Ethereum Classic Is A Licensed, Decentralized Computing Platform Based On Blockchain Technology And The Original Ethereum Code, Based On Smart Contracts.

Ethereum Classic Digital Currency creates in 2016 (2016) ‌ during the DAO (Decentralized Autonomous Organization) dispute with the hard fork blockchain of Ethereum  China. The Ethereum   Classic Code is called Classic Ether and is represented by the acronym ETC.

Smart contracts are autonomous digital programs programmed and automatically executed, and Ethereum is the classic decentralized Chinese blockchain for creating these contracts and decentralized programs (dApps).

Founders of Ethereum Classic

In fact, the main chain and old Ethereum Classic Ethereum Network and its founders are also the founders of Ethereum: Vitalik Buterin and Gavin Wood.

Vitalik Buterin, the full name of Vitali Dymytryvych Bvtryn, January 31, 1994, was born. He Rvsykanadayy programming, founder of Bitcoin (Bitcoin Magazine), is. Gavin James Wood (Gavin Wood), the creator of Polkadot, computer engineering, and before creating English Ethereum, worked as a research engineer at Microsoft. He considers the Ethereum network as a computer for the whole world, and together with Vitalik, he created the best Ethereum network in 1372 (1993).

History of the origin of classical Ethereum

After the idea, Vytalyk Bvtryn created a new programming language to carry out tasks without the need for intervention by Bush on the network block China in 1392 (2013). He welcomed the Bitcoin was not. He decided his idea solely into practice, and thus Ethereum was Introduced. After two years and with the significant growth of these cryptocurrencies, its price reached $ 21.

The  Ethereum network was based on smart contracts. The DAO (Decentralized Authority) was a  complex smart contract used to raise capital in developing decentralized applications (dApps) of the Ethereum Network.

After purchasing Ethereum and investing in the DAO project, users received the right to vote by receiving several tokens. With the flexibility, flexibility, and transparency of this smart contract and its overwhelming acceptance, Ethereum was able to raise an initial investment of about $ 150 million in a matter of weeks.

According to one of the terms of the DAO contract, the transfer of the purchased ether was possible after 28 days. Using this security hole, an unidentified hacker stole more than $ 50 million from the Ethereum network in July 2016 (July 2021). The attack crippled the fledgling Ethereum network and concerned only the structure of the DAO. People’s general perception of the Ethereum platform and its cryptocurrencies changed, and the price of Ethereum dropped from $ 20 to $ 13.  Ethereum developers now had 28 days to either find a solution or accept the stolen money and consider it normal in China’s decentralized blockchain network.

The development team of this digital currency decided to do Softfork to maintain its credibility. They wanted to prevent the hackers from transacting without changing the network blockchain rules of the network and to return the stolen amount by ignoring the blocks involved in this transaction. However, this could send large amounts of false demand to the Ethereum network server, exposing it to DDoS attacks.

Eventually, most Ethereum communities and their founders agreed to do a hard-fork to solve the problem. Hardworking allowed $ 50 million to be recovered, and the blockchain restored the Ethereum network to its pre-attack state. Some people at Ethereum founded Hardfork, arguing that it would undermine network integration and decentralization, resulting in an ideological divide between those who oppose and those who support the solution.

Hardfork opponents believed that the law was written in the same code and that blockchains should not be changed according to human will.

Hardfork on block 1,920,000 was made before the attack, resulting in a new blockchain and digital currency, and the owners of the old cryptocurrencies were given a new cryptocurrency. The hard fork opponents remained on the old Ethereum chain and renamed it the Ethereum Classic. Because the classical Ethereum remained on the same old code as the Ethereum blockchain, it is sometimes referred to as the original Ethereum.

Why is Ethereum Classic unique?

The main purpose of the Ethereum Classic was to preserve the originality of the Ethereum china block. The proponents of this digital currency were initially the only opponents of Hardfork; But after Hardfvrk, the old network of more fans, including investors, including Barry Sylbrt (Barry Silbert), CEO Grayscale, found.

Given that Ethereum is a classic self-governing organization, the developers have no intention of turning its network into a for-profit institution. Therefore, users of this network must pay for the transactions, and the miners receive them based on the work done according to the Work Witness Algorithm (PoW) algorithm.

Unlike Ethereum, Ethereum Classic has no plans to change its algorithm to a Stochastic Evidence Algorithm (PoS). At the same time, many developers are looking for solutions for its scalability and future enhancements.

Benefits of Ethereum Classic

Ethereum Classic In addition to all the benefits of the Ethereum blockchain, it also has special features; Including:

• Immutable: It is not possible to change or delete transactions after registering in the blockchain. This feature was the main reason for the divergence of the Ethereum chain, and in addition to maintaining decentralization, it ensures security and code integrity.
• Decentralized: The consensus mechanism in the classical Larium network is based on the evidence-based algorithm. Transactions are performed without intermediaries or central reference, and smart contracts are executed automatically.
• Quick & Affordable Transactions: The automated transaction approval process is done faster and at a lower cost.
• High Reliability: Ethereum Classic Blockchain has managed a wide range of smart programs, contracts, and transactions over the past five years without the need for third-party intervention, server downtime, fraud, and censorship, demonstrating high reliability. It is.
• Programmable: The Ethereum blockchain is programmable, and developers can create apps such as financial services or games on its smart contracts.

Ethereum Classic Network Security

Ethereum Classic network security is provided using a proof-of-work algorithm; But as a sub-chain, it has suffered numerous attacks. Double Pecan and 51% attacks to gain control of the mining and fraudulent transactions are examples of these attacks, the most recent in August 2020.

Ethereum (ETC) Similarities to Ethereum (ETH)

• The Ethereum Classic blockchain was the same as the Ethereum network blockchain before the hard fork.
• Ethereum Classic is created without any external interference and changes in transactions to continue the same Ethereum blockchain.
• Ethereum Classic is a decentralized, programmable Chinese blockchain like Ethereum, similar to Ethereum in terms of smart contracts and decentralized applications.
• The Ethereum Classic smart contract programming language is the  Ethereum programming language and is called Solidarity.

Differences between Ethereum Classic (ETC) and Ethereum (ETH)

• Ethereum Classic is a valuable digital currency with many benefits, But Ethereum seems more legal and more traded between people in the community. Analyzes on the amount of investment of individuals in these two cryptocurrencies also indicate the definite popularity of Ethereum.
• Ethereum Classic, with a market share of $ 9.3 billion, has 116.3 million tokens in circulation;  Ethereum, meanwhile, has a market share of $ 9.304 billion, with 115.6 million tokens in circulation.
• In the Ethereum network, ethers are produced at a fixed rate, and there is no limit to the supply rate in this network. Still, the developers of Ethereum Classic have decided to keep the number of tokens constant at 210 million, which is why Ethereum Classic has a small market share compared to Ethereum.
• An Ethereum token is currently worth much more than a classic ether unit. For example, on April 27, 2021, each unit of classical ether traded at $ 65.33, and ether traded at $ 2,600 per token on the same date.
• Both networks use smart contracts; But given the security concerns that have previously been raised about Ethereum Classic smart contracts, investors are more inclined to invest in Ethereum digital currency.
• The consensus mechanism used in the classical Ethereum is based on the evidence-based algorithm. Still, Ethereum uses the same mechanism, and its developers are looking to change its mechanism from PoE to Algorithm to PoS. With this change, the Ethereum network will be faster and more efficient than the Ethereum Classic, and the scale of transactions will increase significantly. Some Ethereum Classic users are hoping that its network will follow suit.
• One of the leading developers of Ethereum Classic believes that almost 90% of decentralized users and applications (dApp‌s) were transferred to Ethereum after the hard Ethereum of the Ethereum network; Therefore, there are more decentralized programs on the Ethereum than on the classical Ethereum.
• Ethereum can be set using the graphics card (GPU) installed in a computer system that sand mining, say, easily extracted. The ASIC device is also made for Ethereum mines, But the possibility of extracting it will disappear with the advent of Ethereum 2.

How are many Ethereum Classic (ETC) cryptocurrencies in circulation?

Ethereum Classic is technically very similar to Ethereum, But it differs in how DAO attacks are managed. After the emergence of Ethereum Classic in December 2017, its network users voted to stop the supply of Ethereum Classic cryptocurrencies, making changes in its token comic economy. As a result of this change, its maximum supply of 210 million and 700 thousand classic ethers was confirmed, almost ten times the total supply of bitcoins; While Ethereum has no restrictions on supply.

Ethereum Classic, like Bitcoin, uses a proof-of-work algorithm, with miners competing with each other in the Chinese block for validation, and the rewards will diminish over time. The next reduction in block rewards on the Ethereum Classic network occurs in block 15,000,000 and approximately April 1402, where the payout for each block changes from 2.3 ETC to 2.5 ETC.

Extraction of Ethereum Classic Crypts (ETC)

Ethereum Classic extraction does not require mighty equipment or hardware.

Classic ether can be extracted using GPUs and does not require specialized ASICs to get started. Classic  Ethereum Mines can easily be done with a powerful gaming desktop and NVIDIA or AMD graphics card.

If your desktop has an Nvidia 1080 or higher series graphics card and four gigabytes or more of VRAM / RAM, it can easily set up an extraction rig. Even if six graphics cards are used in the Ethereum Classic extraction rig, power consumption will still be economical; But updating the hardware drivers used in this process is essential to have a smooth extraction. The cost of classical Ethereum extraction is also much lower than Ethereum extraction.

Buy Ethereum Classic (ETC) Cryptocurrencies 

Ethereum Classic is a precious digital currency market and is supported by many exchanges. Some of them are:

• Binance
• OKEx
• Huobi Global

Ethereum Classic bags

After purchasing Ethereum Classic tokens, you will need to choose the right wallet to keep them safe. In the image below, each of these types of wallets is mentioned along with their features:

Some of the recommended safe options for Ethereum Classic on the Ethereum Classic website  include:

Walta subjugated

• Square link
• MyCrypto
• MyEtherWallet

Browser states

• Qone
• Opera
• Metatask
• Brave

Hardware states

• Ledger
• Trezor
• HTC Exodus
• Bitski
• CootBitX
• SafePal
• Parity Signer

Software cases (desktop or mobile)

• ABRA
• Atomic Wallet
• eToro Wallet
• Coinomi
• Huobi
• Infinito Jaxx Liberty
• Trust Wallet
• Coinbase Wallet

Ethereum Classic (ETC) Crypto Price Price History

Ethereum Classic was valued at $ 0.6 at the time of its launch in 2016 (2016), and investors consider the fall of 2017 (the end of 2017) to be the year of its growth.  The ethereum Classic reached its highest price ($ 267.177) in mid-May 1400.

The future of classical Ethereum

The value of classical Ethereum cryptocurrencies is almost constant and fluctuates compared to other cryptocurrencies due to its price chart. This price stability is not a good reason to buy classic ether; Because fluctuations in the price of digital currencies are always seen, and there is a possibility of their fall or increase at any time. Investors have suggested that the best way to invest in an Ethereum Classic is to spend a small portion of your savings. This digital currency has a lot of growth potential and is a good alternative for testing and launching small projects, But complete success cannot guarantee.

What do users think of Ethereum Classic? How do you evaluate the market and its future compared to Ethereum?