Ethereum Classic is an open-source decentralized blockchain platform for managing smart-contract based decentralised applications (Dapps).
The platform descended from the Ethereum network in 2016, when, as a result of a vulnerability discovered in DAO (an Ethereum-based investment fund) the Ethereum developers decided to run a hard fork.
As a result of this event, the Ethereum blockchain split into two independent networks representing a single cryptocurrency.
Рart of the community did not support the fork for ideological reasons: they thought that the code could not be changed.
According to the opinion of this part of the community, the changes are contrary to the very principles of decentralization itself. Due to this, the branch that did not accept the fork is called Ethereum Classic. The Classic part of the community considers themselves to be the custodians of the original Ethereum ideology.
The main ideologues of the Ethereum Classic are Charles Hockinson and Gavin Wood.
On August 11, 2016, the ETC community published the Ethereum Classic Declaration of Independence that lists the main principles of the Ethereum Classic network.
Such as, in short:
-The code supremacy
-The network should be used to develop decentralized applications on smart contracts
-Any changes, such as soft or hard forks are conducted for the protocol improvement only
-The platform is open to everyone who agrees with the principles of the decentralized ETC protocol and each user may propose improvements or changes.
Ethereum Classic currency is called Classic Ether and has ETC as a ticker.
The members of the network can exchange ETC within the network and use it to pay for calculations of nodes.
The technology called "gas" is paid for the calculations and its price depends on the network load.
ETC price and market capitalization are fairly stable compared to the rest of the cryptocurrency market. Besides, fixed emission makes Ethereum Classic more reliable even compared to the regular ETH.
How to Buy Ethereum Classic?
You can easily exchange Ethereum Classic, sell ETC or buy it but first, you need to get an Ethereum Classic wallet. It can be a multicurrency wallet as well as a wallet created specifically for the Ethereum Classic (single-currency ETC wallet).
The process of buying Ethereum Classic is simple, however, its speed will depend on the price you specify.
Ethereum Classic is supported by many cryptocurrency wallets, Guarda Wallet is known as one of the safest.
Ethereum Classic uses the Proof of Work consensus algorithm.
Ethereum Classic is safe thanks to smart contracts technology providing security.
Smart contracts cannot be changed and its safety is backed by gas, that also protects the network from spam. Each operation in a smart contract requires a certain amount of gas while its amount in the block is limited.
Guarda Wallet is a multicurrency non-custodial light wallet. We support the most popular coins and tokens, and Ethereum Classic is one of them. It is easy to use, you don’t even need to create an account and you can feel secure about your ETC coins –we do not store any of the users’ personal data.
Guarda was designed as an interface where clients can manage, store, transfer, and receive coins and tokens.