Ethereum Classic is a crypto platform for developing open source applications. The platform produces Ether cryptocurrency, which makes it possible to create its own tokens on the Ethereum Classic blockchain. Ethereum Classic – a kind of platform for creating applications. It is slightly smaller in size than Ethereum, so this can serve as its advantage in the eyes of application developers when they are faced with choosing a platform for creating their creations.
Mining communities support the Ethereum Classic in its efforts to maintain its independence and decentralization, as well as its price. This platform is at the top in terms of market capitalization, as the money supply turnover at the moment is about 97 million tokens. Now you can earn ETC (Ether) in the same way as the well-known Bitcoins and Lightcoins.
History of Ethereum Classic
In the past, the blockchain was formed, and for a long time there was only one Ethereum network, and many investors made financial investments in it. Later, a financial attack occurred, as a result of which the story of Ethereum Classic began. All investor funds that were invested in the system were stolen. To fix the current situation and save future funds, the Ethereum platform developers decided to change the blockchain and return the lost money. However, many members of this community opposed changing the blockchain, showing their conviction that it should remain unchanged and safe. After this situation, the platform was divided into two blockchains – Ethereum and Ethereum Classic, as participants opposed to changing the blockchain continued to mine cryptocurrency on the old blockchain.
The principle of the platform
The main principles that guide the creators of Ethereum Classic are:
- Goals. Representatives of Classic claim that the main goal of the project is to preserve the blockchain in its original form. They seek to offer an alternative to those who disagree with saving the abstract database interface and pulling out a new project.
- Ideology. Developers believe in the prospects of Ethereum Classic in blockchains that are cleaned from censorship and available to all users. They focus on the very first concept of Ethereum, in which it was impossible to roll back or change the results of smart contracts. They want to separate concepts such as duty and responsibility and are sure that it is not necessary to eliminate defects such as erroneous contracts or to serve privileged user groups in a special way. The main slogan of the company is “Code is the law.”
- Motivation. To continue to move in the original direction, developers must fork Ethereum. This will set the stage for truly secure censorship-resistant applications.
Difference from Ethereum
After the hacker attack described above, most Ethereum representatives, by voting, decided to make a hard fork – change the original blockchain code and return the money that was stolen by the hacker. After this action, the money became available to its owners again, and they took their tokens back. This decision caused a debate since Ethereum went against its own beliefs and the very essence of the technology created. Initially, all the salt of Ethereum and Ether cryptocurrency was that any transactions were unchanged and irreversible, and thus they rewrote their own rules. If Ethereum makes changes to the code every time it comes to large sums or a large number of people, it will lose its security and anonymity. The platform thereby jeopardizes its system of protection against illegal entry and the integrity of the information entered. However, this hacker attack compromised Ethereum’s entire reputation, and if they had not returned the money to investors, investors would simply have stopped investing in the system.
Not all representatives of Ethereum agreed with the hard fork, which led to a split of the system into two halves. Thus, the main difference between Ethereum Classic and Ethereum is the originality and untouchability of the blockchain. These systems are identical in functionality and the transaction history in them is identical. It is worth noting that the prospects for Ethereum Classic are foggy – the platform has not yet announced a single major project, it is still at an initial stage of development.
At the moment, Ethereum Classic benefits from the hype that unfolded after their separation from Ethereum. It directly affects the capitalization of Ethereum Classic. Now its rapid growth is forecasted, so Classic can be considered a good investment at least for the coming year. Over the past year, the Ether cryptocurrency rate has grown by 1.2% and continues to grow. He is projected to reach $ 15 soon. At the moment, it is well supported by miners. The potential of this cryptocurrency is also indicated by the fact that its development was supported by one of the founders of Ethereum – Hoskinson. Today, Ethereum’s capitalization has reached $ 25 million.
How to create a wallet
The Ethereum Classic network has several wallets for storing currency subsequently mining Ether, buying or exchanging it. The choice of a wallet depends only on the convenience of a particular user.
- Desktop Ethereum wallets. Designed to work on a PC or laptop. Their use begins with downloading the client to the computer. This process is quite long and can last for several days. After loading, the Desktop wallet is synchronized with all transactions that were created on the blockchain.
- Mobile wallets of Ether. These are more light clients intended for mobile devices. They require fewer data to download and complete transactions. However, choosing such a wallet is not so secure.
- Gadgets Wallets (Hardware wallets). These are the most secure devices that do not need to be connected to the network for transactions. However, access to the blockchain from such wallets is limited, so frequent access to the Ether cryptocurrency is not possible.
- Paper wallets. This is an option for the safest storage of ether. It consists in writing down the secret access key on paper and hiding it in a safe place. It can also be a QR code that can be scanned. The advantage of this system is the absence of a threat of a hacker attack or any malfunctions in the system. Minus – if you lose records, then you will not get access to ETC cryptocurrency.
In order to create a wallet, you need to go to the site, create a password and click the corresponding button. After that, you will receive a file with a key, which is better to save to another storage medium or computer. Next, you will receive a key that will be needed to enter the Ethereum Classic personal wallet. Do not lose it, as it will be impossible to restore it.
Exchange and purchase of ETC
At the moment, there are several ways to exchange or buy Ether cryptocurrency.
- Monitoring exchangers BestChange is one of the easiest and most profitable ways to purchase Ether. Here you can buy cryptocurrency on your Ether-wallet for rubles, euros, dollars, as well as exchange another cryptocurrency for ether. The site supports all payment systems and the ability to use bank cards.
- Cryptocurrency exchange Exmo.me. This system is famous for security, and you can not worry about the safety of your funds. The site is available for quick registration and simple balance replenishment.
- American exchanges such as Poloniex, Gdax. It will be convenient for those who have experience with the Forex market.
How to earn
Ether Classic can be earned by Ether cryptocurrency cloud mining, at the moment, this is the most profitable way to get cryptocurrency. ETC cryptocurrency mining is not much different from mining Bitcoin or the original Ether. To do this, you need to create your own so-called “farm” with video cards, which is also suitable for the extraction of other cryptocurrencies. Such farms are even sold on the Internet, there is no need to collect them yourself.
Ethereum Classic is a promising currency, which is now not much inferior to the usual Ether. At the moment, the Ether Classic rate is growing rapidly. Cryptocurrency mining is now available to every user who has the necessary capabilities.
To earn ETC, users use special web services – pools to which they provide their capacities.
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