What is Ethereum Classic (ETC)
Ethereum Classic is an open-source, globally decentralized computing infrastructure, executing programs referred to as smart contracts. Ethereum Classic’s supply was pre-mined (72 million). Among these pre-mined ethers, 60 million were sold during an Initial Coin Offering in 2015.
Its PoW algorithm is Ethash, an algorithm that was initially designed to prevent ASIC mining. Block time has a target of ~15 seconds (with a maximum block size of 1,500,000 gas). Mining rewards are paid at a fixed rate of 4 ETC (vs. Ethereum’s 2 ETH) but will be reduced in the future to 3.2 ETC (at block 10,000,000).
Ethereum Classic is (quasi) Turing-complete, but each transaction requires gas, with price fluctuation based on real-time bandwidth use. Hence, transaction fees are a function of storage needs, bandwidth use, and computational complexity. Gas is used to prevent infinite execution of programs; it introduces an execution stopper equal to the maximum fees set for a transaction.
- Ethereum Classic is a decentralized network that supports smart contracts. It was created by Vitalik Buterin in 2013. Following the DAO hack in 2016, several members of the Ethereum community rejected the idea of a hard-fork to revert transactions (and return funds to the DAO participants), leading to the split between Ethereum and Ethereum Classic.
- Ethereum Classic (ETC) parted away from Ethereum at block 1,920,000 (July 20th 2016) to retain the original version of the network, reinforcing the blockchain’s core characteristic of immutability. Since its ICO in 2015, Ethereum has relied on Proof of Work (PoW); Ethereum Classic shares its early history with its first (common) block being mined in July 2015.
- Like Ethereum, the network is fueled by a cryptocurrency named ether (classic). It comprises an open-source, globally decentralized computing infrastructure, which executes programs called smart contracts.
- Similarly, Ethereum Classic is based on an account model to record state changes. It relies on the Ethereum Virtual Machine (EVM) with two types of addresses: externally owned addresses (EOAs) and contract addresses that are deployed on the EVM.
- As of March 2020, Ethereum Classic’s hashrate is much lower than Ethereum’s and the level of on-chain activity is also inferior to Ethereum’s. With Ethereum planning to part away from Proof-of-Work (to introduce PoS with ETH 2.0), Ethereum Classic plans on persisting as the immutable Proof of Work version of Ethereum.
How To Buy Ethereum Classic (ETC)
1.Step: Everyone who is planning to invest in or benefit from the advantages of cryptocurrencies wonders the answer to Where to buy Ethereum Classic question. First, you need an online wallet to buy cryptocurrencies. You need to sign up to Binance exchange from here, which is preferred globally to buy coins and you can buy coins with fiat currencies. You can quickly access many assets and trade types such as altcoins, future markets, and margin by creating a Binance account.
2.Step: Complete your registration by typing an email to the email section or typing your phone number on the section available on the mobile tab. Click/tap on the “Buy Crypto with Your Credit Card” option after the registration and verify your identity.
3.Step: Continue the process by typing the amount you would like to invest and your preferred cryptocurrency. Keep in mind that for security reasons, your credit card/debit cardholder information must match with the name available on your account. If you would like to buy cryptocurrencies with a wire transfer, you need to follow the Buy Crypto > Third-Party Payment options to pick your preferred fiat currency to buy cryptocurrencies.
4.Step: If the cryptocurrency you are planning to buy is not available on the list, buy USDT “You can always redeem 1 USDT Coin for US $1.00”. You can buy any coin you want with USDT by following Buy-Sell > Classic steps. We have provided the answer to How to buy Ethereum Classic, now you can view the cryptocurrencies you bought by clicking on the wallet summary available on your Binance account. You can sell your assets when their value increases, or you can withdraw them to your bank account in desired fiat currency.
How Much is a Ethereum Classic (ETC)
Ethereum Classic (ETC) prices are updated instantly in USD, Euro, Sterling currencies in the following table.
Ethereum Classic (ETC) Review
You can learn more about Ethereum Classic (ETC) reviews and information on cryptocurrencies by visiting their official page available in the following.
Website https://ethereumclassic.org/ Github https://github.com/ethereumclassic Medium https://medium.com/ethereum-classic-labs Documentation https://ethereum-classic-guide.readthedocs.io/en/latest/ Telegram https://telegram.me/ethclassic Discord https://discord.gg/hQs894U