Ethereum Classic Overview & ETC Buying Guide

Ethereum Classic is a lot like Ethereum. In fact, at one point and time, they were the same blockchain. In the beginning there was just Etheruem. After an event wherein a massive hack took place on the Ethereum blockchain, the network split into two parts. Ethereum, and Ethereum Classic. The community was divided about what should be done to remedy the hack. Ethereum Classic was the version of Ethereum that decided to do nothing. Ethereum is the version that decided to manually alter the blockchain, something that is considered to be very controversial in the world of cryptocurrency. Now, Ethereum Classic is developing in its own direction, independently from Ethereum. So what exactly does Ethereum Classic have to offer?

General Overview

The Benefits PRO's
  • Piggy Backs on Ethereum Development
  • Easily extensible platform. Ideal for Smart Contracts.
The Downside CON's
  • Often dwarfed by the existence of Ethereum
  • Smaller overall community than Ethereum

Our Favorite Cryptocurrency Exchange Buying Ethereum Classic

Coinbase Logo

Coinbase

  • User-friendly
  • Great customer service
  • Low services fees
  • Diverse and consistently updated choice of coins

What is a Smart Contract?

Smart contracts are pieces of code that automate the trade, transfer, and creation of assets. Smart contracts have already revolutionized what is possible within asset management and finance. The first platform to popularize smart contracts was Etheruem, which in turn was inherited by Ethereum Classic.

Where to Buy Ethereum Classic

Ratings

Price

All Time Low: $0.45

All-Time High: $47.77

Market Capitalization:

All-Time High: $4,339,511,028

Current: $724,120,672

Supply:

Current: 116,313,299

Max: 210,700,000

Network Speed: Low ( 25 – 30 tx/s )

Disbursement:

Rating: Medium

Reason: After the split between Ethereum and Ethereum Classic, decisions started to be made about the future of Ethereum Classic. One of those decisions was to put a hard cap on the number of tokens. Ethereum Classic will implement this through a decreasing block reward system, similar to how bitcoin works. Most cryptocurrencies that have existed for 5 or more years have achieved some level of good disbursement. Ethereum Classic is one of those cryptocurrencies.

Developer Engagement:

Rating: High

Reason: Ethereum has one of the largest developer communities in the world. Ethereum Classic gets to piggy back off of the efforts put into making Ethereum better. Although the developer community for Ethereum Classic is smaller, they still get to reap the rewards by implementing improvements from Ethereum.

Liquidity

Rating: Low

Reason: Ethereum is a top 30 cryptocurrency, and has been for quite some time. Even though this is the case, Ethereum Classic has relatively low liquidity due to its lack of utility, and overall use.

History of Ethereum Classic

Ethereum classic has the exact same history for Ethereum, as they were literally the same project for the first two years of Ethereum’s existence. It wasn’t until 2016 when a massive hack took place on the Ethereum network. This hack spurred much debate as to how to remedy the situation. One group of Ethereum supports decided that the best course of action would be to reverse the hack. The group that reversed the hack became the Ethereum blockchain. The group that did not reverse the hack became Ethereum Classic.

To alter the blockchain is a very taboo topic in the blockchain space. Blockchains are supposed to be permanent, and unalterable. If a hack happens, it’s because the code was not built correctly, and the system was not secure. The ideology is that we should learn from our mistakes, not try to reverse them out of existence. A firm emphasis has been placed on the permanence, and censorship resistance of applications running on Ethereum Classic. If Ethereum was comfortable reversing one hack, what is to stop them from reversing others? From the Ethereum Classic website, the project exists to uphold the notion that “Code is Law”.

Ethereum Classic Frequently Asked Questions?

About the Author

Keegan Francis, CryptoVantage

Keegan Francis

Keegan Francis is a cryptocurrency knowledge expert and consultant. He recognized the opportunity in cryptocurrency early in his career and has been invested in it since 2014. His passion led him to start the Atlantic Blockchain Company which consults on blockchain technology and cryptocurrency know-how.