Any crypto connoisseur knows that Ethereum Classic is the original Ethereum. ETC investors are proud to support the project which maintains its integrity and adheres to the core Ethereum philosophy. Although ETC differs from ETH in many ways, it still represents a viable means of payment. ETC is already being used extensively as a payment method by numerous companies around the world. NOWPayments helps businesses accept Ethereum Classic payments.
Core items:
- ETC is the native coin of Ethereum Classic.
- ETC has rocket fast transactions.
- NOWPayments provides an API that allows businesses to accept ETC crypto payments.
What is Ethereum Classic?
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Ethereum Classic emerged in 2016 after the hack of the DAO, one of the most notable projects of the Ethereum network. The DAO incident caused a split in the Ethereum community. Part of users decided to make changes to the code of the network, while the other did not agree with this step. As a result, the Ethereum network was split into two separate blockchains through a hard fork.
The consensus protocol is one of the key elements of Ethereum Classic. While the current Ethereum blockchain is rapidly moving towards a Proof-of-Stake model, Ethereum Classic stays true to its origins and continues to use the original Proof-of-Work protocol.
ETC combines the advantages of ETH and BTC and positions itself as the ultimate smart contract platform of the future. The ETC crypto has all the basic characteristics of a great cryptocurrency. It is fungible, divisible, scarce, portable and has a predictable supply.
What is API
API stands for Application Programming Interface. API acts as a system’s computer interface that defines the way its applications and components interact or communicate with each other. API is not a database. Rather, it is code that controls access to the server, defines requests that can be made, and determines the rules for making requests. Online platforms make extensive use of APIs as they greatly simplify their operations. APIs eliminate the need to create specific links for each service or product.
For cryptocurrencies, APIs allow access to market data provided by exchanges and blockchain protocols. They also allow users to make and receive payments with guaranteed security as they are essential in preventing hacks.
API keys are the primary tool for using APIs. API keys are unique codes passed to an API to identify users. API keys make it possible to track and control usage of the API. In addition, they act as special passwords that give their owners access to all the information they need.
Compared to standard keys like passwords, API keys make website and user account security stronger and less vulnerable because API keys cannot be reused. In addition, API keys are always randomly generated. They are long and have no logical order of symbols used. Then they are difficult to crack. It is clear that API keys have many uses and are of great use to a variety of projects, including those dealing with cryptocurrencies.
Pros and cons of Ethereum Classic payments
Ethereum Classic is a coin with an impressive legacy and great technology behind it. By bringing together the best qualities of BTC and ETH, ETC manages to excel. Because of this, it is a top choice for dozens of businesses using it as a payment method.
Advantages
speed
Ethereum Classic is an efficient blockchain that often outperforms Ethereum. This processes ETC transactions quickly and efficiently, allowing users to transfer their coins without any delays. Businesses using ETC as a payment solution can quickly accept payments from customers around the world.
Low Gas Fees
Unlike Ethereum, Ethereum Classic has low gas fees. So users don’t have to spend a fortune on fees when sending $20 worth of ETC. The low cost of ETC transactions is good news for businesses that want a decentralized and expensive means of payment.
privacy
Nowadays companies strive to offer their customers the highest quality of customer experience and data protection is one of the main elements where most companies fail. The traditional payment solutions are not private and prevent consumers from paying anonymously. ETC, on the other hand, offers users complete privacy thanks to the Ethereum Classic decentralized blockchain.
Disadvantages
volatility
Volatility is a primary concern of most cryptocurrencies, and ETC is no exception. Basically, the market value of ETCs is subject to constant fluctuations, which some may find quite radical. However, by using NOWPayments’ automatic conversion feature, businesses can accept ETC and convert to fiat instantly.
sustainability issues
ETC runs on proof-of-work, a consensus mechanism that has been criticized by environmentalists as unsustainable. Essentially, some experts say the PoW consensus requires too much electricity, which has a negative impact on the environment. Still, the influence of Ethereum Classic is much smaller than that of Bitcoin.
How to accept ETC with API
Offering APIs is a given in the crypto processing space. NOWPayments, as a trusted gateway service for crypto payments, provides users with an API that allows them to stay totally safe while accepting ETC and other cryptocurrencies. NOWPayments provides you with a reliable API that takes only a few seconds to start.
Follow these steps to start using your API and accept Ethereum Classic:
- Create an account on NOWPayments official website;
- Enter your email address and create a password;
- Once you have verified your email, log into your account;
- Open the dashboard page and enter your Ethereum Classic crypto address.
- After entering your address, generate your API key by clicking the “Add New Key” button.
- Once you have your API key, you can select a payment gateway of your choice.
- You can also browse the detailed API documentation here to learn more about NOWPayments API functions.
Diploma
Ethereum Classic is a powerful and efficient blockchain with a state-of-the-art cryptocurrency. ETC transactions are inexpensive and only take a few minutes. NOWPayments allows businesses and individuals to accept ETC payments through an API.
This entry was published on June 20, 2022 15:28
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