What is Ethereum Classic?
The decentralized blockchain-based distributed computing framework known as Ethereum Classic (ETC) includes smart contract (scripting) capabilities.
A transaction-based state machine is built on the public Ethereum Virtual Machine with support for Nakamoto consensus and modifications (EVM).
The unaltered past of the Ethereum network is preserved by Ethereum Classic.
In July of 2015, the Ethereum project’s mainnet went live and was launched on the Frontier network.
The Ethereum Foundation enforced an unusual state update that removed the DAO hack from the Ethereum blockchain background, this contributed to the development of a new version of the Ethereum mainnet, codenamed Homestead, on 20 July 2016.
Since being rebranded and carrying on as Ethereum, the older, original edition of Ethereum was renamed and continues on as Ethereum Classic (ticker:ETC).
How does Ethereum Classic work?
In the markets, one can sell ETC (Ethereum Classic’s native currency) in a cryptocurrency exchange, where it is exchanged under the ticker symbol ETC.
Ether is minted as compensation for checking cryptographic activity on the Ethereum Classic EVM. Ethereum’s monetary policy, which was placed in effect on December 11, 2017, aims to mimic the objectives of bitcoin by being mechanical, algorithmic, and capped.
Other properties, resources, currencies, items, and services which be traded for network transaction payments, based on the trade partners’ terms.
The Ethereum Virtual Machine (EVM) can execute scripts utilizing a foreign network of public nodes. In comparison to those like bitcoin script, the virtual machine’s instruction set is Turing-complete.
Gas, a transaction pricing system that operates internally, is used to combat spam and distribute network capacity.
What is the History of Ethereum Classic?
The DAO event of 2016 led the Ethereum network to break into two chains: one containing the altered history and the other containing the unaltered background (ETC).
To link to the current chain with the changed background, the new chain with the BIP-44 Coin Index 60 and EVM Chain ID 1 was marketed as Ethereum (ticker: ETH) with the trademark-owning Ethereum Foundation’s coin index 60 and chain ID 1.
To finally erase a robbery from the past of Ethereum, a new chain was produced where the theft did not occur.
Even if the group members declined to let go of the past, they did not reject the effort to rewrite history and participated in the initial Ethereum network.
The chain that did not fork carried on as Ethereum Classic (aka ETC) with the Coin Index #61 and an Ethereum Virtual Machine (EVM) Chain ID #61.
How do I hold ETC?
It is possible to use various wallets, such as hardware and software wallets, to safely store and use ETC. There is a compromise between protection and comfort in each alternative. Please perform a little research to pick the right alternative based on your specifications.
Some common ETC wallets include MyEtherWallet, Portis, MyCrypto, and Squarelink.