Presentation and definition of the crypto-currency, Ethereum Classic (ETC)

Presentation and definition of the crypto-currency, Ethereum Classic (ETC)

  • Name of the crypto-currency : Ethereum Classic
  • Acronym : ETC
  • Where to buy Ethereum Classic ? Binance, Bitbay
  • Creation Date : July 2016
  • White paper of Ethereum Classic
  • Web Site

The birth of Ethereum Classic

Ethereum Classic is born in 2016, following the hacking of a smart contract on the Ethereum network that caused the misuse of more than 10% of the tokens ETH then outstanding. The team of developers wanted to implement a fork to undo the hacking and to restore the fund to the holders, but this initiative was not supported by the network. In effect, go back over past transactions, even fraudulent, would totally question the invariable nature of the blockchain. This results in a schism in the blockchain Ethereum, which is split into two versions. The new protocol Ethereum Classic is the version of the hacking, and it still contains all the blocks of past transactions.

The operation of Ethereum Classic

Ethereum Classic uses tokens called Ether Classic that have the same characteristics as the Ether of the network Ethereum. The two networks relies on the same basic operation : the creation of applications and the implementation of “smart contracts in the blockchain, via an open-source system completely decentralized. If the network Ethereum Classic has a market capitalization a lot less important than its precursor, it managed to impose itself in the world of crypto-currencies and has reached over 1.5 billion dollars of market value.

The limit of tokens ETC

Unlike Ethereum, Ethereum Classic has set a limit on the issuance of tokens ETC. The distribution of tokens will end when 210 million of them will already be in circulation.