What is Ethereum Classic (ETC): Complete Guide for Beginners and Investors
Ethereum Classic (ETC) is an open-source blockchain platform that facilitates smart contracts and decentralized applications. It originated from an Ethereum hard fork in 2016. With a focus on immutability and the 'code is law' principle, Ethereum Classic attracts those who value a blockchain with a strong commitment to decentralization and censorship resistance.
Ethereum Classic emerged after a major hack of the Ethereum DAO in 2016, which led to a hard fork in the blockchain. The division resulted in two separate chains: Ethereum (ETH) and Ethereum Classic (ETC). While Ethereum followed a path of innovation and upgrades, Ethereum Classic maintains the original Ethereum ethos, emphasizing security and immutability over changes. Key milestones include the refusal to revert the DAO hack and maintaining Proof of Work consensus.
TECHNOLOGY
Ethereum Classic operates on a decentralized blockchain supporting smart contracts using a Turing-complete language. It continues to use the Proof of Work (PoW) consensus mechanism, ensuring decentralized and secure transactions, while ideologically adhering to the principle of immutability.
USE CASES
Ethereum Classic is used to run decentralized applications and execute smart contracts autonomously and without third-party interference. Key use cases include: Deploying decentralized applications on a secure, immutable platform; Utilizing smart contracts for automated transactions and interactions; Protecting digital agreements from alteration by maintaining the original blockchain's history.
FORECAST
Ethereum Classic holds a unique position in the crypto world. As an immutable ledger, it attracts those who prioritize security and censorship resistance. Analysts regard ETC as an underutilized asset with potential upside as interest in decentralized platforms grows. However, its price is affected by network security concerns, competition with Ethereum, and fluctuating market conditions.
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