Cryptocurrency, the money of future is used as digital currency for online transactions. Ethereum Classic (ETC) is a new or split form of cryptocurrency designed to avoid external interference and subjective tampering of transactions. Ethereum Classic stands on the fifth position of cryptocurrency in the market. The existence and importance of ETC is mentioned as below;
Introduction of Ethereum Classic:
Ethereum was introduced by Russian programmer Vitalik Buterian. He was the adopter of blockchain technology and the founder Bitcoin Magazine. Ethereum is the initial base for coding, running and executing DApps and Smart Contracts. After the great DAO (Decentralized Autonomous Organization) attack in May 2016, the majority of the Ethereum community supported hard-fork. The minority of the users who were against the hard-fork continued the old blockchain and named it as “Ethereum Classic” (ETC).
Ethereum Classic vs Ethereum
ETC is same as ETH (Ethereum). Both have identical block chains until block 1920000, where the hard-fork to refund was initiated. All the balances, wallets, transactions that happened on Ethereum before the hard-fork are still valid on Ethereum classic blockchain. After the block 1920000(hard-fork) both were split into two and act individually. Ethereum Classic provide features and specifications such as the creation and deployment of smart contract decentralized applications, average block time, size and reward.
How to buy Ethereum Classic
It is difficult to buy Ethereum Classic directly from the fiat currency. ETC can be exchanged for other coins like BTC, LTC, ETH tokens. One would need an ETC address and some bitcoins to buy ETC tokens on the exchange. The cryptocurrency exchanges that deal with ETC are Poloniex, Bittrex, Kraken, BitSquare, BitMex, and Bitfinex. Ethereum classic wallets are available on Trezor, Ledger Nano S, Jaxx, Mist, Classic Ether Wallet etc.
Ethereum Classic Future
In the volatile crypto market, it is difficult to predict anything correctly about the future market position of Ethereum Classic. However, considering its current market demand, it seems that ETC is here to stay. In a year span, ETC could earn an ample amount of profit and grow by 1600%. For ETC to stay in the competition with ETH, it would need to innovate itself at the pace of Ethereum and involve in partnerships like the Enterprise Ethereum Alliance. If ETC fails to do so it may get outdated like Kodak.
As Vitalik (founder of ETH) is on the side of Ethereum, hence it would be difficult for Ethereum Classic to operate without such a visionary leader. The capital market is unpredictable and ETC is doing a good job with its functioning. It still needs to push a little harder to stay in competition against ETH.