What is Ethereum Classic?
The story which led to the formation of Ethereum Classic is somewhat dramatic. Ethereum is a decentralised open-source platform
as well as a cryptocurrency. As internet users require a web browser like Mozilla Firefox or Google Chrome to access information, the Ethereum platform is necessary to help software developers build and launch dApps.
In 2015, the Ethereum community approved plans to establish the Decentralised Autonomous Organisation (DAO). Its sole purpose was to create a distributed venture capital fund that would provide financial support to organisations and innovators planning to develop applications on the Ethereum platform.
By the summer of 2016, the DAO had amassed more than $150 million in funding and was ready to proceed with supporting Ethereum developers. However, in June 2016, the DAO was compromised. Cyber-criminals took advantage of a known security flaw in the DAO’s system architecture, stealing $50 million in the process.
Ethereum’s developers were under pressure to revert the Ethereum blockchain back to its condition pre-hack, returning all stolen ether coins to their rightful owners. Consequently, Ethereum undertook a hard fork, replicating and modifying the original code to revert the DAO hack. The original Ethereum community opted to stand firm with the new hard fork, while the main code remained as it is and is now known as Ethereum Classic.
What is Ethereum Classic’s purpose?
If you are wondering what is Ethereum Classic and its long-term purpose, the cryptocurrency attempts to stay true to the original nature of the intended Ethereum blockchain. The ultimate vision of Ethereum Classic remains the same as Ethereum in many ways: to create a blockchain platform that enables Ethereum Classic software developers to design and build dApps that aren’t overseen by a single server or third-party company, but are stored on every single node connected to the Ethereum Classic blockchain.
Ethereum Classic remains a firm favourite with cryptocurrency ideologists that have an unwavering belief in the ETC blockchain. However, there is no doubt that the decision for Ethereum to create a new hard fork and migrate across to the ‘new Ethereum’ has caused a significant split within the Ethereum community.
The team behind Ethereum Classic
There are five key teams of software engineers and developers that work tirelessly to support the growth of the Ethereum Classic platform:
ETCDEV is a global interdisciplinary group of software engineers and developers that work full-time on some of the most recent core projects on the Ethereum Classic platform. These include Emerald SDK, Classic Geth and Sidechains. With professionals like ETCDEV underpinning the Ethereum Classic community, there is every chance they can stay at the forefront of blockchain technology.
The IOHK Grothendieck group comprises of mathematics and scientific engineers and developers that are working around the clock to improve the security and scalability of the ETC ecosystem.
The ETC Cooperative (ECC) was founded to provide financial assistance to underpin the long-term growth of the Ethereum Classic platform. The ECC has a three-pronged approach to financial support: community, marketing and development and the attempt to build links with other Ethereum-based crypto communities.
Ethereum Classic Labs is another leading ETC team geared to providing start-up funding for new projects on the ETC platform. It also seeks to build industry connections to improve the longevity of the Ethereum Classic ecosystem.
This organisation has had an influential input on a host of blockchain projects, including those on the ETC blockchain. At the time of writing, Ethereum Commonwealth maintain the Classic Ether Wallet.
How does Ethereum Classic work?
Ethereum Classic operates just like the original Ethereum, as it is actually based on the original blockchain. It’s taken some time for ETC
to receive widespread acceptance and acknowledgement within the cryptocurrency industry, with its parent currency Ethereum (ETH) still largely wishing to remain disassociated in all ways.
Nonetheless, investors in cryptocurrencies and those who wish to use the dApps on the Ethereum platform can buy Ethereum Classic on a host of cryptocurrency exchanges today. It can either be held as a form of investment or as a form of payment with digital merchants and service providers.
If you are wondering how to get Ethereum Classic, you can also profit from it without having to physically own and store ETC coins through trading the price of ETC via a CFD broker. Brokers such as eToro and Markets.com allow for users to place ‘buy’ and ‘sell’ orders on the price of Ethereum Classic, which we’ll go into greater detail about shortly.
How does Ethereum Classic compare to Bitcoin?
Ethereum Classic aims to utilise the best bits of Bitcoin’s blockchain technology to create a decentralised open-source platform. Although Bitcoin’s developers have sought to restrict the blockchain to process only currency-based transactions, the Ethereum Classic blockchain is designed to create a decentralised operating system atop the ETC blockchain.
All dApps on the Ethereum Classic platform share their database transactions with each active individual on the ETC blockchain. This means that there is no centralised point for cyber-hackers to compromise. It would require an individual to hack the majority (51%) of user databases on the ETC blockchain.
How can you get Ethereum Classic?
Although the reputation of Ethereum Classic is still very much up in the air and newcomer crypto investors remain unsure as to how Ethereum Classic works alongside Ethereum, there are many opportunities to buy, sell, trade and use ETC coins online:
You can buy it
If you are now intrigued as to how to get Ethereum Classic online, one of the quickest and most accessible ways to buy Ethereum Classic online is to use a cryptocurrency exchange or broker. Crypto exchanges are generally intuitive and make it easy for newcomers to cryptocurrency investments to understand the price movements of the markets. You can buy ETC coins using fiat currencies and other cryptocurrencies through an exchange. Once the crypto industry begins to believe in the Ethereum Classic platform – the original immutable platform – it is likely that the price of ETC will experience an upward curve.
Does the thought of setting up an alternative cryptocurrency wallet to store your ETC coins safely rather than alongside your ETH coins seems like hard work? If so, you could ‘buy’ and ‘sell’ the price of ETC instead via eToro. Check out our eToro review to understand how to profit from the rise and fall in the value of digital assets without physically owning coins like ETC.
You can trade it
One of the best alternatives on how to get Ethereum Classic online is to trade ETC coins using CFD brokers like eToro over a matter of days, hours, even minutes. Cryptocurrency trading is steadily becoming a popular investment niche among those traditional traders that have previously dabbled in the stock markets and the forex markets. For example, when you place a ‘buy’ order for Ethereum Classic on eToro and the price increases in your favour, you can place a closing ‘sell’ order to take the profit between the ‘buy’ and ‘sell’ prices of ETC. Brokers such as eToro and Plus500 provide technical instruments and fundamental trading indicators that can help crypto traders make informed investment decisions.
You can mine it
Another positive about Ethereum Classic is that you can mine ETC coins just like you can mine Ethereum (ETH). There are mining pools that you can use to quickly generate high amounts of ETC using a combined pool of GPU resources. Of course, before you start mining for Ethereum Classic, you’ll need to set up an ETC-compatible cryptocurrency wallet to safely store your newfound digital assets.
Get it for free!
Newcomers to building cryptocurrency portfolios can even get their hands on free amounts of ETC coins. Ethereum Classic faucets give away tiny fragments of ETC every 30 minutes to an hour.
All you have to do is complete a string of captchas, complete surveys and download specified mobile applications in order to qualify for your free ETC.
How to store Ethereum Classic
If you are thinking about how to get Ethereum Classic and physically store your own ETC coins, you must create a compatible cryptocurrency wallet. The top cryptocurrency wallets for storing and managing Ethereum Classic include hardware wallets such as Trezor and Ledger Nano S; both of which allow you to keep your private keys offline for improved security of your ETC assets. Both Jaxx and Trust Wallet are mobile wallets that support the sending and receiving of ETC and many other ERC-20 and ERC-223 coins.
Of course, if you don’t want the rigmarole of storing and protecting your newfound digital assets, you can still make a profit with trading ETC and other altcoins. Of all the top crypto exchanges and brokers we’ve tested and reviewed, our review of eToro rates it as the safest and best-regulated platform for buying and selling the price of Ethereum Classic.
Ethereum Classic advantages & disadvantages
- ETC’s immutable platform deemed more secure than ETH
- Plenty of growth potential with the price of ETC
- Large firms now beginning to invest in Ethereum Classic platform
- Growing number of decentralised apps on the ETC platform
- The majority of original Ethereum users have abandoned ETC
- Requires separate crypto wallets if you wish to own both ETC and ETH
Should you invest in Ethereum Classic or not?
If you are wondering what is Ethereum Classic about, you’ll be pleased to know that it is an emerging altcoin with a bright future. In many ways it is not an altcoin, given that it is the original Ethereum blockchain.
The price of Ethereum Classic coins is far lower than Ethereum, with the price currently where Ethereum used to be some years ago. The future for the Ethereum Classic platform is promising, with strong backing from some large organisations and a loyal development community to underpin innovation.