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Ethereum Classic is a fork of Ethereum, the most popular crypto after Bitcoin.
The Ethereum Classic came to this world in 2016 as the result of a hard fork of the Ethereum network. It was one of the biggest scandals in the history of cryptocurrencies – the part of investments of The DAO project was stolen and the Ethereum society was divided into two camps. In The DAO scandal were stolen over 3,6 Mln of ETH. This was actually more than 50 Mln dollars.
In the first months of the existence of Ethereum Classic, it became the headliner of the cryptocurrency market. In two weeks after the hard fork, ETC were already sold on Kraken, Poloniex and other platforms.
Ethereum and Ethereum Classic are similar, but not identical. Ethereum Classic (ETC) is a cryptocurrency that was the result of a hard fork of the Ethereum network in July 2016. To understand the differences between ETH and ETC, it is necessary to recall one case:
There was a smart contract running on the Ethereum blockchain called DAO (Distributed Autonomous Organization) used as a venture-capital fund for crypto-related projects. This contract included millions of ETH, and due to a bug in the contract’s code, there was an exploit which a hacker used to drain the ETH balance of the smart contract. He stole millions of dollars in seconds!
After this event, the developers and community came together and decided that the best course of action was to enact a fork that reverted this enormous theft. This forked chain is what became Ethereum (ETH) and the old chain, where the hack was never reversed, is Ethereum Classic (ETC).
Most of the Ethereum community and developers have migrated to the new chain, which is where most development takes place these days. This also explains the higher market valuation on ETH compared to ETC.
On the 11 August 2016, ETC published the “Declaration of independence” where were published the main principles of the new crypto.
What did the Ethereum team do just after their blockchain was hacked? They have deleted the hacked section from the blockchain, although it contradicted to the main principles of decentralization. ETC, at the opposite, contents the hacked block in its blockchain.
Ethereum Classic is the open-code platform on the base of smart contracts. Its heart is the ECM machine - Sputnik Virtual Machine, that uses Turing algorithms.
The dynamic of growth of Ethereum Classic should be assessed on the basis of the maximal cost of ETC showed on the 14.01.2018 – it was $45. After the breaking of levels, there was the progress on 40% proposed. This year we are waiting for the growth of prices around $63.
The similarity of the algorithm and the source code allows the Ethereum Classic platform to borrow any innovations of the Ether. Analysts point out that this strategy, on the one hand, leaves ETC a step behind. But on the other hand, it ensures stable development - those projects that have shown their relevance and safety can be borrowed. That is, the broadcast becomes a kind of test site for ETC.
Based on this factor, it is difficult to make predictions about the development potential. Ethereum Classic is relatively protected from a sharp collapse in value while maintaining an upward trend. Borrowing the development of Ethereum allows you to avoid risks, but eliminates sharp jumps upwards. Such a cryptocurrency is suitable for long-term investment, but when considering such investments, you should closely monitor all the current news on the development of Ethereum Classic.
In the mass of wallets, it is hard sometimes to decide, which wallet could be the best platform to keep your investments. First of all the wallet should be easy in use. It should have a user-friendly interface. The second thing, you need to rest assured that all your money won't be gone in case of a hacker attacks or whatever. The Atomic Wallet gives you an option to manage ETC and other cryptos in one wallet interface. The Atomic Wallet is safe because all the control of the wallet is in your hands. All your private keys are encrypted and have no chance to fly away from the wallet system.