Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum Classic also provides a value token called “classic ether”, which can be transferred between participants, stored in a cryptocurrency wallet and is used to compensate participant nodes for computations performed. The classic ether token is traded on cryptocurrency exchanges under the ticker symbol ETC. Gas, an internal transaction pricing mechanism, is used to prevent spam on the network and allocate resources proportionally to the incentive offered by the request.
A Step-By-Step Guide To Ethereum Classic
What is Ethereum Classic? Ethereum vs Ethereum Classic
People who were opposed to the hard fork decided to stick with the original chain calling it “Ethereum Classic.”
So, why did people stick with an old chain when all the Ethereum heavy hitters, including founders Vitalik Buterin and Gavin Wood, moved onto the new chain? Well, the answer to that is a more philosophical one. You see when Ethereum, and cryptocurrency in general, was introduced, it was supposed to be a stance against financial corruption. The reason why the blockchain was made immutable was that they wanted the system to be resilient against human whims.
This is why, to many ETC sympathizers, the hard fork is a convenient cop-out, if you are changing the entire chain by one hack then that completely defeats the purpose of Ethereum in the first place. You are proving that the blockchain can be affected by human whims. And this has resonated with a lot of “crypto-idealists.” Some pretty big hitters like Barry Silbert, the CEO of Grayscale, have gotten behind ETC.
Now all that sounds well and good, but there are some problems with Ethereum Classic which simply cannot be ignored.
The Problems with Ethereum Classic
The main problem with ETC is the lack of backward compatibility with the Ethereum Hard Fork. All the heavyweights of the Ethereum community have moved on to the new chain, which means that anyone who is part of the ETC won’t be able to access any of the updates done by the ETH. The perfect example is ETH’s move from Proof Of Work (PoW) To Proof of Stake (PoS). ETC won’t be able to implement that because their software simply doesn’t allow the use of updates.
But that’s not the end of it; there are far more problems with ETC, some of which borders on conspiracy. Many consider ETC to be an attack against Ethereum itself. What does that mean? Post hard fork when the community was split and vulnerable, many say that the anti-Ethereum camp openly supported ETC, just to cause disruption in the community. Even more, prominent bloggers like David Seaman have reported:
Classic is an insecure orphan chain being promoted in a way that would be illegal if Ethereum were a publicly traded company, which it could eventually be.
The Pros and Cons of Ethereum Classic
- Stays true with the philosophy of the immutability of the blockchain
- Has the backing of a few big players
- Doesn’t get access to all the new updates made in the ETH chain (e.g.,. The move from POW to POS)
- All the heavyweights of the Ethereum have moved on to ETH
- Considered an insult and an attack on the Ethereum community
- Is know to be full of scammers
The Classic alternative
Ethereum has made a spectacular comeback from an absolute disaster, and it looks like it’s going to fulfil all the expectations that people had had in it when it started. More than anything, the true power of Ethereum lies in its full scope. It is not just a currency; it is a platform on which people can build projects which will dictate the future. If decentralization is indeed the future, then Ethereum is going to be in the front and centre of it.
Now, this begs the question: What does this mean for ETH and ETC? ETH has all the lead developers on its side and is going to grow from strength to strength. Now with the backing of the EEA, it is only going to get better. The value of any currency comes from the trust that people has on it, and because of all these factors, the trust in ETH is only going to grow.
The future is bright for ETH, and it will keep on growing. It is a living proof of what the Ethereum community is capable of. They faced a serious crisis, stuck together and came up with a truly elegant solution. ETH is the future, and if you are a supporter of Ethereum and believe in what it stands for, then you should definitely be in camp ETH.
Here is where you can buy Ethereum Classic: