What is Ethereum Classic (ETC) Coin and How Does It Work?

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Ethereum Classic, often shortened to ETC, is a cryptocurrency and blockchain that emerged as the original continuation of the Ethereum blockchain – without any changes made after the hacking of The DAO event in 2016. In this article, we will explore what Ethereum Classic is, how it works, its history and future prospects.

By understanding Ethereum Classic’s origins and how it differs from Ethereum, readers will have a firm grasp of this unique cryptocurrency and can stay up to date with all the latest ETC news and developments thanks to services like EXEcrypto.

What is the purpose of Ethereum Classic (ETC) coin?

Ethereum classic etc coin

Much like Ethereum, Ethereum Classic serves as an open-source platform for building and deploying decentralized applications using blockchain technology and smart contracting abilities. The main difference is that Ethereum Classic supporters wanted the blockchain to remain exactly as it was programmed – immutable and unchanging.

This meant that after a hack of a smart contract called ‘The DAO’ led the Ethereum network to fork into two blockchains, Ethereum Classic continued along the original blockchain without any reverting of transactions or changes made to the code. Proponents believed the network should be immutable and that users exploited their own risks.

How does Ethereum Classic (ETC) crypto work?

At a technical level, Ethereum Classic functions similarly to how Ethereum operated prior to updates and Network upgrades. It utilizes a proof-of-work consensus protocol to validate transactions and add new blocks to the blockchain. Miners compete to solve complex cryptographic puzzles, with the first to solve a puzzle and add a new block receiving a reward in ETC coins.
Smart contracts can also be written in Ethereum Classic’s native programming language, allowing for automated transactions and decentralized applications. However, unlike Ethereum which has evolved significantly, Ethereum Classic’s codebase and virtual machine have not been upgraded, potentially limiting its capabilities over time.

Does Ethereum Classic (ETC) token have a future?

Ethereum classic etc token future

Whether Ethereum Classic has a viable long term future is open to debate. On one hand, ETC mining saw new life injected after Ethereum’s shift to proof-of-stake. And immutable, unchanging blockchains do have advantages of security and decentralization that some value.

However, without protocol upgrades Ethereum Classic may struggle to stay competitive as other platforms continue advancing. Much depends on how well the ETC community is able to foster meaningful development and expand the coin’s utility through apps. Investment and adoption would need to grow substantially from current levels as well for it to retain long term relevance.

Only time will truly tell if remaining dedicated to immutability is a quality that continues having relevance or becomes more of a hindrance. For now, Ethereum Classic march continues along the original vision – come see where its path may lead by checking all the latest news on platforms like EXEcrypto.

When Ethereum Classic (ETC) coin launched?

Ethereum Classic launched in 2016 after the Ethereum hard fork that was done to recover funds lost in the DAO hack. The decision to fork Ethereum’s mainnet blockchain caused some in the community to dissent, believing the blockchain should remain immutable. This minority group decided to continue along the original blockchain without the hard fork changes.

So in reality, Ethereum Classic did not have a true ‘launch’, rather it came into existence due to an ideological disagreement following the hard fork. It represents the original, unaltered version of the Ethereum blockchain protocol. As such, Ethereum Classic shares much of its early history with Ethereum prior to the fork.

Is Ethereum Classic (ETC) crypto a scam?

Ethereum classic etc coin scam

No, Ethereum Classic is not a scam. As a permissionless, decentralized network, no single entity controls Ethereum Classic. While it has a smaller community and market cap compared to Ethereum, ETC has genuine value as the original continuation of the pre-fork Ethereum blockchain protocol.

It has survived for over 5 years now and even seen increased interest from miners post-Ethereum’s transition to proof-of-stake. Major exchanges also list ETC, giving it legitimate valuation. However, its lack of development could potentially limit future real-world use when compared to an evolving platform like Ethereum.

Is it safe to invest in Ethereum Classic (ETC) token?

As with any cryptocurrency investment, there are certain risks involved with investing in Ethereum Classic that potential investors should be aware of:

Development Risk: Being an unchanging protocol, ETC may fall behind competitors over time if upgrades are needed for scalability or new features.
Market Risk: ETC currently has a relatively small market cap and trading volume compared to larger cryptocurrencies. It could be more susceptible to price manipulation.
Security Risk: Like all blockchains, Ethereum Classic is dependent on a strong decentralized network to reduce the possibility of hacks or exploits.

That said, if done properly by storing coins in a secure non-custodial wallet and only investing what one can afford to lose, then ETC can be a reasonably safe long term investment opportunity for those who believe in its original decentralized, immutable vision. Just be sure to keep up with the latest ETC news via EXEcrypto.

Is Ethereum Classic (ETC) worth it? ETC Price 2023

Ethereum classic etc price 2023

Like most cryptocurrencies, Ethereum Classic’s price performance has been volatile since its inception. However, 2023 could be an important year where we get a better idea of ETC’s true worth and longevity. Some analysts believe the influx of miners from Ethereum’s merge may provide ongoing price support above its past lows.

On the other hand, lack of development could weigh ETC down versus competitors. Much depends on whether investors feel Ethereum Classic offers enough long term advantages to justify holding it within a balanced crypto portfolio. Stay up to speed on 2023 ETC price action with EXEcrypto.

Where to buy Ethereum Classic (ETC) crypto?

Some top centralized exchanges that allow buying and selling of Ethereum Classic include:

Coinbase – One of the world’s largest crypto exchanges offers both ETC trading pairs and custody services. Available in most countries.
Binance – The world’s leading crypto exchange by volume supports ETC/BTC, ETC/USDT and other trading pairs. Sign up required.
Kraken – Highly secure US-based crypto exchange with good liquidity for ETC pairs like ETC/USD and ETC/EUR.
KuCoin – International exchange known for its wide selection of crypto listing ETC/BTC, ETC/USDT and more.

It’s recommended to verify accounts, use strong passwords and enable extra security features like 2FA when trading Ethereum Classic on exchanges. Hardware wallets also provide the most secure offline storage option.

How to sell Ethereum Classic (ETC) token?

Ethereum classic etc token

Selling Ethereum Classic follows much the same process as buying, but in reverse:

  • Transfer your ETC from your personal wallet to your exchange wallet of choice.
  • On the exchange, go to the ETC trading markets page and select your desired ETC trading pair like ETC/USDT.
  • Input your order details – the amount of ETC you want to sell and your ask price.
  • Review order and confirm to send to the order book. Your ETC will be sold to matching bids as the order fills.
  • Withdraw funds from your exchange in the currency of your selected trading pair like USDT or regular fiat withdrawal.

Be aware of network fees for transfers and trading commissions charged by exchanges when cashing out of Ethereum Classic. Ensure to securely transfer remaining funds or coins post-trade.

How to stake Ethereum Classic (ETC) coin?

Unlike Ethereum which has switched to proof-of-stake, Ethereum Classic still uses the proof-of-work mining model to validate transactions and secure the network. However, EnterDAO is creating a staking interface to allow ETC holders to stake their coins and earn rewards while helping to decentralize the network.

Details are still developing but staking Ethereum Classic is expected to involve locking up a minimum amount of ETC for a period to participate. This will then allow stakers to passively earn ETC rewards proportional to their percentage of the total staked amount. As with all cryptocurrency investment, do thorough research before participating in Ethereum Classic staking when it launches.

How to mine Ethereum Classic (ETC) crypto?

Ethereum classic etc coin mine

The process for mining Ethereum Classic is similar to other proof-of-work coins like Bitcoin. It involves using specialized computer hardware like GPUs or ASICs to continuously solve complex cryptographic hash problems and be the first to find valid block solutions, earning new ETC in the process.

The steps are: ensure you have suitable mining hardware, install mining software like Ethminer or Phoenixminer, select an Ethereum Classic mining pool to join, configure your miner settings with the pool details, then run the miner program and wait for shares to be solved and rewards paid out in ETC.

Mining difficulty and profitability fluctuate so do research on up-to-date hardware requirements and always check calculations carefully before committing expensive equipment to Ethereum Classic mining.

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