In this article, I will discuss Ethereum Classic, a blockchain platform that operates on the basis of the original principles of the Ethereum network.
Ethereum classic is known for its counterparty agnostic features, it’s immutability, and its smart contract functionality.
This guide will discuss its main features, its history, and its differences from Ethereum, so that you recognize its importance in the crypto world.
What is Ethereum Classic ?
Ethereum classic (etc) is an original cryptocurrency that has its own blockchain since July 2015. It is a smart contract platform which facilitates the operation of decentralized applications, or dapps. Its native cryptocurrency is also called ETC.
Over the years, Ethereum Classic has continued to adopt its own technology and development goals, thus establishing for itself a distinct identity separate from Ethereum. The network was originally set up in order to safeguard the Ethereum blockchain after an infamous hack where over 3.6 million ETH was stolen.
Here’s an overview table for the Ethereum Classic:
| Feature | Details |
|---|---|
| Launch Date | July 30, 2015 |
| Blockchain Type | Proof-of-Work (PoW) |
| Native Token | ETC (Ethereum Classic) |
| Primary Function | Smart contracts and DApps |
| Consensus Mechanism | Proof-of-Work (PoW) |
| Total Supply | 210,700,000 ETC |
| Market Position | Top 30 cryptocurrency by market capitalization |
| Key Feature | Immutable ledger to preserve blockchain history |
| Major Event | Hard fork after the DAO hack in 2016 to preserve the original blockchain integrity |
| Development Focus | Maintaining decentralization and immutability |
Key Features of Ethereum Classic
Decentralization
Ethereum Classic focuses on decentralization, meaning no single party can dominate the network which preserves the essence of blockchain technology.
Immutability
Ethereum Classic is distinguished by its ability to keep an immutable ledger, unlike Ethereum where transactions can’t be changed once they are initiated.
Smart Contract Support
Smart contracts can be created and executed on the ETC platform enabling numerous DApps (decentralized applications) to operate on the blockchain.
Proof-of-Work (PoW)
The Ethereum classic network incorporated a Proof-of-Work consensus method, allowing the network to be secured and maintained through mining.
Security
Ethereum Classic is focused on security and has proven that it can sustain and protect a stable and resistant blockchain network over challenges.
Low Fees
ETC does not charge high fees like other blockchain networks which makes transacting on the platform more economical for users.
Open Source
Ethereum classic’s open source nature enables any developers to use it and contribute towards its growth and development.
Who Are the Founders of Ethereum Classic?
Ethereum Classic is, after all, the original Ethereum blockchain, a product of Vitalik Buterin, Ethereum’s founder.
Ethereum Classic came into being when the May hack of The DAO, a decentralized organization which raised around $150 million in an ICO, caused a controversial hard fork to blockchain Ethereum in July 2016.
Ethereum Classic forked because the deciding faction chose not to reverse the blockchain as it successfully maintained the integrity of the original blockchain.
There is no official Ethereum Classic development team, but rather, it is guided by a global, incentivized, permissionless community that any person can participate in.
How Safe is Ethereum Classic?
Ethereum Classic is viewed as somewhat secure, but, like any blockchain, it has its risks. It is secured through the Proof-of-Work consensus mechanism which subjects the network to strenuous mathematical calculations.
This renders the system less prone to attacks whose attempts to compromise the network can be detected and illegal transactions invalidated.
Out of all the blockchain networks, Ethereum Classic, for instance, has suffered some monetary attacks termed as a 51% attack in 2019, where an assailant utilized more than half the network’s mining facilities and nearly every node was double spent.
Regardless, because of a strong focus on development coupled with decentralization, Ethereum Classic does not have such challenges. Making large payments or using unsecured sites should always be proceeded with caution.
Ethereum Classic vs. Competitors
| Feature | Ethereum Classic (ETC) | Ethereum (ETH) | Cardano (ADA) | Polkadot (DOT) | Solana (SOL) |
|---|---|---|---|---|---|
| Decentralization | ✔ | ✔ | ✔ | ✔ | ✔ |
| Smart Contract Support | ✔ | ✔ | ✔ | ✔ | ✔ |
| Immutability | ✔ | ✖ | ✔ | ✔ | ✖ |
| Proof-of-Work (PoW) | ✔ | ✖ (Now PoS) | ✖ (PoS) | ✖ (Nominated PoS) | ✖ (PoH & PoS) |
| Transaction Speed | Moderate | Moderate | Slow | Fast | Very Fast |
| Low Fees | ✔ | ✖ | ✔ | ✔ | ✔ |
| Energy Efficiency | ✖ | ✔ | ✔ | ✔ | ✔ |
| Security Focus | ✔ | ✔ | ✔ | ✔ | ✔ |
| Active Development | Moderate | High | High | High | High |
Where Ethereum Classic Token Available
| Platform | Trading Pairs | Supported Features | Website Link |
|---|---|---|---|
| Binance | ETC/USDT, ETC/BTC, ETC/ETH | Spot trading, Futures, Staking | Binance |
| Coinbase | ETC/USD, ETC/EUR | Spot trading, Wallet integration | Coinbase |
| Kraken | ETC/USD, ETC/EUR, ETC/GBP | Spot trading, Margin trading | Kraken |
| KuCoin | ETC/USDT, ETC/BTC | Spot trading, Futures, Lending | KuCoin |
| Huobi Global | ETC/USDT, ETC/BTC | Spot trading, Futures, Staking | Huobi |
| Gate.io | ETC/USDT, ETC/ETH | Spot trading, Margin trading, Futures | Gate.io |
| OKX | ETC/USDT, ETC/BTC, ETC/ETH | Spot trading, Perpetual swaps, Staking | OKX |
| Bitfinex | ETC/USD, ETC/BTC | Spot trading, Margin trading | Bitfinex |
Final Thoughts
Ethereum Classic serves as a monument of what true blockchain should represent; decentralization, transparency, and immutability.
With the original chain of Ethereum still intact, classic has entitled a certain appeal to those longing for a platform which does not have an altered ledger. It has an active community which ensures the development of Ethereum Classic, thus showing its resistance to market challenges.
Like many other currencies, its relative security and scalability make it difficult to fully embrace.
Although Ethereum Classic has become one of the more fascinating options in the blockchain ecosystem, there are still risks and negative aspects that users have to consider before diving into it.
