Ethereum Classic (ETC) Power of Immutable Finance

Ethereum Classic (ETC): Power of Immutable Finance With Ethereum Classic (ETC)

Cryptocurrency, a groundbreaking evolution in the realm of finance and technology, represents a digital form of currency that operates on decentralized networks using cryptographic principles. At the forefront of this digital financial revolution is Ethereum Classic (ETC), an open-source blockchain platform that extends the capabilities of its predecessor, Ethereum. At its core, cryptocurrency is built upon blockchain technology, a distributed and immutable ledger that records transactions across a network of computers. Ethereum Classic, as one of the prominent cryptocurrencies, goes beyond mere digital currency by introducing the concept of smart contracts—self-executing contracts with coded terms. These smart contracts facilitate trustless and transparent transactions, removing the need for intermediaries and empowering individuals to engage in a wide array of decentralized applications (DApps) on the Ethereum Classic network.

In the intricate web of blockchain, Ethereum Classic operates on a proof-of-work consensus algorithm, relying on miners to validate and add new transactions to the blockchain. This ensures the security and integrity of the network, preventing malicious activities and maintaining a transparent transaction history. Ethereum Classic, born out of a commitment to the immutability of the blockchain, stems from a split in the Ethereum community in 2016, following the infamous DAO hack. Despite challenges, Ethereum Classic remains steadfast in its mission to provide a censorship-resistant and decentralized platform for the development and execution of smart contracts. As users navigate this dynamic landscape, Ethereum Classic stands as a testament to the enduring power of decentralized, trustless, and secure financial systems.

Ethereum Classic ETC Price (USD)

Table of Contents

What is Ethereum Classic (ETC)?

Ethereum Classic (ETC) stands as a resilient and immutable blockchain platform, a branch that emerged from the Ethereum community in 2016 following a contentious fork. At its core, Ethereum Classic shares many features with its sibling Ethereum, utilizing smart contract technology to enable decentralized applications (DApps) and self-executing contracts. What sets ETC apart is its commitment to preserving the original principles of blockchain, namely immutability and decentralization. This commitment was tested during the infamous DAO hack, where the Ethereum community faced a dilemma over whether to reverse the transactions or maintain the integrity of the blockchain. Ethereum opted for a hard fork to rectify the situation, while Ethereum Classic adhered to the principle of “code is law,” choosing to retain the unaltered blockchain. This decision solidified Ethereum Classic as a blockchain that prioritizes censorship resistance and the sanctity of its transaction history.

As a result of this steadfast commitment, Ethereum Classic has become a platform where developers and users can engage in trustless and transparent transactions, building decentralized applications without fear of interference or alteration. It operates on a proof-of-work consensus mechanism, relying on miners to validate transactions and secure the network. Ethereum Classic continues to evolve, maintaining its position as a testament to the importance of principles such as immutability and decentralization in the ever-expanding landscape of blockchain and cryptocurrency.

Ethereum Classic (ETC) logo

How Does Ethereum Classic Work?

Ethereum Classic (ETC) operates as a decentralized blockchain platform, employing a similar structure to its predecessor, Ethereum. At the heart of ETC’s functionality lies the concept of smart contracts—self-executing contracts with predefined rules and conditions. These smart contracts are executed on the Ethereum Classic blockchain, enabling decentralized applications (DApps) to run without the need for intermediaries. The key components of how Ethereum Classic works include its blockchain structure, consensus mechanism, and commitment to immutability.

The Ethereum Classic blockchain is a distributed ledger that records all transactions across a network of computers, known as nodes. Each node maintains a copy of the entire blockchain, ensuring transparency and security. Ethereum Classic operates on a proof-of-work (PoW) consensus mechanism, where miners compete to solve complex mathematical problems to validate transactions and add them to the blockchain. This process ensures the security and integrity of the network, making it resistant to malicious attacks.

One of the distinguishing features of Ethereum Classic is its unwavering commitment to immutability. This commitment was underscored during the DAO (Decentralized Autonomous Organization) hack in 2016, where Ethereum Classic chose not to reverse transactions, maintaining the principle that “code is law.” This decision solidifies the platform as a haven for those who value censorship resistance and the preservation of the original blockchain. As a result, Ethereum Classic continues to provide a decentralized and secure environment for developers and users to build and engage in a wide range of decentralized applications.

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Who Are The Founders of Ethereum Classic?

Ethereum Classic (ETC) does not have traditional founders in the same way that some other cryptocurrencies or projects do. Instead, Ethereum Classic emerged as a result of a contentious hard fork within the Ethereum community.

In 2016, following the DAO (Decentralized Autonomous Organization) hack, the Ethereum community faced a significant decision on how to address the exploit. There were differing opinions within the community, leading to a split. One faction believed in maintaining the immutability of the blockchain and not altering the transaction history, adhering to the principle that “code is law.” This group continued with the original Ethereum blockchain and became known as Ethereum Classic.

The individuals involved in the creation of Ethereum Classic were essentially those who chose to remain on the original chain, and they did not establish Ethereum Classic in the way that founders typically create and launch a new project. The community-driven nature of Ethereum Classic means that it doesn’t have a central founding team, but rather a decentralized group of participants who share common values regarding blockchain principles.

What Makes Ethereum Classic Unique?

Ethereum Classic (ETC) distinguishes itself in the cryptocurrency space through several unique features and principles:

  1. Immutability and Code Is Law Philosophy: Ethereum Classic is renowned for its unwavering commitment to immutability. In the face of the DAO hack in 2016, while Ethereum (ETH) underwent a hard fork to reverse the exploited transactions, Ethereum Classic chose to maintain the integrity of its blockchain, adhering to the philosophy that “code is law.” This commitment to the immutability of the blockchain, even in the face of security challenges, sets Ethereum Classic apart as a blockchain that prioritizes the sanctity of its transaction history.

  2. Decentralization and Censorship Resistance: Ethereum Classic places a strong emphasis on decentralization and censorship resistance. By opting not to reverse transactions in response to the DAO hack, Ethereum Classic demonstrated a commitment to resisting external interference and maintaining a trustless environment. This ethos attracts users and developers who value the principles of a truly decentralized and permissionless blockchain.

  3. Original Ethereum Vision: Ethereum Classic is, in essence, the continuation of the original Ethereum blockchain. Its existence is a result of a divergence in the Ethereum community regarding how to handle the aftermath of the DAO hack. Ethereum Classic proponents believe in preserving the original vision of Ethereum, which includes providing a platform for decentralized applications and smart contracts while upholding the principles of immutability.

  4. Smart Contracts and Decentralized Applications (DApps): Like Ethereum, Ethereum Classic supports smart contracts and decentralized applications. This functionality allows developers to create and deploy code that runs on the Ethereum Classic blockchain without the need for intermediaries. The platform’s commitment to preserving the integrity of smart contracts aligns with the broader goals of decentralized, trustless, and transparent applications.

While Ethereum Classic shares some similarities with its sibling Ethereum, its commitment to certain principles, especially immutability, and its origin story make it unique in the cryptocurrency landscape. It attracts a community that values these principles and seeks a blockchain platform that remains true to the original ethos of decentralized and censorship-resistant technology.

What Gives Ethereum Classic Value?

The value of Ethereum Classic (ETC) is derived from a combination of factors that contribute to its utility, adoption, and overall market perception. Here are key elements that contribute to the value of Ethereum Classic:

  1. Decentralized Application (DApp) Platform: Ethereum Classic serves as a decentralized platform for the development and execution of smart contracts and decentralized applications (DApps). Its ability to support a wide range of applications, from financial services to supply chain management, contributes to its utility and value as developers and users engage with the platform.

  2. Immutability and Security: Ethereum Classic’s commitment to immutability, particularly evident in its response to the DAO hack, establishes a strong sense of security and trust in the blockchain. Users and developers who prioritize the integrity of the transaction history and resist external interventions find value in a blockchain that adheres to the principle of “code is law.”

  3. Mining and Proof-of-Work Consensus: Ethereum Classic relies on a proof-of-work (PoW) consensus mechanism, where miners contribute computational power to validate transactions and secure the network. The energy-intensive nature of PoW adds a layer of security to the network, and the participation of miners contributes to the decentralization of the platform.

  4. Community and Governance: The value of Ethereum Classic is closely tied to its community, which consists of developers, miners, node operators, and users who share common values regarding decentralization and immutability. Community-driven governance and decision-making processes influence the direction and evolution of the platform.

  5. Limited Supply: Like many other cryptocurrencies, Ethereum Classic has a capped supply. This scarcity can contribute to its value over time, as the fixed supply may create a sense of scarcity and potential future demand, assuming sustained interest in the platform.

  6. Market Perception and Adoption: The overall perception of Ethereum Classic in the broader market, including its adoption by businesses, developers, and users, plays a crucial role in determining its value. Positive sentiment, partnerships, and real-world use cases can enhance the perceived value of ETC.

  7. Compatibility with Ethereum: Ethereum Classic shares compatibility with Ethereum in terms of smart contracts and development tools. This compatibility allows developers to leverage existing Ethereum infrastructure and migrate or build applications on Ethereum Classic, potentially increasing its attractiveness.

It’s important to note that the cryptocurrency market is influenced by various external factors, including market sentiment, regulatory developments, and technological advancements. The value of Ethereum Classic, like other cryptocurrencies, can be subject to volatility based on these external factors and the evolving landscape of blockchain technology.

How Many Ethereum Classic Coins are in Circulation?

there are 144,755,639 Ethereum Classic (ETC) coins in circulation.

This information is readily available on several reliable sources, including:

 

It’s important to note that the circulating supply of ETC is different from its total supply, which is capped at 210,700,000 ETC. This means that no more ETC coins can be ever created, adding to the potential stability of its value.

How to Use Ethereum Classic?

Using Ethereum Classic (ETC) involves various activities ranging from acquiring ETC tokens to interacting with decentralized applications (DApps) and managing your cryptocurrency. Here’s a guide on how to use Ethereum Classic:

  1. Acquire Ethereum Classic (ETC):

    • Purchase on Exchanges: Use a cryptocurrency exchange that supports Ethereum Classic to buy ETC using fiat currency or other cryptocurrencies.
    • Mining: Alternatively, you can mine ETC by contributing computational power to secure the network. This involves solving complex mathematical problems to validate transactions and add them to the blockchain.
  2. Set Up a Wallet:

    • Software Wallets: Choose a software wallet that supports Ethereum Classic. Examples include MyEtherWallet (MEW), MetaMask, or any wallet that is compatible with the Ethereum blockchain, as ETC and ETH share the same address format.
    • Hardware Wallets: For enhanced security, consider using a hardware wallet like Ledger or Trezor to store your ETC offline.
  3. Transfer ETC to Your Wallet:

    • Withdraw ETC from the exchange to your chosen wallet address. This ensures that you have control over your private keys and enhances security.
  4. Interact with Decentralized Applications (DApps):

    • Explore and use decentralized applications built on the Ethereum Classic blockchain. This could include financial applications, games, or any other DApps that interest you.
    • To interact with DApps, you’ll need to connect your wallet to the application. This allows you to make transactions, interact with smart contracts, and participate in various activities on the platform.
  5. Send and Receive ETC:

    • Use your wallet to send ETC to other users by entering their wallet address. Ensure the accuracy of the recipient’s address to avoid sending funds to the wrong destination.
    • Receive ETC by sharing your wallet address with others. This address is a public identifier for your wallet.
  6. Check Balances and Transaction History:

    • Monitor your ETC balance and review your transaction history using your wallet interface or blockchain explorers like Blockscout or GasTracker.
  7. Stay Informed:

    • Keep yourself informed about updates, news, and developments related to Ethereum Classic. This can be done through official social media channels, forums, and news websites covering cryptocurrency.
  8. Security Best Practices:

    • Implement security best practices, such as enabling two-factor authentication on your exchange and wallet accounts, keeping your private keys secure, and regularly updating your wallet software.
 

Remember that the Ethereum Classic network operates similarly to Ethereum, so tools and practices that work for Ethereum are often applicable to Ethereum Classic. Always exercise caution when interacting with cryptocurrencies, double-check addresses, and keep your private keys secure to ensure a safe and smooth experience.

How to Choose a Ethereum Classic Wallet?

Just like with any other cryptocurrency, selecting the ideal wallet for your ETC depends on your individual priorities and needs. Here are some key factors to consider:

Security:

  • Hot wallets: Convenient but more susceptible to hacking (mobile & browser wallets).
  • Cold wallets: Highly secure but less convenient (hardware wallets like Ledger).
  • Custodial wallets: Platforms hold your private keys (exchange wallets like Bybit).
 

Features:

  • Staking: Some wallets offer staking rewards for holding ETC.
  • Trading: Certain wallets allow direct trading of cryptocurrencies within the wallet.
  • DApp integration: Connect with decentralized applications (dApps) built on the Ethereum Classic network.
 

User-friendliness:

  • Ease of use: Consider your tech expertise when choosing a wallet interface.
  • Multicurrency: Ability to store various cryptocurrencies in one wallet.
  • Mobile access: Mobile wallets offer on-the-go convenience.
 

Why Bybit Wallet might be a good choice for ETC:

  • Security: Bybit is a reputable exchange with robust security measures.
  • Staking: Earn rewards for staking your ETC directly within the Bybit Earn program.
  • Trading: Directly trade ETC and other cryptocurrencies within the wallet.
  • User-friendly: Simple interface for beginners and experienced users alike.
  • Multicurrency: Supports various cryptocurrencies beyond just ETC.
  • Mobile access: Manage your ETC on your mobile device with the Bybit app.

Recommendable Crypto Coins

  1. TRON (TRX): TRON is a blockchain platform that aims to build a decentralized internet. Founded by Justin Sun, TRON focuses on providing high throughput and scalability for decentralized applications (DApps) and smart contracts. TRX is the native cryptocurrency of the TRON network, used for various purposes such as transaction fees, staking, and participating in the governance of the platform.

  2. Toncoin (TON): TON (Telegram Open Network) was initially proposed by the team behind the popular messaging app Telegram, including Pavel Durov. However, the TON project faced regulatory challenges and was eventually abandoned. It’s important to note that there are several projects using the name “Toncoin,” so it’s crucial to verify the specific project or token you are referring to for accurate information.

  3. Dai (DAI): Dai is a decentralized stablecoin on the Ethereum blockchain. Unlike traditional stablecoins pegged to fiat currencies, Dai is algorithmically stabilized through a system of smart contracts. It aims to maintain a 1:1 peg with the US Dollar and is part of the MakerDAO ecosystem. Users can generate Dai by locking up collateral in the form of other cryptocurrencies.

  4. Polkadot (DOT): Founded by Dr. Gavin Wood, one of the co-founders of Ethereum, Polkadot is a multi-chain blockchain platform that enables different blockchains to interoperate and share information. DOT is the native cryptocurrency of the Polkadot network and is used for staking, governance, and bonding parachains to the relay chain. The platform’s design emphasizes scalability, security, and the ability to upgrade without hard forks.

  5. Polygon (MATIC): Polygon, formerly known as Matic Network, is a layer 2 scaling solution for Ethereum. It aims to improve the scalability and usability of the Ethereum network by providing faster and cheaper transactions. MATIC is the native cryptocurrency used for staking, securing the network, and participating in the platform’s governance. Polygon supports the development of decentralized applications and blockchain interoperability.

  6. Litecoin (LTC): Created by Charlie Lee, a former Google engineer, Litecoin is a peer-to-peer cryptocurrency that serves as a “silver to Bitcoin’s gold.” It shares many similarities with Bitcoin but features faster block generation times and a different hashing algorithm (Scrypt). LTC is used for peer-to-peer transactions, acting as a medium of exchange and a store of value.

  7. Shiba Inu (SHIB): Shiba Inu is an ERC-20 token that gained popularity as a meme cryptocurrency. It was created to experiment with decentralized community building. The SHIB token is part of the ShibaSwap decentralized exchange and can be used for various purposes within the Shiba Inu ecosystem. It gained attention for its community-driven and decentralized nature.

  8. Wrapped Bitcoin (WBTC): Wrapped Bitcoin is an ERC-20 token on the Ethereum blockchain that represents Bitcoin (BTC). Each WBTC token is backed 1:1 by Bitcoin held in reserve. It enables Bitcoin to be used on the Ethereum network, providing liquidity and enabling the use of Bitcoin in decentralized finance (DeFi) applications. WBTC simplifies the integration of Bitcoin into the Ethereum ecosystem.

Final Thoughts on Ethereum Classic (ETC)

In conclusion, Ethereum Classic (ETC) stands as a unique and resilient player in the ever-evolving landscape of blockchain technology. Its commitment to the principles of decentralization, immutability, and the “code is law” philosophy sets it apart from other blockchain platforms. The decision to maintain the original blockchain during the DAO hack in 2016 demonstrated a steadfast dedication to preserving the integrity of the transaction history, attracting a community of users and developers who value censorship resistance and trustless interactions. Ethereum Classic provides a platform where individuals can engage in decentralized applications and smart contracts without compromise, adhering to the vision set forth by the pioneers of blockchain technology.

As Ethereum Classic continues to evolve, its compatibility with Ethereum, coupled with its commitment to proof-of-work consensus and limited supply, positions it as a compelling option for those seeking a blockchain that mirrors the original ethos of decentralized innovation. The ongoing development, community participation, and the broader adoption of Ethereum Classic contribute to its significance in the broader cryptocurrency ecosystem. While challenges persist, Ethereum Classic remains a testament to the enduring importance of principles that underpin the decentralized and trustless nature of blockchain technology.

Frequently Asked Questions on Ethereum Classic (ETC)

Ethereum Classic (ETC) and Ethereum (ETH) share a common origin but diverged after the DAO hack in 2016. While Ethereum chose to perform a hard fork to reverse the affected transactions, Ethereum Classic adhered to the principle of immutability, maintaining the original blockchain. The key difference lies in their response to the hack, with Ethereum Classic upholding the philosophy that “code is law” and resisting any changes to the transaction history.

Mining Ethereum Classic involves contributing computational power to the network to validate transactions and secure the blockchain. You can mine ETC using graphics cards (GPU mining) or specialized hardware (ASIC mining). To get started, you’ll need mining hardware, appropriate software, and a wallet to store your mined ETC. Joining a mining pool is a common approach, as it allows miners to combine their computational power and share the rewards based on their contributions.

Smart contracts on Ethereum Classic are self-executing contracts with predefined rules and conditions encoded in computer programs. They automate and enforce the terms of an agreement without the need for intermediaries. Developers write smart contract code using programming languages like Solidity, and these contracts are deployed on the Ethereum Classic blockchain. Users interact with smart contracts by sending transactions to their addresses. Once conditions are met, the smart contract executes automatically, facilitating trustless and transparent transactions.

Securing your Ethereum Classic holdings involves implementing best security practices. Use hardware wallets like Ledger or Trezor for enhanced security, ensuring your private keys are kept offline. Enable two-factor authentication on your exchange and wallet accounts. Regularly update your wallet software to benefit from the latest security features. Be cautious of phishing attempts and only use reputable wallets and exchanges. Additionally, keep backups of your wallet recovery phrases in a secure location, and avoid sharing sensitive information online. Taking these precautions helps protect your ETC holdings from unauthorized access and potential security threats.

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