ETC is an Ethereum hard fork that was released in July 2016. ETC Classic is also Ethereum’s legacy chain. Its developers are Vitalik Buterin and Gavin Wood, who are naturally the developers of the original ETH. In this article, as Kriptokoin.com, “What is Ethereum Classic?” We will answer the question. In addition to these, we will touch on all the questions about the project.
What is Ethereum Classic? What Does ETC Do?
The main function of ETC is that it is a smart contract network with the capabilities to host and support decentralized applications DApps. The native Token of the platform is ETC. Ethereum Classic has sought to differentiate itself from Ethereum since the technical roadmaps of the two networks have gone in more and more different directions from each other over time. Ethereum Classic first experienced a major hack that resulted in the theft of 3.6 million ETH. After this incident, he tried to protect the existing Ethereum Blockchain network. Therefore, the main goal of Ethereum Classic is to protect the data of the Ethereum blockchain in its original form without artificially countering the DAO hack.
Why is Ethereum Classic different?
Ethereum Classic was primarily a legacy network that attracted attention from those who disagreed with the idea of the main Ethereum network. But since then, it has gained a significant support base, including big investors like Barry Silbert, the CEO of the investment company Grayscale. As a voluntary organization, the developers of ETC do not aim to turn the network into a for-profit entity. Users pay transaction fees as with Ethereum. Miners collect Coins based on the work they do according to the PoW mining algorithm. While many developers continue to work on future developments such as scalability solutions, Ethereum has no plans to switch to a PoS consensus algorithm, unlike all of them.
How to buy ETC?
Among the largest exchanges traded with ETC; There are Binance, OKX, CoinW, Bybit. To purchase coins, the following steps can be followed:
First of all, access the web/mobile application of the exchange that lists the ETC you have chosen as the first step. Complete the account opening steps. Then complete the authentication and approval process. Follow the next step, the deposit steps. As the last step, choose ETC with the balance amount you want and create a buy order. Store it in your trusted accounts.
