What is Ethereum Classic (ETC)?

By June 20, 2020Ethereum
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Ethereum Classic (ETC) is a type of Cryptocurrency that it was developed and created from Ethereum’s Blockchain technology. At first, these two blockchains were similar in every way, but until the second hard fork version of Ethereum’s 1,920,000 blocks was launched to refund the entire amount of money in the DAO funds of investors were taken steal. Transactions that work on Ethereum remain in effect with the Ethereum Classic’s Blockchain until it is forked, from which the two blockchains switch to separate activities.

What is the DAO Fund?

DAO (short for Decentralized Autonomous Organization) is a decentralized autonomous organization, a venture capital fund sponsored by investors. DAO raised $ 169 million through token sales during the ICO in May 2016. However, about a month later, the DAO fund was hacked and stolen 3.6 million ETH.

After about three weeks of planning, the Ethereum community decided to take a hard fork, a hard fork to reverse transactions and prevent losses. All stolen ETH is returned to the original owner. However, some argue that Blockchain remains unchanged because hacking is due to DAO issues, not because of any problems with the Ethereum network.

And on 07/20/2016, a group of people in the Ethereum community organized and declared “independence”, Ethereum Classic (ETC) officially became a rival of Ethereum (ETH).

Features of Ethereum Classic

Ethereum Classic operates via Blockchain with smart contracts with specified conditions completed automatically when transactions are conducted.

Participants in the Blockchain network can exchange “Classic Ether” with each other or keep it in their wallets. With “Ether, node participants are also rewarded for performing calculations while checking transactions.

The internal mechanism of pricing transactions, GAS, is used to prevent spam in the network and distribute resources corresponding to the incentives provided by request.

Team

The Ethereum Classic project team consists of a group of independent software engineers and software developers who work full-time on ETC coin projects. Members of the ETC team are very talented, passionate people with Blockchain. Here are the main members of the Ethereum Classic project management board.

Wei Tang left Ethereum Classic in June 2020.

Storage of ETC Coin

You can create Ethereum Classic wallets on many different platforms, from online wallets, cold wallets (offline) to software wallets for computers, wallets on phones and wallets of exchanges. Here are some of the most reliable and safe ETC coin storage cryptocurrencies.

Online web wallet: Coinbase is the best choice to store your ETC coin online.
In addition, ClassicEtherWallet is also a good option, this is the official wallet created by the ETC team itself.
Cold wallets: Ledger Nano S and Trezor are the best hardware or cold wallets for storing ETC
Computer software wallets: Emerald Wallet, Jaxx
Phone wallets: Coinomi and Trust Wallet, these are two very prestigious and powerful mobile wallet platforms.

Conclusion

Ethereum Classic (ETC) is simply understood as the second version of Ethereum. The features of Ethereum classic remain similar to those of Ethereum, such as the use of smart contracts and distributed techniques. Besides, the specifications of Ethereum classic are similar to Ethereum: Average time of block, reward and block size.

You can check ETC price here.

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