Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.
Ethereum Classic also provides a value token called “classic ether”, which can be transferred between participants, stored in a cryptocurrency wallet and is used to compensate participant nodes for computations performed. The classic ether token is traded on cryptocurrency exchanges under the ticker symbol ETC.
In 2016, a decentralized autonomous organization called The DAO, built on top of the Ethereum network, raised $150 million USD from investors to fund development of Ethereum applications. The DAO was hacked in June 2016, and $50 million worth of classic ether was stolen as a result.
The event caused a split in the Ethereum community, with some members feeling that the code should be changed to refund the stolen funds, while others maintained that the code should not be changed and that “code is law”. As a result of this disagreement, the Ethereum blockchain was hard-forked on 20 July 2016 to create two separate blockchains: Ethereum Classic (ETC) and Ethereum (ETH).
NOTE: WARNING: Investing in Ethereum Classic (ETC) is highly speculative and involves a high degree of risk. Prices can fluctuate quickly and unpredictably, and investors may lose their entire investment. There is no guarantee that ETC will continue to increase in value or remain stable. Before investing, you should carefully consider your own financial situation and consult with a professional financial advisor.
Ethereum Classic has been described as “a continuation of the original Ethereum blockchain”, with its original code and transaction history intact. The fork occurred because a group of individuals believed that the DAO hack demonstrated that the Ethereum codebase was not immutable after all, and that it needed to be changed in order to refund the stolen funds.
The other side of the fork disagreed with this assessment, believing that changing the code would go against the principles of decentralization and immutability that are central to blockchain technology.
As of July 2018, Ethereum Classic’s market capitalization is around $1.7 billion USD, making it the 5th largest cryptocurrency by market cap.
ETC is traded on a number of cryptocurrency exchanges and is also available for purchase with fiat currencies such as USD, EUR and GBP on decentralized exchanges such as EtherDelta and IDEX.
9 Related Question Answers Found
Ethereum Classic is an open-source, decentralized computer platform that runs smart contracts. These are applications that run exactly as programmed without any possibility of fraud or third-party interference. The Classic version of Ethereum is a continuation of the original Ethereum blockchain – the one that existed before theDAO hack in 2016.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. In 2014, Ethereum founders Vitalik Buterin, Gavin Wood and Jeffrey Wilcke began work on a next-generation blockchain that had the ambitions to implement a general, fully trustless smart contract platform. The Ethereum whitepaper described a “next-generation smart contract and decentralized application platform” that would enable “users to create smart contracts and decentralized applications on their own terms”.
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. Ethereum Classic provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.
Ethereum, the world’s second largest cryptocurrency by market capitalization, is in the midst of a major sell-off today. The ETH/USD pair is down over 10% on the day, and is currently trading at around $225. This sell-off comes after a period of relative stability for Ethereum, which had been trading in a tight range between $200 and $250 over the past few weeks.
The Ethereum stock market is currently down 3.79% on the day. The market capitalization currently sits at $183.37 billion, and the circulating supply is at 111,313,377 ETH. The 24-hour trading volume is at $9.81 billion.
An Ethereum transaction is a transfer of value between two Ethereum addresses. Transactions are the most basic part of the Ethereum network. They are used to send and receive tokens, as well as to interact with smart contracts.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is used to build decentralized applications (dapps) on its platform. A dapp is an application that is open source, decentralized, and has no central point of control.
An Ethereum transaction is a transfer of value between two Ethereum addresses. Transactions are the most basic part of the Ethereum network. They are used to send, receive, or store value on the network.
Ethereum options are a type of digital asset that allows users to bet on the future price of Ethereum. Options are a type of derivative, which means they derive their value from an underlying asset. In this case, the underlying asset is ETH.
