Ethereum Classic is among the leading cryptocurrencies at the moment, ranked in top 5 by market capitalization on Coinmarketcap.
Ethereum Classic is a split-off from the Ethereum blockchain. This cryptoasset is very similar to Ethereum in technological terms, but its price and popularity are lower. Ethereum Classic runs on a fully decentralized network allowing third-party applications and the running of smart contracts. It is an open source project developed by volunteer programmers.
What is Ethereum Classic
The split from Ethereum happened in 2016. An alternative blockchain was agreed upon after the theft of funds from the DAO startup.
A part of the Ethereum community wanted to reverse the transaction and correct the blockchain. The other part decided a bailout was against the principles of the blockchain technology, and so they kept the old blockchain. Ethereum Classic has a much lower popularity than the Ethereum coin, though it has seen some growth of its own on the back of the general trend in cryptocurrencies.
The idea leader behind Ethereum Classic is anonymous, supposedly a Russian programmer. The resources and discussions behind this alternative to Ethereum can be found at the GitHub pages of the project.
Where to Buy Ethereum Classic
Ethereum Classic resources from the GitHub page of the project point to several exchanges that offer the currency. The following exchanges allow access to Ethereum Classic through cash payment:
Bitfinex: ETC/USD, ETC/BTC
Kraken: ETC/ETH, ETC/EUR, ETC/USD
Exchanging through other cryptocoins is available at:
Poloniex: ETC/ETH, ETC/BTC
It is also possible to acquire Ethereum Classic through Shapeshift, Bittrex, Coinexchange, BitSquare and others.
The Ethereum Classic Blockchain
The Ethereum Classic blockchain offers the same functionalities as the Ethereum network, including the Ethereum Virtual Machine, a Turing-complete computational machine that can compute any problem, given enough time. The network still uses Ether as a way to avoid spam and noise and distribute computational resources fairly.
Ethereum Classic has split off with the idea to support the central ideas of the blockchain philosophy- neutrality, openness and most of all, immutability. The Ethereum Classic supporters disapproved of the enforced solution to the DAO theft, stating it violated those principles.
While the network promises the same possibilities, for now Ethereum Classic remains away from the news and its price fluctuates according to general market logic, following other currencies in periods of peaks and panicked selling.
Ethereum Classic adopted a fixed supply policy, similar to Bitcoin. The new monetary policy started in March, right before the peak in price. Also, the developer team changed the network code to avoid an exponential growth in mining difficulty. This move aims at attracting miners to the network to improve decentralization.
The Ethereum Classic has significantly less initial coin offerings compared to the Ethereum network (where at least 37 prominent tokens were launched since 2014, along with smaller projects and coins). One of the few tokens on the network is the relatively obscure INPAY, ranked in 260th position by Coinmarketcap.
Ethereum Vs. Ethereum Classic
As an asset class, Ethereum and Ethereum Classic had differing behavior in the past months. Ethereum is enjoying a larger support by exchanges and is widely available to buy directly for cash. The same cannot be said for Ethereum Classic, as the cryptocurrency is lagging behind.
|Coin||Price (as of July 2017)||24-hour Trading Volume|
|Ethereum Classic||$15.30||$204 million|
Ethereum Classic comes with a community that is supporting blockchain immutability. This means that any theft or other error in the chain would remain forever and no trackbacks or branches would be possible. According to the Ethereum Classic community, a blockchain is a “truth machine” that helps keep an accurate historical record without tampering.
Ethereum Classic Wallet
A variety of wallets are available through the GitHub community page. Some wallets even work as Google Chrome add-ons:
The Chrome extension wallet is extremely easy to use, but needs to be protected for data loss. External backup is a must, as even a reinstalled Chrome could lead to funds being lost.
For secure keeping or cold storage, the Ledger Nano S is available for Ethereum Classic.
For ease of use, Jaxx is a multi-platform wallet that supports Ethereum Classic along with other cryptocurrencies.
Ethereum Classic Mining
Ethereum Classic can be acquired through mining and the operation is profitable right now. At a rate of 20 MH/S, Ethereum Classic has a profit of around $16 per month. This is currently around one Ethereum Classic per month. The profit ratio per day is 136%.
The Ethereum Classic team diffused the “difficulty bomb” that would make mining impractical. Currently, miners produce a new block every 14 seconds, with a mining reward of five Ethereum Classic. The best way for hobby mining is to join a mining pool, such as NanoPool. Use one of the wallets shown above to store the reward distributed.
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