Buy Ethereum Classic (ETC)

What is Ethereum Classic?

Ethereum Classic is a decentralized blockchain platform that allows the execution of smart contracts and decentralized applications (dApps). It is essentially a continuation of the original Ethereum blockchain post a significant split in 2016. Ethereum Classic emphasizes the principle of "Code is Law," ensuring the immutability of transactions and data on the blockchain. The platform is powered by Ether (ETC), its native cryptocurrency, which is used for transactions and smart contract execution.

How does Ethereum Classic work?

Ethereum Classic operates on a blockchain-based platform facilitated by the Ethereum Virtual Machine (EVM), which is Turing-complete, allowing for the creation of complex contracts and dApps. It uses a Proof of Work (PoW) consensus mechanism, where miners solve computational puzzles to validate transactions and secure the network. Ethereum Classic relies on the Ethash algorithm for mining and supports smart contracts that execute based on predefined rules coded in the contract.

What are the potential use cases for Ethereum Classic?

Ethereum Classic can be used for a range of applications across various sectors. Key use cases include:

• Decentralized Applications and Smart Contracts: ETC provides a platform for developing and deploying dApps, especially in sectors needing trustless operation, such as finance and supply chain.
• Content Protection: ETC can manage and secure digital content like music, photos, and writings through smart contracts.
• Supply Chain and Logistics: The blockchain can streamline processes in logistics through automated, transparent, and immutable records.
• Interoperability: Allows machine-to-machine (M2M) and machine-to-person (M2P) applications for efficient data sharing and process automation without human intervention.

What is the history of Ethereum Classic?

Ethereum Classic originated from the Ethereum platform after a significant event known as the DAO hack in 2016. Following the exploit, which resulted in substantial financial losses, the Ethereum community decided to hard fork the blockchain to reverse the theft. This resulted in two separate entities: Ethereum Classic (ETC), which continued on the original chain, and Ethereum (ETH), which adopted the changes. Since then, Ethereum Classic has upheld the principles of blockchain immutability and decentralization, with significant upgrades like the Spiral Hard Fork to ensure compatibility with evolving EVM standards.