Community Forex Questions
What is ETC coin?
Ethereum Classic (ETC) is a cryptocurrency that emerged as a result of a contentious split within the Ethereum blockchain community. To understand what ETC is, it's essential to delve into its history and key characteristics.
Ethereum, the second-largest blockchain platform by market capitalization (after Bitcoin), underwent a significant upgrade known as the Ethereum Hard Fork in July 2016. This upgrade aimed to reverse the effects of a hack that exploited vulnerabilities in a smart contract, leading to the loss of a substantial amount of Ether (ETH), Ethereum's native cryptocurrency.
However, not everyone within the Ethereum community agreed with this decision. Those who opposed the hard fork on the grounds of immutability and maintaining the principle of "code is law" continued to use the original Ethereum blockchain, which became known as Ethereum Classic (ETC).
Key features of Ethereum Classic (ETC) include:
1. Immutability: ETC upholds the principle that transactions on the blockchain should be irreversible, even in the face of security breaches or contentious events. This commitment to immutability is a fundamental aspect of ETC's philosophy.
2. Decentralization: ETC, like Ethereum, operates on a decentralized network of nodes, allowing for peer-to-peer transactions and smart contract execution without the need for intermediaries.
3. Smart Contracts: ETC supports the creation and execution of smart contracts, self-executing agreements with predefined rules, without the need for intermediaries. This feature enables various decentralized applications (DApps) to be built on the ETC blockchain.
4. Limited Supply: ETC has a capped supply of 210.7 million coins, which makes it a deflationary cryptocurrency. This scarcity can influence its value.
5. Mining: ETC uses a proof-of-work (PoW) consensus mechanism, similar to Bitcoin, where miners validate transactions and secure the network in exchange for ETC rewards.
Ethereum Classic has gained a following among individuals who value the principles of immutability and decentralization and are attracted to the blockchain's potential for secure, censorship-resistant applications. While it's not as widely adopted or as valuable as Ethereum (ETH), ETC continues to be traded on various cryptocurrency exchanges and used for various decentralized applications and services within the blockchain ecosystem. It is essential for anyone considering ETC to conduct thorough research and understand the risks and rewards associated with this cryptocurrency.
Ethereum, the second-largest blockchain platform by market capitalization (after Bitcoin), underwent a significant upgrade known as the Ethereum Hard Fork in July 2016. This upgrade aimed to reverse the effects of a hack that exploited vulnerabilities in a smart contract, leading to the loss of a substantial amount of Ether (ETH), Ethereum's native cryptocurrency.
However, not everyone within the Ethereum community agreed with this decision. Those who opposed the hard fork on the grounds of immutability and maintaining the principle of "code is law" continued to use the original Ethereum blockchain, which became known as Ethereum Classic (ETC).
Key features of Ethereum Classic (ETC) include:
1. Immutability: ETC upholds the principle that transactions on the blockchain should be irreversible, even in the face of security breaches or contentious events. This commitment to immutability is a fundamental aspect of ETC's philosophy.
2. Decentralization: ETC, like Ethereum, operates on a decentralized network of nodes, allowing for peer-to-peer transactions and smart contract execution without the need for intermediaries.
3. Smart Contracts: ETC supports the creation and execution of smart contracts, self-executing agreements with predefined rules, without the need for intermediaries. This feature enables various decentralized applications (DApps) to be built on the ETC blockchain.
4. Limited Supply: ETC has a capped supply of 210.7 million coins, which makes it a deflationary cryptocurrency. This scarcity can influence its value.
5. Mining: ETC uses a proof-of-work (PoW) consensus mechanism, similar to Bitcoin, where miners validate transactions and secure the network in exchange for ETC rewards.
Ethereum Classic has gained a following among individuals who value the principles of immutability and decentralization and are attracted to the blockchain's potential for secure, censorship-resistant applications. While it's not as widely adopted or as valuable as Ethereum (ETH), ETC continues to be traded on various cryptocurrency exchanges and used for various decentralized applications and services within the blockchain ecosystem. It is essential for anyone considering ETC to conduct thorough research and understand the risks and rewards associated with this cryptocurrency.
Nov 01, 2023 02:04