Ethereum Classic (ETC)
A brief summary about Ethereum Classic (ETC), and what makes it unique.
What is Ethereum Classic?
The Ethereum Classic network is a hard fork in the Ethereum blockchain, which was developed in 2016 as a result of differences in opinion regarding the handling of a major hacking attack on the Ethereum blockchain. Ethereum Classic aimed to preserve the original qualities of the Ethereum blockchain, without reverting it. Although the creators behind Ethereum Classic are the original developers of the Ethereum network, Gavin Wood and Vitalik Buterin, Ethereum Classic allows anybody to willingly participate in the development of the network by creating a global, permissionless community. ETC is the native coin of the Ethereum Classic network.
Why buy ETC?
ETC facilitates the smart contracts that power DApps on the Ethereum Classic network. Unlike ETH, the supply of ETC is capped at 210,700,000 ETC by popular vote. ETC uses a Proof of Work mining model, and the block reward gradually reduces. The next drop is due in April 2022. The network has enjoyed popularity among those who disagreed with the decision to revert the original Ethereum blockchain following the hack. As a result, ETC currently demands a large market cap. Developers are presently working on solutions to scale the network.
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