What is Ethereum Classic?
Ethereum Classic (ETC) is an open source, blockchain-based distributed computing platform offering smart contracts functionality. It was created as a result of a hard fork of the original Ethereum network in 2016. The network was split into two networks, Ethereum and Ethereum Classic, which both continue to support the same smart-contract platform. Ethereum Classic is an independent blockchain which has its own set of rules, independent of the new Ethereum blockchain. It is a distributed public blockchain, operating autonomously on a decentralized peer-to-peer network.
An Overview of Ethereum Classic
Ethereum Classic is an open source, decentralized, public blockchain-based platform that uses a decentralized virtual machine, the Ethereum Virtual Machine (EVM), to execute peer-to-peer contracts across a network of computers. It is a platform for creating and running decentralized applications, using smart contracts to power the logic within the Ethereum Classic system.
The main ideas behind the ETC include the preservation of the original Ethereum blockchain and the belief that if it’s not broken, don’t fix it. Ethereum Classic also includes a unique consensus protocol called GHOST (Greedy Heaviest Observed Subtree) which allows for faster block creation and better scalability.
The Benefits of Ethereum Classic
Ethereum Classic offers users a number of advantages including the security of decentralized applications, increased reliability, and low transaction fees. This platform allows developers to build smart contracts and decentralized applications on a public blockchain, enabling them to be immutable and censorship-resistant.
With its native token, ETC, Ethereum Classic offers investors and traders opportunities to speculate on the future growth of the network as well as access to decentralized applications and other services built on top of the platform.
Conclusion
In conclusion, Ethereum Classic is an open source blockchain platform built on the original Ethereum protocol. It provides developers with a platform to create and run decentralized applications and smart contracts, as well as a platform for investors and traders to speculate on the price of the underlying token. The platform offers its users increased reliability, low transaction fees and the ability to develop on a public blockchain.