Ethereum Classic ETC Price

What is Ethereum Classic (ETC)?

Ethereum Classic (ETC) is a decentralized blockchain platform that enables the creation of smart contracts and decentralized applications (dApps). It is the original version of Ethereum, which was launched in 2015, but it underwent a split in 2016 due to a significant disagreement within the community regarding how to handle a hack that exploited a vulnerability in the DAO (Decentralized Autonomous Organization). The split resulted in two separate blockchains: Ethereum (ETH) and Ethereum Classic (ETC). As of 2024, Ethereum Classic continues to operate with its own distinct network and protocol, maintaining the original ethos of immutability and decentralization.

Who are the Founders of Ethereum Classic?

The primary figures behind the creation of Ethereum, and subsequently Ethereum Classic, include Vitalik Buterin, Gavin Wood, Joseph Lubin, and Anthony Di Iorio. However, after the DAO hack and the subsequent hard fork, the Ethereum Classic community emerged, advocating for the original blockchain. Some notable contributors to Ethereum Classic's development include Charles Hoskinson, one of the co-founders of Ethereum, who continued to support the principles of ETC. The community-driven approach means there isn't a single founder but rather a collective of developers and supporters who contribute to the project.

How does Ethereum Classic Work?

Ethereum Classic operates on a proof-of-work (PoW) consensus mechanism, similar to Bitcoin, to validate transactions and secure the network. Miners compete to solve complex mathematical problems, and upon solving them, they add new blocks to the blockchain. The native cryptocurrency of Ethereum Classic is ETC, which is used to pay for transaction fees and computational services on the network. Ethereum Classic supports smart contracts, enabling developers to deploy applications without intermediaries. It utilizes the Ethereum Virtual Machine (EVM), ensuring compatibility with Ethereum's programming language, Solidity. As of 2024, Ethereum Classic has seen improvements in scalability and security, with ongoing development efforts focused on enhancing its infrastructure.

Top Use Cases of Ethereum Classic

1. Decentralized Finance (DeFi): Ethereum Classic supports various DeFi applications that facilitate lending, borrowing, and trading without intermediaries, allowing users to retain control over their assets.

2. Non-Fungible Tokens (NFTs): The platform can also host NFT marketplaces, enabling users to create, buy, and sell unique digital assets.

3. Smart Contracts: Developers utilize Ethereum Classic to build and execute smart contracts for various industries, including finance, gaming, and logistics.

4. Decentralized Applications (dApps): ETC allows the development of dApps that operate without central control, enhancing transparency and security.

5. Tokenization of Assets: Ethereum Classic can be used to tokenize real-world assets, making them accessible and tradable on the blockchain.

How to Keep your Ethereum Classic Safe?

1. Use Hardware Wallets: Store your ETC in hardware wallets like Ledger or Trezor, which provide offline storage and enhanced security against hacks.

2. Enable Two-Factor Authentication (2FA): If you use exchanges or online wallets, enable 2FA to add an extra layer of security.

3. Keep Software Updated: Regularly update your wallet software and any applications you use to interact with Ethereum Classic to protect against vulnerabilities.

4. Beware of Phishing Attacks: Always verify URLs and be cautious of unsolicited communications requesting personal information or private keys.

5. Backup Your Wallet: Regularly backup your wallet and securely store recovery phrases in multiple locations to prevent loss of access.

6. Use Strong Passwords: Create complex passwords for your wallets and accounts and avoid using the same password across multiple platforms.