What is Ethereum Classic ?
Ethereum Classic is a smart contract platform that is used for powering Decentralized applications (Dapps). It is also a cryptocurrency that is traded on a large number of cryptocurrency exchanges.
About Ethereum Classic
Ethereum Classic is the result of a hard fork that happened in 2016 when a group of participants resisted the changes to revert the effects of a hack. Due to this, Ethereum Classic came into existence on July 20, 2016.
Primary features of Ethereum Classic
The platform is fully decentralized for the easy execution of smart contracts.
It works on the concept of ‘Proof-of-Work’ consensus algorithm.
Ethereum Classic has swept a market cap of more than $7 Billion.
Ethereum Classic (ETC) is a P2P cryptocurrency that provides an easy exchange of funds.
Is Ethereum Classic a promising cryptocurrency?
Ethereum Classic allows developers to write, build, and deploy smart contracts that are censorship-resistant. The network is totally decentralized with zero-downtime or thor-party interference.
If you are looking to buy an Ethereum Classic, then you can check for third-party cryptocurrency exchanges like Coinswitch Kuber.
How to use Ethereum Classic coins?
Ethereum Classic is the unaltered history of the original Ethereum chain. The network exists to preserve the principle of ‘Code of Law.’ You can use Ethereum Classic (ETC) in the following ways:
Open-source: Ethereum Classic is an open-source computing platform which means that its codebase can be looked up by anyone on the Internet.
Online Payments: Ethereum Classic (ETC) is accepted at thousands of stores worldwide, both offline & online.
International Transfers: Ethereum Classic could be easily transferred to family and friends that are sitting in any part of the world.
Investment: Ethereum Classic has shown positive returns in the past, which makes it a lucrative piece of investment.
Pros & Cons of Ethereum Classic coin
IOHK: Charles Hoskinson’s blockchain company, Input Output Hong Kong (IOHK), which is also developing Cardano, is also behind most of the development work for Ethereum Classic.
Low-prices: Ethereum Classic is much cheaper than Ethereum but still able to maintain its place in the Top 30 cryptocurrencies by market cap.
Open-source: Due to the open-source nature of Ethereum Classic, changes can be easily implemented to adapt to the market.
Gas: ETC token acts as the gas for doing all the work on the Ethereum Classic blockchain.
Dark Web: In the recent news, Ethereum Classic was found being used as a mode of payment on the Dark Web.
Less Active: Ethereum Classic was found to be less active as the majority of developers are active on Ethereum rather than ETC.
Trade Ethereum Classic coin on CoinSwitch kuber
You can invest and trade with just Rs.100.
Allows instant withdrawal and deposit directly to bank accounts.
Trade-in Ethereum Classic (Ethereum Classic) at zero fees.
Intuitive and simple UI.
Easily manage your transactions and your portfolio.
Ethereum Classic ICO summary
Ethereum Classic didn’t have its ICO (Initial Coin Offering) because it was the result of the hard fork that happened in Ethereum. Just in a year, it has increased to more than 20X.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.