Ethereum Classic is an open-source decentralized blockchain-based platform comprising a native cryptocurrency and a smart contract feature. It allows the smooth running of applications and services without third-party interference.
In the context of ETC, smart contracts are solely built on the conditional if-then statement type. That is, if the terms stated in a contract are met, then the corresponding requirements or actions would follow. But if the terms of a contract are not met, then a corresponding action that has been agreed on would follow. This could either be a complete dissolution of the contract or simply having the defaulting contractual party pay a penalty fee.
For instance, if Mr. A is expected to render services to Mr. B and Mr. B promises to make an advance payment on a specific date but fails, then the contract could become void.
Smart contracts in ETC can be located within a blockchain network and in some cases, a distributed ledger. A distributed ledger shows all transactions and contracts stored in a decentralized manner across several locations of the world.
Who are the founders of Ethereum Classic (ETC)?
Ethereum has a long list of founders, totaling eight. Anthony Di Iorio listed himself, Vitalik Buterin, Charles Hoskinson, Mihai Alise & Amir Chetrit as the founders of Ethereum. These were the initial five who founded Ethereum in December 2013. In early 2014, Foseph Lubin, Gavin Wood, & Jeffrey Wilcke were added to the list of cofounders.
Though initially launched in 2013, formal development of the Ethereum system started the following year in 2014. This was achieved with the help of Ethereum Switzerland GmbH (EthSuisse), a company in Switzerland. However before the software could be launched, the inclusion of smart contracts had to be specified. This led to Wood’s appointment as the Chief Technology Officer, making him the first to fill the position.. After that, the Ethereum Foundation was also launched.
Prior to the start of Ethereum, Woods, an English man worked as a research scientist at Microsoft. There he gained vast knowledge and experience in tech. Similarly, Buterin had formerly worked as a research assistant for cryptographer Ian Goldberg. With Goldberg, Buterin was able to explore his interests in Bitcoin and its associate currencies.
Woods worked with Ethereum for two years before leaving in 2016. Since his exit from the company, Wood founded Parity Technologies where he currently serves as chairman and CWO.
What is Ethereum Classic (ETC) Used For?
Ethereum Classic serves different purposes for different people. To programmers and computer scientists, the system allows them to create new virtual currencies or even applications. Importantly, both programs can be decentralized and run autonomously on a blockchain platform.
These decentralized applications can comprise anything ranging from games to prediction markets/analysis to exchange platforms. Long-term cryptocurrency investors also believe that TC’s limited supply makes it a more valuable asset as cryptocurrency is expected to become less accessible in years to come.
What is the Unique Point of Ethereum Classic (ETC)?
Ethereum Classic’s major distinctive feature is the smart contract platform. This allows for the automatic execution of terms and actions required to fulfill an agreement between contractual parties on the internet. With this unique feature, there is a significant reduction in the need for trusted intermediates which invariably reduces costs of transactions while also improving reliability.
The primary goal of ETC and its associated currencies is to have a system that allows it to execute smart contracts using the blockchain platform. This reinforced the uniqueness that comes with smart contract technology. Described as “one computer for the entire planet” by Gavin Wood, ETC’s blockchain can make any program in the world more robust and protect it from fraud. This is achieved by running it on a distributed network of nodes.
How Many Ethereum Classic (ETC) is in circulation
There are currently 128,753,877 ETC tokens in circulation, with a maximum supply estimated at 210,700,000 ETC.
Is the Ethereum Classic (ETC) network secure?
Following a series of attacks against the ETC network, different security and prevention measures have been adopted to prevent similar future occurrences.
Through the cooperation of miners and mining pools, the delivery mining process monitors and maintains a consistent hash rate. If there is a need to increase the mining rate, the delivery mining processes also work to increase it.
Also, an enhanced network monitoring system works to identify anomalies and spikes in the hash rate ledger and prices in the mining network. Additionally, the ETC network is committed to providing long-term security to users, investors, and miners.
This, they hope to achieve with steps such as introducing a treasury system, altering the proof of mining algorithm, and finally, increasing the network’s attack resistance to 51%. While these might not completely put a stop to the attacks, it goes a long way to protecting the network.
How do I buy Ethereum Classic (ETC)?
If you are looking to buy Ethereum Classic, follow these simple steps:
- Open an online account with any known trading platform with ETC
- Buy a wallet to store your crypto
- Purchase your ETC and transfer it to your wallet
Which Cryptocurrency Wallet Supports Ethereum Classic (ETC)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Ethereum Classic. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Ethereum Classic wallet because offers a simple and interactive interface making it easy for people to navigate its system.