum Virtual Machine (EVM), powered by an international network of public nodes. The protocol produces a token called Ether, which can be exchanged between parties, stored in wallets of Ether, and is used to compensate computers. Ethereum’s original Ether token provides the foundation for other tokens on its platform, such as BAT and DAI.
There is so much information about Ethereum (ETH) in the public domain that new cryptocurrency holders, especially those invested in Ethereum Classic, are looking for clues about its future.
Supporting projects built on ETC
Ethereum Classic is about more than just cryptocurrency. It’s a blockchain platform that supports projects built on its decentralized network. The future of Ethereum Classic is bright, with a strong community and foundation behind it. Here are some of the projects being built on ETC that we’re excited about
– eternity: eternity aims to create an open-source computing platform for smart contracts that builds upon new breakthroughs in cryptography.
– Brickblock: Brickblock provides an easy way to invest in real estate from around the world using cryptocurrency investments.
– DigixDAO: DigixDAO offers gold backed tokens on Ethereum Classic which can be used as hedging against market volatility or as a store of value similar to precious metals such as gold or silver.
What are the unique characteristics of ETC?
Ethereum Classic is a cryptocurrency that was created as a result of a fork in the original Ethereum blockchain. The fork occurred after a major hack that resulted in the loss of millions of dollars worth of Ether. The fork created two separate blockchain networks: Ethereum and Ethereum Classic. While both networks share a common history, they have diverged in their philosophies and approach to governance. One core difference between ETC and ETH is the use of proof-of-work (PoW) vs. proof-of-stake (PoS). PoW requires miners to solve computationally difficult cryptographic puzzles in order to validate transactions on the network, while PoS validates transactions by placing them on high stakes blocks that are voted on by stakeholders called validators who hold large amounts of coin deposits. Another key difference between Ethereum and Ethereum Classic is the total supply.
Who supports ETC?
While both ETH and ETC share a blockchain history prior to the hard fork, ETC has maintained its original blockchain, while ETH adopted a new one. This event caused a split in the community, with some people feeling that the fork was not true to the decentralized ethos of cryptocurrency, and thus remained committed to ETC. Those who left ETH became known as classicists. While there is still some debate as to which coin is better, many people feel that ETC is the more authentic version of Ethereum. It’s also cheaper than ETH (based on market capitalization), so it may be more suited for investment at this time. For those who believe in decentralization, it may be worth considering investing in this coin.