Should You Invest In Ethereum Classic?

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4,538,158 Ethereum Classic positions opened on eToro

ETC
Ethereum Classic
26.3058
-3.75%
BTC
BTCBitcoin
62000.39 -2.06%
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DASH
DASHDash
29.35 -2.85%
Buy
MIOTA
MIOTAIOTA
0.22 -4.31%
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DOGE
DOGEDogecoin
0.14 -3.44%
Buy

Originally known as Ethereum, Ethereum Classic was created in 2016 as a hard fork of the original Ethereum protocol, after an exploit led to millions of dollars’ worth of Ether being stolen from investors.

While most of the Ethereum community chose to reverse the hack, some preferred to let the network follow its natural course. Ethereum Classic is the name given to the original, smaller blockchain that did not undo the impact of the malicious attack.

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How does Ethereum Classic Work?

Unlike Ethereum, Ethereum Classic still utilizes a Proof of Work (PoW) consensus mechanism to verify transactions. Although both Ethereum Classic and Bitcoin use PoW to create blocks in the blockchain, Ethereum Classic is different in that it allows for the creation of smart contracts, which are digital contracts automatically executed when a predetermined arrangement is met.

Blockchain

Ethereum Classic stores all transactions and data within a public record on the blockchain in an immutable manner, meaning that records cannot be modified or changed by an external influence.

Ethereum Classic utilizes its mining algorithm, Ethash, to generate new blocks and continuously add them together until they form part of a chain.

Transactions

When making transactions on Ethereum Classic, a user needs to determine how many ETC tokens to send, when the transaction should take place, and who the ETC is being sent to.

Ethereum Classic users can also interact with the network’s smart contracts to create highly secure agreements with other participants that cannot be tampered with once validated.

Ethereum Classic is a public blockchain network that provides users with transparency and the ability to create and use smart contracts. Follow the above steps to start investing in Ethereum Classic (ETC), but remember to conduct additional research before committing real funds to a trade!

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