What is Ethereum Classic [ETC]?

Ethereum Classic (ETC) is an open-source, decentralized online payments platform based on block technology and the original Ethereum code. Consequently, like Ethereum, it provides a value token, called “Ether Classic”, used to pay users for products and services. This currency was created to ensure a more open digital financial system.

At the moment This currency continues to offer the same features as Ethereum, such as: B. the creation, deployment of smart contracts and the creation of decentralized applicationsin addition to the specifications regarding the average time of the blocks, the size and the reward received from each.

It should be noted that Ethereum Classic is not anti-Ethereum as many catalog it. It is just part of a larger Ethereum ecosystem. That means it’s a different community that shares different values.

What was the reason for the breakup?

In June 2016, the Decentralized Autonomous Organization (DAO, based on Ethereum) was hacked using the same vulnerabilities specified in a document presented in May of this year, in which it stressed that there were flaws in the process. Thus, approximately $50 million of their funds were stolen.

The attack and the debate that followed caused a rift in the Ethereum community. On the one hand the developers of Ethereum could reverse the issue and return all Ether to the respective users. However, the core philosophy of cryptocurrency is that transactions cannot be processed or eliminated.

As a result, Ethereum experienced a crossroads by copying and modifying the main code to undo the DAO trick. In the meantime, the main code remained unchanged and the community dubbed it “Ethereum Classic”. Since then, both currencies have functioned separately but share some ideologies.

What is the Ethereum soft fork and hard ford?

When a chain needs to be updated, there are two ways to do it through this mechanism:

• A soft fork refers to an update that maintains backwards compatibility with previous versions, although the new features can only be used in the latest version. However, one downside is that if the soft fork were applied, the blockchain would be exposed to denial-of-service attacks.
• On the other hand the Hard Ford is also an update, what differs from the previous one is that it does not keep backwards compatibility. This means that users who upgrade to the new version will not be able to interact in the same way as users who decide not to upgrade.

The main purpose of this new version was to return all the stolen money. Therefore, a smart plan was devised whose function was to return 1 ETH for every 100 DAO tokens a person had.

A security-based policy

The main premise of the plan is to maintain cyber security and be an efficient currency. Maintaining appropriate monetary policy and indirectly promoting the development of the network, which in turn provides a secure platform necessary for the development of all smart contracts.

In addition, the goal is to build a blockchain platform that allows software developers to create applications whose databases and transactions are not stored on a single server of a specific company, but on all nodes and users connected to the Ethereum Classic blockchain .

Do I need two different wallets for Ethereum and Ethereum Classic?

First yes. You must have two separate wallets installed.

Transfer money with ETC

Like other altcoins, it is very easy to use once you have installed a compatible portfolio with Ethereum Classic. You just have to follow a few steps:

1. Install a wallet compatible with Ethereum Classic: Wallets that can access the Ethereum Classic blockchain often also have access to the Ethereum blockchain. Make sure you configure it correctly or you could end up sending ETC to the wrong user.
2. Get the recipient’s wallet address: The ETC receiver gives you a public key address, either as a string of numbers and letters or as a QR code that you can scan with your phone.
3. Enter the value to send: After agreeing the amount to be sent, enter the value of ETC in your wallet and make sure you have the required amount of available funds.
4. Send the money: After clicking “Send” (or the equivalent button in your wallet), the ETC amount will be deducted from your wallet and added to the recipient’s. The transaction should appear immediately, but may take about a minute.

What awaits Ethereum Classic?

While the original plan was to follow in Ethereum’s footsteps, ETC will likely continue to diverge as Ethereum continues to present features that many in the Ethereum Classic community will disagree with.

There is evidence that Ethereum may be moving towards a participatory testing regime where block generation is performed by coin holders rather than miners.

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