What is the Ethereum Classic cryptocurrency?
What is the Ethereum Classic cryptocurrency? Cryptocurrency has now become a very popular topic, only the lazy one does not talk about it. But let’s take a closer look at what it is and why it was invented.
Ethereum Classic or the abbreviated symbol ETC is a modern and promising cryptocurrency that first began its existence in 2016 when it entered the market.
Yes, and experts are of the opinion that the coin will only strengthen. Moreover, the largest price jump was in 2021, and since then the position of the virtual cryptocurrency ETC has been improving.
What historical facts should you be aware of?
The history of the Ethereum blockchain is not as simple as it might seem at first glance. In 2016, by coincidence, there was some nasty hacking of the system. More specifically, the network was hacked in such a way that 3.6 million Ethereum Classic coins were stolen from it. When transferring cryptocurrency to ordinary dollars, the amount of theft was the exact figure of 55 million US dollars.
After that, the developers decided that it would be necessary to produce a blockchain failure to the point that was before this theft. Although opinions differed, the developers nevertheless made an attempt to restore the project and put it on its feet.
Thus, today we have such a result that from the technical side of the issue, Ethereum Classic and Ethereum are different. The last blockchain was simply updated and changed its name with the addition of the numbers “2.0”. In addition, the official team of creators have done everything to update the source code and further control all aspects that relate to security.
Distinctive characteristics of a virtual coin
Ethereum Classic has many different features and characteristics that users should clearly be aware of:
- it is considered the oldest cryptocurrency network;
- it is a decentralised ecosystem;
- the system is based on blockchain technology;
- thanks to the network, smart contracts were launched.
ETC as a native token on the platform has the right to place DAPPS known to users. And the essence of the process lies in the fact that people can not easily store virtual coins, but also sell them for fiat money or using other cryptocurrency means. When it comes to exchangers, it is very important to trust exclusively proven ones.
