tiero/123RF
 

What Is Ethereum Classic? 10 Things To Know About Ethereum’s Brother

  • 25 August 2017
  • Dylan Dedi

Two Ethereums? Which one do I pick? How is this even possible? Is Ethereum Classic (ETC) just a scam? These are the thoughts that probably went through many people’s head when first hearing about Ethereum Classic. Ethereum (ETH) brought many people into the crypto world with its value jumping over 4000% in June.

Many newcomers came to the cryptocurrency arena, after years of their friends telling them to install a bitcoin wallet, with a new found confidence from the news of Vitlalik Buterin and the “smart contract.” But much confusion can come from finally converting your USD to BTC and making your first Ethereum purchase. Although ETH clearly has a larger market cap than ETC, there are some big distinctions between the two that may sway your opinion to invest in Ethereum Classic.

Ethereum Classic is a stable token with a stable community. You’ll never have to worry about a fork happening with this token as they strive to stay as true to the original concept of Ethereum as possible. Ethereum Classic works to stay decentralized and profitable for miners. Here are some reasons you might want to look into investing in Ethereum Classic:

1. Ethereum Classic is the original Ethereum

Ethereum is the result of a “hard fork” from Ethereum Classic. Ethereum Classic is what Ethereum was meant to be in the eyes of the community. This hard fork happened because of a hack that lost the original community of Ethereum 50 million dollars. The hard fork into Ethereum was many of the original user base’s (including founders Vitalik Buterin and Gavin Wood) answer to solving this loophole in the blockchain. Ethereum Classic tends to believe that this kind of hacks can happen, and instead of changing the core of the coin and splitting the community more, they should accept that the blockchain is not invincible to cyber attacks and find other ways to defend from these attacks.

2. Ethereum Classic is a smart contract

Like Ethereum, Ethereum Classic is a smart contract. Smart contracts are computer protocols that enforce a contract using the blockchain as a ledger. The blockchain makes all of these contracts open to the public to see and is impossible to alter. This is different from a token like Bitcoin, which puts an emphasis on its token being a currency. Smart contracts can have programs written on them, such as DApps.

3. Transaction finality

Further looking into Ethereum Classic’s smart contract, the community takes a hard stance on “all sales final.” Once a contract is written, it cannot be undone. As long as the transaction or contract is valid it will not be erased or forgotten in the blockchain. This strengthens the blockchain’s immutability and transparency. As stated on their website: code is law. A user will never have to worry about a community dispute that would result in their contract being erased.

4. Decentralization

Though most cryptocurrencies and blockchain protocols are decentralized, ETC believes that they take it a step further with by sticking to the original blockchain of Ethereum. They believe that only true decentralization will stand the test of time. Because of ETC’s tight knit community, everybody works to make this as much of an unchangeable ideology in ETC as possible. Without decentralization, ETC would fall to pieces.

5. PoW

Ethereum Classic is one of the most profitable tokens to mine. This is another huge difference between Ethereum and Ethereum Classic. While Ethereum is switching to PoS, or Proof of Stake, which will slowly phase out its mining process (in essence, “firing” their miners). Ethereum Classic will always support mining and encourages miners to mine the original Ethereum blockchain. ETC stands with PoW, or Proof of Work. If you are a minor, or looking to mine, ETC makes it easy to get started straight from their website.

6. Tight community

You can almost think of Ethereum Classic as a “Cult Classic.” It didn’t take off as the more popular of the two, but the people who believe in ETC are diehard fans. And they are very welcoming to anyone who is interested in joining them. The website’s landing page is extremely friendly and welcoming and has portals for every type of interested person to enter (miners, investors, developers, and users) that give thorough explanations of what they can offer to everyone. Their blogs and media posts are up-to-date and they have a very active Reddit group.

7. ETC Today

Ethereum Classic is still extremely active, and ICOs are building platforms off of its blockchain. Even though Ethereum is worth more than ETC at this point, ETC is not going anywhere and it looking into the long run. Ethereum Classic even has its own website dedicated to ETC news (http://etc.today/#/) where loads of information can be seen about the token and momentum to keep it going for years to come.

8. Learning from Lessons

ETC is the original blockchain that the $50 million hack happened on. This means it could happen again if the same protocols were followed. But ETC has learned from this attack and has created a solid roadmap to keep this from ever happening again. ETC is great at accepting fault where it should be taken, and offering solutions to fix it. They believe that their token will be stronger by finding a solution within the ecosystem, instead of forking to a new token that doesn’t allow this hack to happen again.

9. Opensource

Ethereum Classic does a great job at keeping the entire community (whether you are a developer or just an invested user) updated on what they have planned for the token. Everything can be accessed from their GitHub, and anyone can participate in development. You can see all kinds of improvements happening on their roadmap here.

10. Long Term Goals, Long Term Stability

Everywhere you find Ethereum Classic, you see somebody talking about how this topic now will affect ETC in 2 years, 10 years, etc. Everybody invested is looking in the long run. The developer roadmap and the main website have long term goals for the project and won’t be phased by the day to day ups and downs of the crypto market. By keeping their blockchain stable, the way Ethereum was and always should be, they have developed a solid foundation that their investors can always trust. Nobody knows the future, and constantly adapting to the “now,” may get you stuck in a rut later down the road. ETC looks to work with the problems they face day to day, instead of changing their core development to avoid the problems.

About Dylan Dedi

Comments

COMMUNITY