Ethereum Classic (ETC) – original Ethereum
What is Ethereum Classic (ETC)?
Ethereum Classic has the same origin as another cryptocurrency – Ethereum. Ethereum Classic is a blockchain based on which you can make different applications. Such applications, which are also called DApps, operate using a code called smart contracts. With its help, people can exchange money, or any other value without intermediaries. On the Ethereum Classic network, on its platform, you can create unique tokens and even NFTs.
ETC was created in 2016 by the Ethereum cryptocurrency development team. They did not agree with the way its blockchain was developing and decided to make a separate project. The moment of manifestation of this disagreement came after a hacker attack on the Ethereum network. Hackers were able to steal a cryptocurrency worth millions of dollars – and the developers had only 28 days to solve this problem until the hackers cashed out the stolen money. Buterin (the founder of Ethereum) and other important players decided to use the simplest solution – to make a hard fork, thus canceling the network hack and return people their money back. Some of the developers did not like this decision. They insisted that the cryptocurrency should be as honest as possible and leave records of a hacker attack in its blockchain, because no one should interfere with the blockchain.
Those people who wanted everything to stay as it was decided to stay on the Ethereum platform and changed its name to Ethereum Classic. True, most of the miners, users and developers still decided to switch to a new network, which was formed as a result of a hard fork and inherited the name Ethereum.
Ethereum Classic Mining
Blockchain works on the principle of “proof of work”, that is, people anywhere in the world can use special software and hardware to verify transfers on the network and maintain its security. For doing this work, miners can receive ETC.
How to buy Ethereum Classic?
Buying ETC, like any other cryptocurrency, should be done only through reliable services, such as a crypto exchange Leoexchanger!
Ethereum Classic price dynamics (USD)
As of August 2022, 1 ETC is worth approximately $31.98. The total market capitalization is $4,362,641,572.
The price movement chart is shown below:
How to store Ethereum Classic?
You can store ETC in different places. Here are the main storage options – official wallet, paper and hardware wallets, online wallet, exchange account, mobile application. You need to choose the option that is the most convenient for you.
More information:
