About Ethereum Classic
Ethereum Classic: New and Improved Decentralized Computing Platform
Ethereum, one of the top cryptocurrencies today, has been getting the attention of the blockchain community because of its features. It is a software platform liked by many as it works with the blockchain community, allowing developers to create decentralized applications. One hacking incident, however, made some users lose their digital assets. As a result, some of those who made investments turned away from Ethereum. Not long after, developers of this crypto coin decided to split it to give way to Ethereum’s first hard fork, Ethereum Classic.
Ethereum Classic (ETC) runs on blockchain technology and Ethereum code. After its release on the market, there had been opposing opinions coming from the cryptocurrency community. Some saw the coin’s launch as good news, others treated it as a threat. But this did not stop ETC to develop. In fact, it is now working with popular and reliable wallets and Bitcoin exchanges. By reading this article, you will know how this cryptocurrency started, what its features are, and why you should invest in this digital currency.
How Ethereum Classic Started
Hackers have been eyeing crypto coins as more individuals start to see the benefits of investing in cryptocurrencies. The advantages of cryptocurrencies are attractive, and the amount of funds that society is willing to invest just in these coins is surprisingly high. Considering that the currencies are highly volatile and vulnerable, some hackers have confidence that they can easily find their way into the system. Be as it may, the Decentralized Autonomous Organization, a capital fund that works with Ethereum, was hacked in June 2016. A huge amount of US$50 million was gone, causing riot and debate in the Ethereum community.
Even if the developers tried to bring back every Ether to each respective owner, developers could not edit the transactions made because of the security feature of Ethereum. Thus, the developers decided to perform a hard fork, resulting in Ethereum Classic. This new altcoin might have come from Ethereum, but it aims to give users the best platform for faster and safer transactions.
Advantages of Ethereum Classic
ETC was created to continue the Ethereum blockchain. This coin is an open-source platform that works with smart contracts. What is great about using it is that once a user makes a transaction, the transaction is never forgotten. This means that you can go back and check your previous transfer or receipt of funds.
Just like Ethereum, ETC is decentralized. It gives you control over your transactions. There is no third party or centralized governance involved. This eliminates corruption and gives you the freedom to do whatever you want with your funds.
The big difference between Ethereum and ETC is that the latter has no backward compatibility. This means ETC does not develop each time Ethereum upgrades. But this does not mean that the new altcoin cannot grow; it still can, only its growth is not necessarily concurrent with that of Ethereum.
Why Invest in Ethereum Classic
As ETC works its way to the top, it continues to prove itself worthy to be among the best choices in the blockchain community. ETC makes sure that all transactions are quick and safe. You can also expect the smart contracts to record all transactions.
These features are behind the coin’s success. With Ethereum Classic’s new and improved features compared with those of Ethereum, you are guaranteed that all the flaws of Ethereum are not inherent in ETC. The coin works under an immutable blockchain. As a developing cryptocurrency, ETC is one cryptocurrency you can expect to show more improvements as time passes. Now that there is an increasing number of crypto exchanges supporting this coin, you can expect that its price will rise as well.
Learning from the Ethereum hacking incident, developers of Ethereum Classic implement measures that assure you that you, an ETC user, will not experience the same incident Etherem users fell victims to. Reassuringly, the added layer of security that ETC features gives you another reason to invest. Ethereum Classic might not be standing next to Ethereum in terms of ranking right now, but if the coin continues to progress at its current pace, overtaking its predecessor is highly possible. Join the Ethereum Classic community now.