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CRYPTO REVIEW

Ethereum Classic Review

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October 26, 2021 | 

Jesus Guzman |  2 Comments | 

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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 Ether". Besides its function as a digital currency, Ethereum Classic offers a wealth of functions, e.g. for project development, crowdfunding, the creation of proposals and votes, and an open marketplace for ideas.

History of Ethereum Classic

As mentioned earlier, Ethereum Classic is the original Ethereum code, created from a fork of Ethereum and Ethereum Classic. It was launched in the summer of 2015.

The story of the fork of Etherium and Etherium Classic began when someone was able to steal funds from the Ethereum blockchain through a hole in the code that allowed this to happen. Most people were not happy about this and wanted their funds back.

This collective demanded a change in the code to protect against future thefts. Most of the money was recovered, the code was updated and Ethereum as we know it was developed accordingly.

However, other people did not agree with the change in code because they wanted to preserve the integrity of the original protocol. Therefore, Ethereum Classic has kept the original code. The distinction between the two cryptos was brought about by a fork.

In 2016, Ethereum Classic had to make another fork to regulate its internal pricing. Another fork is planned for 2017 to limit the currently unlimited supply to a maximum of around 210 million.

How Ethereum Classic works

Just like Ethereum, Ethereum Classic transmits a smart contract with transaction information embedded in it to its users. There is the possibility of future development to enable many other applications as well. It has a decentralised Turing-complete virtual machine and the Ethereum Virtual Machine.

Why invest in Ethereum Classic?

Just like Ethereum, Ethereum Classic can also be a much-used cryptocurrency that helps in large transactions. Transactions are recorded via smart contracts.

There is a cap. Therefore, this cap could help to increase the value. It has a high market capitalisation

Ethereum Classic Costs

Ethereum Classic is not worth nearly as much as Ethereum - at least not yet. Nevertheless, it has a high market capitalisation.

 

Date

 

Value in USD

 

July 2016

 

0.75

 

January 2017

 

1.43

 

July 2017

 

17.61

How To Invest in Ethereum Classic

If you are interested in investing in Ethereum Classic, you can do so on their website, where you can get an Ethereum Classic wallet.

COMMENTS (2)

Mary Smith  If you want help recovering your cryptocurrencies or funds from fake investments or trading. Em............bluhack @ solution4u com Very interesting read  3 days ago from United States

0     Reply   

Mary Smith  Great!  3 days ago from United States

0     Reply   

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