After Ethereum, Ethereum classic has made its place in the market with some advanced features and extended functionalities. If you have been dealing with cryptocurrencies for a while now, you might be aware about this digital currency. Ethereum classic – ETC has come up with a more decentralized structure. It is not a brand new cryptocurrency, but a spilt currency created from Ethereum.
Here’s a beginners guide with all the information you need to know about Ethereum classic
What is Ethereum Classic?
Ethereum classic is a split cryptocurrency developed from Ethereum and provides the same features like smart contracts, decentralized applications, transaction speed and many more as Ethereum. It ranks 5th in the list of the most expensive currencies and has a market capitalization of more than $1.5b. Ethereum classic is not backward compatible and supports hard fork and has a well known team behind its development. It was launched after the decentralized autonomous organization of Ethereum got hacked. Being a split currency, it has achieved massive response in short time.
Current supply: 96,022,732 ETC tokens
Market capitalization: $1,368,176,086 USD
Price of Ethereum classic: $33.21
How does Ethereum Classic work?
It is a decentralized platform where multiple applications can be run on a low cost. Ethereum classic is based on the hard fork and is a public and open source which enables smart contracts functionality. The aim to utilize hard fork was to prevent attacks and hacks that Ethereum faced. It utilizes the bitcoins blockchain technology to build a decentralized system where all nodes are connected to the blockchain of Ethereum classic and not on a single server. It is nowadays used as an investment or for trading.
Special features of Ethereum Classic:
Ethereum classic is an enhanced version of Ethereum which promises some benefits and stands strong in the market successfully. Here are some features of this cryptocurrency:
Rise in the value of ethereum classic during 2017
Just like other cryptocurrencies, it faced huge rise in its value during March, 2017. Investment scope in it increased with more number of miners and users and as a result, the price and value of ethereum classic saw a high rise. The sudden increase also made it’s price increase to USD23.10 in June 2017. The currency has also faced severe downfall after this intense increment.
Total supply and market cap of the coin:
Ethereum classic has the Ether classic tokens ETC. It does not have any fixed capital and every year, tokens will be created at the rate of 0.3 times than the previous sales. After the hard capital of 230 million, the policies will however change. The total market capital of ETC is $1.5 billion as of now.
Transaction finality and decentralized approach:
On the blockchain of ETC, the transactions are never forgotten or blocked. The people using ETC and making transactions using ETC have a governance code through which, the agreements are taken care of by the code. The code is neutral and activates with the smart contract. Also, the decentralized approach makes the transactions more secure while preventing corruption.
Other benefits and features of Ethereum Classic:
- Transferring money with Ethereum classic is very simple. The Ethereum classic wallets can access the Ethereum blockchains for transactions. You just need to confirm the details of the sender and can send money easily.
- You get the option of QR code scanning for transferring money and making transactions
- Making ETC transactions would grow the value of the ETC coins you already have and this would turn immensely beneficial for users
- You can purchase and invest in ETC easily. When the value of ETC increases, you can sell the coins
Why should you choose Ethereum Classic?
- If you want a decentralized platform which is more secure and reliable
- If you do not need any updations made on the Ethereum blockchain
- Investors are especially attracted to this currency as there are chances of high returns from this currency. If you are looking for an investment opportunity, it is a good option
- The new policy on the hard cap of Ethereum Classic which will turn in favour of the people currently having ETC
- It has developed a strong credibility in small time and thus, is reliable for investments
- It has all the features as other cryptocurrencies and is offered at a low price. The currency is also supported by various secure wallets which makes it widespread and safe to use
- Due to the restriction on supply of ETC, the value will be increased in future and thus, can benefit miners and investors using ETC
Ethereum classic is a strong and secure cryptocurrency aimed to prevent thefts and hacks, but it shares the same blockchain as Ethereum and thus, it is still risky. It is a competitor to Ethereum which has already made its space as the 2nd most valued cryptocurrency. Its value did increase immensely during 2017 but by the end of 2017, its value also faced a huge downfall. Considering it as long term, the value of Ethereum Classic is certainly believed to go high.