An Assimilation to the Ethereum Classic (ETC)

 Crypto trade is quite complex and several factors play behind for meeting the trading and investment requirements. And, blockchains are one of the most important components that facilitate investors to participate in crypto trade.

Ethereum blockchain is one of the highly popular blockchains that exist in the crypto market. Blockchains play a crucial role in the trading of crypto assets. If you are an active crypto investor then you might be familiar with it and the updates relating to it.

Well, there is a new term that is nowadays a matter of debate and that is Ethereum Classic (ETC). However, a lot of crypto investors are unknown of this term and are even searching pages to gather intact information relating to it.

Thus, to help you in collecting the information relating to the same we have attempted to create this read. Have a look at the information collected by us on ETC.



What is Ethereum Classic? (ETC)

Originally named Ethereum, ETC is an open-source, decentralized, blockchain-based cryptocurrency exchange that runs on smart contracts. The objective behind introducing ETC is to input all the possible efforts to become the major global payment network. It further aims at processing the activities without the involvement of any centralized governance.

The emergence of ETC…

Ethereum Classic was perceived in the year 2015 by Vitalik Buterian and the Ethereum Foundation. As everything is the result of something that happened in the past so does it.

After the hack of “The DAO” (Decentralized Autonomous Funding), Ethereum Classic came into existence in the year 2016.

What is it used for?

Now, after having a cursory check at what is ETC, its now time to know how it contributes to the crypto trade and investment activities. Or in alternative terms, we can say what purpose it serves. This is what we are going to have a look at in brief.

To be noted, ETC helps developers in building and deploying smart contracts. In simple terms, we can say that it enables the self-execution of the programs that run on the blockchain when certain predetermined terms and conditions are met.

What makes it stand out from Ethereum?

Ethereum and Ethereum Classic are a bit similar to each other when we talk about their basic functionality. However, there are certain differences as well that make them different from one another. And this is the reason why we have included this section in our read.

What is different in ETC?

This is what you are thinking of right now?

Sit tight, we are here with some of the major differences that can answer this question of the investors. Give a sight at the below-listed points:

  • Ethereum blockchain got updated to the PoS consensus while ETC remained on the PoW system
  • ETC is incompatible with the updates or notifications on the Ethereum blockchain

These are two major points of difference between the ETH and ETC. Apart from several perks, it does carry certain limitations. The developers are working on improving its limitations. One of the chief concerns of ETC is the scalability issue.

Summing it up


It has been predicted that the Ethereum Classic will face a great number of challenges in the coming future. When compared with the ETH, it is also forecasted that ETC is going to have a somewhat less bright future. The reason is that a lot of investors have lost interest and confidence in ETC due to several hacks that took place in the past. But again, as the crypto market is highly volatile one cannot bet anything.

 

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