Ethereum Classic (ETC)

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.

Disclaimer : This article is intended for informational purposes only. While we try our best to verify the contents of  our articles, DeFy cannot guarantee that this article, or any information we sourced from third parties which has been included in this article, are free of error. This article should not be substituted for investment/ financial advice. Any actions taken based on information contained in this article are at your own risk. DeFy does not claim to endorse views presented in this article as our own.