Ethereum Classic: What the heck is this?
The Ethereum Classic cryptocurrency uses smart contracts on its decentralized, open-source blockchain. After an attack on the Ethereum network in 2016, the Ethereum Classic chain was created. Original Ethereum blockchain split into Ethereum Classic (the original blockchain) and Ethereum, a newer blockchain. In keeping with the Ethereum Blockchain’s history, Ethereum Classic is a fork of the original Ethereum chain and upholds the principle of “Code is Law.”
It is unique among digital currencies because Ethereum Classic (ETC) cannot be manipulated. This includes a history of the whole network, as well as details of the exploit that occurred in 2016.
Using ETC, there is no possibility of censorship, downtime, or third-party interference because applications run exactly as programmed.
ETC is the leading platform for truly global smart contracts, which let you write, deploy, and execute smart contracts anywhere you want;
As a global payment network, ETC still has much to develop. The Ethereum Classic members are idealistic about blockchain technology. Blockchains, in their opinion, should not be altered. We must keep in mind that these technologies are designed so that they cannot be controlled by humans.
In the eyes of ETC idealists, hard forking in 2016 wasn’t right. According to them, a “Code is law” amendment retains the inherent immutability of an institution whose purpose differs fundamentally from that of global finance. In this way, they argue, users will be free in the future to decide what actions they wish to take.
What makes Ethereum Classic (ETC) different
It is unique in that it has a permanent ledger, but security and scalability concerns are threats to its future.
While Ethereum Classic (ETC) also supports smart contracts, its popularity is significantly lower than that of Ethereum.
After a 51% attack, developers lost confidence in the network. Several analysts believe that Proof of Stake is important to Ethereum Classic’s scaling capabilities and its protection from further attacks in the future.
Ethereum is frequently compared with ETC. Why?
Regardless of which cryptocurrency long-term supporters endorse, there will be a continuing debate between Ethereum and Ethereum Classic (ETC).
Even though the prices of the two cryptocurrencies differed over the last few years, their price trends appear similar. Both markets declined in 2018 following a rally in 2017. Then, in 2021, they started to bounce back.
Ethereum provides a great investment opportunity at the moment. After Bitcoin, this coin is the second largest in the sphere of cryptocurrencies. Besides applications for the rapidly expanding blockchain industry, it facilitates decentralized finance (DeFi) and nonflammable tokens (NFT).
ETC (Ethereum Classic) does not operate in this way. We have been lacking leaders, visions, and solid foundations at ETC. Nevertheless, a search for lower-cost coins led to an increase in ETC prices at the beginning of 2021. Losses on investments were reduced when the price was high.
Does Ethereum Classic have investment potential despite its controversy?
Its price is lower than that of Ethereum (ETH), which is a benefit. Although the organization has potential, it lacks a road map for its future development. In spite of this, Ethereum Classic (ETC) might perform well in the long run for its investors after a recent hike.