REVIEW

CRYPTO REVIEW

Ethereum Classic

REVIEW - ETHEREUM CLASSIC

What Is Ethereum Classic?

Ethereum Classic is a twin of Ethereum in terms of its core functions. Ethereum is a major cryptocurrency, just like Bitcoin, with the difference that it is not retail-focused and is mainly used by large institutions.

Ethereum and Ethereum Classic both have smart contract technology, which means that transactions are recorded in the blockchain. The recording occurs because when a transaction takes place, a smart contract is released between the parties, issuing an agreement.

There is only one main difference between Ethereum and Ethereum Classic. Ethereum is a slightly upgraded version. In order to be upgraded from its origin, a fork had to take place. Ethereum is split into its own code chain.

Ethereum Classic continues the original Ethereum code. Its token is called "Classic E...

Ethereum Classic offers its investor the chance of developing decentralized applications that will help them come up with smart contracts. This type of digital currency has a high ranking worldwide due to the determination and loyalty of developers under the principles of blockchain technology.

Following the ETC history, Ethereum cryptocurrency originates from ETC. It mainly focuses on the interchangeability of digital currencies and how immune their blockchains are. ETC gives its user the option of purchasing the cryptocurrency in dollars as the market has ETC-USD.

Introduction: What is ETC?

You can define ETC as a cryptocurrency, decentralized blockchain technology with an open-source computing platform. The Ethereum platform is suitable for millions of users and developers as it grants them the permission to come up with smart contracts and execute them to investors.

The Ethereum platform is open for any potential investors to join and conduct transactions with the condition that they have a digital wallet.

Ethereum Classic Price

Different factors affect the Ethereum market cap and Ethereum price. These factors include:

• General environment of the economy
• ETC news cycle
• Various fundamental developments
• Inflows and outflows of exchange.

Like most digital coins, there is no specific time for an ETC price to be decided upon. This is courtesy of the total buying and selling of millions by users in the world. A user can get the latest updates of ETC quote prices by using various tracking services of cryptocurrencies.

Currently, on the ETC live chart, the price is £46.93. The overall 24-hour price of the trading volume is at £1 248 108,366. Ethereum classic has received high rankings in the cryptocurrency market as it turns out to be number 31. Ethereum market cap is at £6, 132,122,377 and lastly, its circulating supply is at £130,430, 320.

Ethereum Classic Price Chart

During the first six months of 2021, ETC experienced massive profits in February that saw its margin grow from $5 to $15. The following month, it had a drop of -$10-$12 zone. However, this loss only lasted for two months and when May approached, it had skyrocketed to $ 176.16.

 Ever since it received better results, ETC has tried to maintain its performance and the lowest it went in May was $32.5. ETC had another rally in August; thus, the price was above $60. Even though ETC went through some descending patterns earlier in 2021, currently, its investors have a reason to smile since price chart predictions are promising.

How does Ethereum Classic Work?

The best way that ETC can validate the type of transactions made is through Proof of Work. It has miners who have great computation skills and enough time to take charge of the network security. Thus, they see to it that they process transactions and produce blocks.

Miners ensure that when people use the network, they maintain the order where users conduct transactions.

 For the Ethereum classic to be effective, miners have to solve difficult computer puzzles that produce blocks, thus securing the network from invaders. When using an ETC network, you are free to run smart contracts, which entail agreements that are in codes that will enable you freely execute them.

 When using ETC, there is no need for third parties or intermediaries because the entire process is self-contained. ETC has come up with a financial policy that is fixed and it has decided to continue using Proof of Work mining so that its blockchain can always be secure.

Smart Contracts

In the past years, there were no decentralized to store smart contracts securely. ETC blockchain executes smart contracts and fulfils all the necessary conditions for this process. The smart contracts technology can interfere with the storage of files, numerous banking intermediaries, identification and insurance.

By using smart contracts, ETC will create a decentralized currency but also facilitate the Ethereum creation of a globally decentralized computer.

How to Secure ETC

The most efficient way that ETC uses to secure its blockchain is through the Proof of Work consensus mechanism. Its miners ensure that ETC remains secure by handling tough computer puzzles to produce and verify transactional blocks.

The network of ETC can only proceed to the next block once every miner on the network comes to a consensus and record the blockchain. The consensus mechanism helps the network by locking out any bad actors since they will control a large section of the network by 51% or even more.

Proof of Work is objectified to extend the network’s chain, thus giving miners an incentive to work on the ETC chain. Therefore, since users will always go for the longest chain, miners do not choose to create their chains.

How to Select an ETC Wallet

There are two types of ETC wallets; hardware and cold wallets. As a user, when going through the ethereum overview and you think of acquiring an ETC wallet, it will largely depend on its intended purpose and the amount you need to deposit. Both hardware wallets and cold wallets will offer you the best security you will need.

1. Hardware Wallets

When you opt for the hardware wallets, you should understand that they are much more costly and you will need to acquaint yourself with some knowledge on how to use them.

Therefore, if you have more ETC to store and an experienced ETC, this is the type of wallet for you. Additionally, hardware wallets have two types which are Ledger and Trezor; and they are both used for storage.

2. Software Wallets

As for the cold or software wallets, they give users a different option. They are free and easy to use. Users can easily download them as apps on their smartphones or desktops. They come in two types; custodial and non-custodial.

With the non-custodial wallets, it uses secure elements in your device or laptop to store private keys for users while the custodial wallets, the service providers back up and secure all the private keys. Even though software wallets are free, they are suitable for storing smaller amounts of Ethereum. They tend to be less secure than hardware wallets and most users will always go for the hardware ones.

3. Web Wallets

There exists another form of digital wallets known as online or web wallets. They are quite different from hardware and software wallets as they are much easier to use and users can access them easily on their web browsers.

Even though most users consider them as hot wallets, they are less secure hardware and software wallets.

Users should select reputable digital wallets such as hardware or software wallets that will guarantee the security and better custody of their digital assets. They should also choose a wallet that has easy functionality. A digital wallet that will quicken the process of selling and buying Ethereum classic tokens.

For investors, it would be a good decision to invest in ETC since it has an immune blockchain. This cryptocurrency is reputable and has a high ranking of #31. It has better digital wallets that are suitable for experienced users, such the hardware wallets.

However, as an investor, you need to first think of what you want to use the wallet for and the amount of ETC you want to deposit.

Additionally, as an investor, you need to understand that developers can decide on the ETC price at any time; therefore, if you want to invest in them, it would be best to follow updates to get the Ethereum price prediction. Invest today with ETC!