What is Ethereum Classic (ETC)?
Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), that can execute scripts using an international network of public nodes. Buy Ethereum Classic (ETC) India with BuyBitcoin.
Ethereum Classic also provides a value token called “classic ether”, which can be transferred between participants, stored in a cryptocurrency wallet and is used to compensate participant nodes for computations performed.
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History of Ethereum Classic
In July 2015: The Ethereum platform released. In 2016 it is founded by a part of the Ethereum-community.In June 2016 an anonymous entity stole 50 million USD in Ether – Solution: “hard fork” to appropriate the stolen funds. In October 2016 the Execution of the technical “hard-fork” with code implementations done.In June 2017 ETC twittered that their classic ether-website had been hacked – the internet-security got improved.
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Ethereum Classic came into existence when some members of the Ethereum community rejected the hard fork on the grounds of “immutability”, the principle that the blockchain cannot be changed, and decided to keep using the unforked version of Ethereum.
Features of Ethereum Classic
Features that distinguish it from other cryptocurrencies.
- Transaction Facility:
On the ETC blockchain, valid transactions can never be erased or forgotten. It means people on the Ethereum classic blockchain have the governance code and as they state “code is law.”It gives the user the ability to enter into a new jurisdiction where agreements are governed by code.Because it is voluntary to act with the code, the code is neutral, and it will execute anything that is set as long as a user activates that smart contract.
- Decentralized Governance:
With centralized governance, the central entity controls the total governance.This can lead to corruption, power disputes, and much more. Now this section falls along with ETH, but it is one of the main points of the ETC blockchain.By decentralizing and making code execute based on nodes that are continually going on around the world they can decentralize the system.
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Future of Ethereum Classic
By watching the current market position, it looks like that it is going to stay and bright future.If you look at things from a market angle, ETC is a competitive coin and in the last one year period from July 2016 to July 2017, ETC has grown by 1600%, which is an ample amount of profit and a number hard to ignore.
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