Ethereum Classic (ETC) is the result of a split within the Ethereum community. It was launched in 2016 Experts even refer to it as the real Etherium blockchain
However, very few people understand the true value of digital currency. True, there are advantages and disadvantages. Despite this, investors are attracted to it! If you are interested in bitcoin trading, check out Brexit Millionaire
An introduction to the Ethereum Classic
The birth of Etherium Classic is an interesting one! Despite all the security measures, someone has been able to hack into the Ethereum blockchain. Therefore, it has become urgent to make alternative arrangements. It was an etherium classic.
Etherium Classic is an open source blockchain. It is also a decentralized application. This allows the use of smart contracts to initiate business transactions.
Not all members of the Etherium community were happy about this turn of events. Some wanted to compensate the affected users of the network. Others did not. Therefore, the blockchain is divided.
Special feature of Etherium Classic
- A very active team of miners oversees Etherium Classic and they have different ideas about the development of this blockchain. They refuse to allow its fork. Therefore, it is immutable.
- Blockchain’s native token is ETC. It can participate in all types of transactions.
- Smart deals are common. They refer to the if-then terms or agreement as described in the line of code. The implementation of this agreement is automatic.
- Miners provide essential security for the Proof-of-Work (PoW) consensus approach. These miners keep a watchful eye on the transactions taking place in this blockchain. Whenever necessary, they create and add new blocks.
Advantages of investing in Etherium Classic / ETC.
Despite the lack of demand like Ethereum (ETH), Ethereum Classic has its advantages.
- Like Ethereum, Ethereum Classic operates in a decentralized environment. Expensive third parties or intermediaries cannot engage themselves in peer-to-peer buying / selling / exchanging. Similarly, limited government has no role in this transaction.
- Etherium Classic is an unchanged version of the Etherium blockchain. Therefore, enthusiasts refer to it as authentic / original / genuine etherium.
- Decentralized applications and smart deals are integral to Ethereum Classic. Therefore, users can deploy it across different industries.
- ETC tokens are more affordable than ETH tokens. Therefore, it is a boon for newcomers!
- Regarding the capitalization rating in cryptocurrency, ETC is in the top-30 list.
Difficulty investing in Etherium Classic / ETC.
Nothing is right! Therefore, Ethereum Classic also exhibits some disadvantages.
- Ethereum Classic does not invite much interest from developers or the Ethereum community.
- It has no backwards compatibility with Ethereum. In other words, ETC does not integrate with previous software that still supports Ethereum.
- Parity Technologies owns almost 100% of the Ethereum Classic platform. This platform takes care of ETC projects. Therefore, investors are concerned about ETC being centralized rather than decentralized.
- ETC tokens are vulnerable to attack because they do not have much security. Therefore, people are not willing to pay high prices or high interest rates for it.
- More than 50% of the attacks at different times have led Etherium Classic to achieve a dubious image. Investors will always fear fraud and unsecured transactions.
Ethereum classic investment
True, there are risks to Ethereum Classic. However, it also offers several benefits. Taken together, the advantages seem to outweigh the disadvantages.
In the beginning, Ethereum Classic is still a favorite of many investors around the world. In fact, ETC ranks among the 100 most popular coins in the world. Then again, the community that supports it does so because of the ETC’s unchanging behavior. They firmly believe in the Code of Law.
Whether new or experienced, an investor / trader finds Ethereum Classic easier to deal with than Ethereum. The ‘reward’ factor is another attraction. Investors and miners are fascinated by this aspect. As they continue to receive rewards, they realize that Ethereum Classic can only increase in value over time.
The transition from the proof-of-work to the proof-of-steak of the Etherium Classic is a welcome measure for many. ETC offers reputable cryptocurrency exchanges to the public.
True, it got the zombie coin label, due to the lot of attacks on it. Nevertheless, it is still alive and kicking in the cryptocurrency world! Even its developers think that they can improve its security features in the future.