What is Ethereum Classic used for?
Ethereum Classic (ETC) is a unique independent branch of the development of Ethereum (ETH).
As, You know, Ethereum (ETH) is the second generation of blockchain. Vitalik Buterin’s “child” is a mix of cryptocurrency and a decentralized platform. This platform allows you to create a variety of your own online services for business, friends, family, communities, etc., using breakthrough blockchain technology and smart-contracts.
Ethereum Classic (ETC) emerged as a result of hardfork of the Ethereum's (ETH) network. The main reason for this separation decision, (and borning of ETC), was the urgent need to change the program code. (after hacking a famous DAO project ). It was really necessary for the Ethereum community to increase the level of security.
What’s the difference between ETH and ETC?
The Ethereum community was split into two parts. Most members of a big cryptocurrency society had a positive reaction to the idea with the emergence of a new coin that would have centralized management. However, another part of the community who supported the ideas of decentralization considered, that such a step was contrary to the whole essence of the concept of blockchain technology.
This is the main difference between ETH and ETC. All decisions in the Ethereum Classic (ETC) network are made by several teams of senior developers. At the same time, in Ethereum (ETH) decisions are made with the help of a special Ethereum fund. Users “union” and token holders make proposals for their future. ETC adherents strongly oppose any changes in blockchain! All of them believe, that such a situation destroys the integrity of the system and its essence.
For more detailed information, see The Ethereum Classic Declaration of independence
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Does Ethereum Classic Have a Future?
Everyone knows that ETH is the second currency in power, popularity and market cap among all cryptos, after “Godfather” - Bitcoin! However, the Ethereum Classic is not far behind. Many experts believe, not without reason, that sooner or later, ETC will catch up and surpass ETH.
At present, ETC platform uses the positive experience of Ethereum and continues to develop in different directions. Ethereum Classic platform similarly uses smart-contracts that have already yielded results and fame for ETH.
ETC market value is not always stable. However, financial experts highly appreciate the prospects of the project. Both in terms of technology and investment.
Ethereum Classic has a limited emission of 230 million ETC. This factor will certainly have a positive impact on its exchange rate and market value. For today, 116 million coins have been produced (the result of mining), approximately 50% of the total issue of ETC and it’s market capitalization slightly more than 900 million US dollars.
However, despite the positive aspects, many experts fear that Ethereum Classic (ETC) may be hacked in the future, as the DAO project (mentioned above). If this history recurs, of course, Ethereum Classic will lose the confidence of some part of the cryptocurrency community.
How does Ethereum Classic work?
When we talk about Ethereum Classic, first of all, it is necessary to understand what is a smart contract? The original concept of a smart contract was proposed by Nick Szabo in 1994. They are built on the Ethereum Classic blockchain and automatically apply the rules of the agreement. Smart contracts can eliminate the need for bank intermediaries, data storage, insurance, etc.
So, Ethereum Classic is a blockchain crypto platform for developing decentralized applications based on open-source smart contracts. It is an absolutely decentralized Turing-complete virtual machine, the Virtual Ethereum Machine (EVM), which can create and execute programs on public nodes of the network.
Ethereum Classic provides its own currency - ETC. Currency, that can be transferred from one user of the network to another and used to pay for calculations made by public nodes of the network. And also, ETC gives you the opportunity to create your own digital assets (tokens) on the Ethereum Classic blockchain. The “ether” paid for the calculations is called “Gas”.It serves not only to pay for the calculations made but also prevents DDOS attacks.
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When was Ethereum Classic created?
Ethereum Classic is a true origin story of the Ethereum network. The mainnet released on 2015/07/30. A new version of the network was created on 2016/07/20 due to the hacking of the DAO project mentioned above. It was done in order to erase the theft of funds in the DAO project from the history of the blockchain.
Download the Best Ethereum Classic (ETC) wallet
The Best and the most convenient wallet for Ethereum classic is Guarda wallet! Registration will not take more than a minute. Guarda Wallet is simple, secure and easy to use. Its interface is intuitive.
You can not only use it to store your ETC but also to buy, sell and exchange it for other cryptocurrencies (Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum,Dash, Monero, Binance Coin, Cardano, EOS, Litecoin, Ripple, NEM, NEO, TRON, Tezos, Zcash etc), tokens (Guarda Wallet supports all ERC-20 tokens, ERC-721, BEP-2, TRC10, TRC20, WAVES, OMNI, EOS), and stablecoins (Tether (USDT), Binance (BUSD), Usd coin (USDC), True USD (TUSD) and others) Support for over 45 of the most popular blockchains and thousands of various tokens. Try to use built-up exchange. Exchange currencies right here. Built-in service lets you easily swap coins, tokens and stable coins inside Guarda Wallet! Also, you can easily purchase cryptocurrency using your Visa payment card or bank transfer if you want.
All your transactions in Guarda Wallet are completely confidential and anonymous. Our Wallet does not store your funds and does not have access to your private keys. You can be absolutely calm about your finances!
ETC Wallet Guide
To create your own ETC wallet, you need to follow a few simple steps:
- Go to Guarda Web Wallet
- Choose “Create a new wallet”
- Create an original password that you will use to access your wallet. We advise you to remember it, and save a copy to the flash drive and also write it on paper.
DON'T LOSE YOUR PASSWORD!
It is highly recommended to create a password not shorter than 8 characters and use capital letters and numbers. Done it? Then click “I’ve written it down”
- Please wait for a few seconds! Your wallet are being generated now!
- Now, you need to save your backup file and keep it safe as well as password. It ensures access to your funds.
Remember, that access to the wallet is possible only using both the password and the backup file. Guarda Wallet does not keep nor able to restore your backup and password. Only you have access to your wallet. Now, Click on “Download backup”
- Backup file is automatically saved to your hard drive in TXT format. You can open it using any program that supports this extension. e.g. standard notepad. That’s all! You are in your Guarda Wallet!
Find Ethereum Classic in the list at the left column, click and you will see the public address of your ETC wallet.
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