Bittime - Ethereum Classic (ETC) is expected to experience a halving between May 27 and June 11. So, how does this affect crypto assets? Check out this article, OK!
What is Ethereum Classic?
Ethereum Classic is a hard fork of Ethereum (ETH) launched in July 2016 in response to a serious security incident. Just like Ethereum, ETC is a smart contract network that can run decentralized applications (DApps).
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The initial goal of launching ETC was to maintain the original Ethereum blockchain without undoing the impact of the DAO hack. This emphasizes the “immutable” nature and integrity of the blockchain.
Unlike Ethereum, Stick to Proof-of-Work
Ethereum Classic uses a Proof-of-Work (PoW) consensus algorithm, just like Ethereum in the past before switching to Proof-of-Stake (PoS). This choice shows ETC's commitment to traditional blockchain principles, especially decentralization and security.
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The network supports the development and use of DApps and smart contracts, with the aim of offering a stable and unchanging protocol for developers and users.
ETC settings are also more decentralized, with the community playing an important role in the decision-making process.
ETC Token for Mining Transactions and Rewards
ETC, Ethereum Classic's native token, is used for transaction fees and as rewards for miners in the network. Unlike Ethereum which switched to PoS, Ethereum Classic still uses the PoW mechanism.
ETC has received support from some users and investors who want Ethereum to remain as it is, especially in terms of irreversible transactions and a more traditional approach to blockchain governance.
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More About Ethereum Classic (ETC)
Ethereum Classic, as explained previously, is a blockchain platform similar to Bitcoin. One key difference is: in addition to recording value transactions, it can also be used as a distributed computer to run self-executing smart contracts.
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These smart contracts are basically programs that are stored on the blockchain and can be executed automatically when certain conditions are met.
For example, if someone agrees to sell goods at a certain price to another person, a smart contract can automatically make payment and transfer ownership, eliminating the need to trust that both parties will fulfill their obligations.
History of Ethereum Classic: Born of Controversy
Ethereum was created by Vitalik Buterin and the Ethereum Foundation and launched in 2015. Initially, the Ethereum blockchain was created as a network where transactions were carried out using its native token, Ether (ETH).
This new network quickly became popular for initial coin offerings (ICOs), where various teams used the platform to launch their own tokens.
One of the most successful ICOs is The DAO, a decentralized investment platform where investors can choose assets to invest in. The DAO quickly raised over 11 million ETH from over 18,000 investors.
This was before unknown hackers discovered a bug in the smart contract that allowed them to withdraw about a third of The DAO's accumulated Ether.
Due to the magnitude of the hack, many investors proposed to reverse the Ethereum blockchain to save the affected investors.
Meanwhile, others argued that it would set a precedent for future rescues. After a rushed poll, 85% of miners on the network switched to the hard fork.
As a result, the Ethereum blockchain split into two separate networks. The newer network inherited the Ethereum name and the native token Ether. The older one, renamed Ethereum Classic, also uses Ether, but has a different symbol, ETC.
The network experienced a miner migration after Ethereum integrated proof-of-stake in 2022, and developers have created several applications using its virtual machine.
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The Future of Ethereum Classic: Surviving the Competition
The future of Ethereum Classic looks less bright compared to Ethereum as Ethereum remains the more popular network of the two. Blockchain and these cryptocurrencies failed to gain much traction in the market, losing market share to other cryptocurrencies.
However, ETC continues to be traded on exchanges and mined by its community. These blockchains and cryptocurrencies persist with a seemingly solid base of traders and fans.
However, like Ethereum, Ethereum Classic has a proposal process for improvements. Since the hard fork, it has undergone several improvements, such as developing compatibility with Ethereum's latest changes.
Cara Beli Ethereum Classic (ETC) di Bittime
You can buy and sell Ethereum Classic (ETC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum Classic (ETC) is available on Bittime with the market pair ETC/IDR. To be able to buy ETC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum Classic (ETC) on Bittime.
Monitor price chart movements for Ethereum Classic (ETC), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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