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What is Ethereum Classic

Ethereum Classic is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.

Ethereum Classic is a continuation of the original Ethereum blockchain – the classic version preserving untampered history; free from external interference and subjective tampering of transactions.

How is it different from Ethereum

The original Ethereum blockchain was forked in two after a hack. The new chain, which kept the name Ethereum, moved the compromised funds to a new smart contract- they called this DAO and it stood for decentralized autonomous organization. The original un-forked blockchain is now called Ethereum Classic.

Ethereum Classic and Ethereum are exactly the same, except for the history. If you send 1 ETH to an Ethereum Classic address, you will have the same amount of ETC as you would if you sent it to an Ethereum address. Mind that if you use a service that only supports one of the chains (e.g. Coinbase), your coins will be lost if you accidentally send them to the wrong chain. The Ethereum Classic blockchain is immutable; meaning once something is set in stone – it stays that way forever. No one, not even the founders, can change anything on the ETC blockchain. This stands in contrast to Ethereum, where the developers can make changes whenever they want/need to.

What is an immutable blockchain

An immutable blockchain is a digital ledger of all cryptocurrency transactions. Immutable means that the ledger cannot be changed; once something is recorded on the blockchain, it stays there forever.

Ethereum Classic’s immutability comes from the fact that it is based on the original Ethereum blockchain; which was never altered after the fork. This means that all transactions and smart contracts that were on the Ethereum blockchain at the time of the fork, are still valid on the Ethereum Classic blockchain.

What are the benefits of using Ethereum Classic

There are many benefits of using Ethereum Classic, including:

  • The immutability of the blockchain protects against fraud and tampering.
  • The platform is censorship-resistant; no one can interfere with smart contracts or transactions.
  • The decentralized nature of the platform makes it more secure and resilient to attacks.
  • Ethereum Classic is a more true to the original vision of Ethereum, as a decentralized platform for running smart contracts.
  • The team behind Ethereum Classic is committed to keeping the platform stable and secure.

These are just some of the benefits of using Ethereum Classic.

What are the risks in investing Ethereum Classic

Like with any investment, there are always risks involved. Some of the risks associated with investing in Ethereum Classic include: The price of Ethereum Classic may be volatile and subject to wide price swings. Ethereum Classic is a relatively new platform and still has some limitations.

There is a risk that the Ethereum Classic team may not be able to execute on their vision. Overall, Ethereum Classic is a solid investment option with a lot of potential. However, as with any investment, you should always do your own research before investing.

Who supports Ethereum Classic

There is a growing community of supporters for Ethereum Classic. Some of the notable companies and organizations that support Ethereum Classic include:

  • Coinbase- one of the largest cryptocurrency exchanges in the world.
  • ETCDEV- a team of developers working on Ethereum Classic.
  • Ethereum Classic Labs- a research and development organization.

how high will ethereum classic go

This is impossible to predict. Ethereum Classic, like any other cryptocurrency, is subject to market forces and the price will go up and down depending on demand.

What is the Future of Ethereum Classic

The future of Ethereum Classic is uncertain. The cryptocurrency markets are volatile and subject to change. However, the team behind Ethereum Classic is committed to developing the platform and growing the community.

With continued support, Ethereum Classic could become a major player in the cryptocurrency industry. And that’s it! We hope this article has helped you learn about Ethereum Classic and what it has to offer. Thanks for reading!