What is Ethereum Classic?
Ethereum Classic (ETC) is a unique, independent branch of the development of Ethereum (ETH), the second generation of blockchain. Known as Vitalik Buterin’s “child”, Ethereum Classic is both a cryptocurrency and a decentralized platform, allowing you to create a variety of your own online services for business, friends, family, communities, etc. using breakthrough blockchain technology and smart-contracts.
Ethereum Classic emerged as a result of a hardfork of Ethereum's network. The main reason for this decision to separate (the birth of ETC) was the urgent need to change the program code, after the hacking of a famous DAO project.
Difference between ETH and ETC?
The Ethereum community was split into two parts, with most members of the cryptocurrency society having a positive reaction to the idea of a new coin with centralized management. However, another part of the community who supported decentralization were of the opinion that such a step was contrary to the whole essence of the concept of blockchain technology. This is the main difference between ETH and ETC.
All decisions in the ETC network are made by several teams of senior developers; by contrast, all ETH decisions are made by a special Ethereum fund where a users “union” and various token holders make proposals for their future. ETC adherents strongly oppose any changes in the blockchain, believing that such a situation destroys the essence and integrity of the system.
For more detailed information, you can familiarise yourself with the philosophy of this issue by looking into the ETC declaration of independence
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When was Ethereum Classic created?
Ethereum Classic is a true origin story from the Ethereum network. The mainnet released on July 30th, 2015. A new version of the network was created on July 20th, 2016 due to the hacking of the DAO project. This was done in order to erase the theft of funds in the DAO project from the history of the blockchain.
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How does Ethereum classic work?
When we talk about Ethereum Classic, it is first necessary to understand smart contracts. The original concept of a smart contract was proposed by Nick Szabo in 1994. They are built on the ETC blockchain and automatically apply the rules of the agreement. Smart contracts can eliminate the need for bank intermediaries, data storage, insurance, etc.
So, ETC is a blockchain crypto platform for developing decentralized applications based on open-source smart contracts. Ethereum Classic provides its own currency, ETC, that can be transferred from one user to another and used to pay for calculations made by public nodes of the network. ETC also gives you the opportunity to create your own digital assets (tokens) on the ETC blockchain. The “ether” paid for the calculations is called “Gas”. It serves not only to pay for the calculations made but also prevents DDOS attacks.
Does Ethereum Classic have a future?
It is common knowledge that as a cryptocurrency ETH is still ranked at the very top in both power, popularity, and market cap, second only to the “godfather” Bitcoin. However, ETC is catching up, currently ranking 18th place in the CoinMarketCap (CMC) ratings. Many experts believe, and not without reason, that sooner or later ETC will catch up and likely surpass ETH. At present, the ETC platform still uses the positive experience of Ethereum to its advantage, continuing to develop in various directions, using smart-contracts that have already yielded lasting results and fame for ETH. With this being said, ETC market value is still not always stable. However, financial experts highly appreciate the prospects of the project both in terms of technology and investment.
Ethereum Classic has a limited emission of 230 million ETC, which continues to make a positive impact on its exchange rate and market value. According to current data, 116 million coins have been produced so far (as a result of mining), which is approximately 50% of the total issue of ETC. This makes its market capitalisation slightly higher than 900 million US dollars. However, despite these many positive aspects, some experts do fear that ETC could potentially be hacked in the future, like the DAO project (mentioned above). If history does indeed repeat, ETC will predictably lose a lot of confidence from some parts of the cryptocurrency community.
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