Ethereum Classic Review

Ethereum Classic Review

What Is Ethereum Classic?

In terms of its core functionality, Ethereum Classic is a twin to Ethereum. Ethereum is a major cryptocurrency just like Bitcoin, except that rather than being geared towards the retail network, it is of foremost use to major institutions. Ethereum and Ethereum Classic both have the Smart Contract technology, which means that transactions are recorded on the blockchain. The recording takes place because, when a transaction occurs, a Smart Contract is released between the parties, issuing an agreement.

There is only one main difference between Ethereum and Ethereum Classic. Ethereum is a slightly upgraded version. In order to be upgraded from its origin, a fork had to occur. Ethereum separated into a distinct chain of code. Ethereum Classic carried on the original Ethereum code. Its token is called “Classic Ether.”

In addition to acting as a digital currency, Ethereum Classic has a wealth of features, including use in project development, crowdfunding, proposal making and voting, and an open idea marketplace.

History of Ethereum Classic

As already mentioned, Ethereum Classic represents the original Ethereum code, as the result of a split off between Ethereum and Ethereum Classic. It came to be in the summer of 2015.

The history of the split between Etherium and Etherium Classic emerged when someone was able to steal funds from the Ethereum blockchain through a glitch in the code that made doing so permissible. Most people were not happy about this and wanted to retrieve their funds. This collective appealed for a change in the coding so as to protect from future theft. Most of the money was retrieved, the code was updated, and Ethereum as we know it proceeded accordingly.

However, other people disagreed with the changing of the code, on the basis of wanting to maintain the integrity of the original protocol. As such, Ethereum Classic has carried on the original code. The distinction between the two cryptos was forged via a fork.

In 2016, Ethereum Classic had to take on another fork in order to regulate their internal pricing. Yet another fork is planned for 2017, in order to change the presently unlimited supply to a capped amount of about 210 million.

How Ethereum Classic Works

Just like Ethereum, Ethereum Classic transmits a Smart Contract to its users, which embeds the transaction information. There is a possibility for future development to allow plenty of other uses, too. It has a decentralized Turing-complete virtual machine and the Ethereum Virtual Machine.

Why Invest in Ethereum Classic?

  • Just like Ethereum, Ethereum Classic can be a highly utilized crypto that helps major transactions. Transactions are recorded via Smart Contracts.
  • There is a cap planned. Therefore, this cap might help it increase in value
  • It has a high market cap

Ethereum Classic Cost

Ethereum Classic is not nearly worth as much as Ethereum–at least not yet. However, it still does have a high market cap.

 

Date

Value in USD

July 2016

0.75

January 2017

1.43

July 2017

17.61

How To Invest in Ethereum Classic

If you are interested in investing in Ethereum Classic, you can do so on their website, where you can get an Ethereum Classic wallet.

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