Ethereum Classic

What is Ethereum Classic?

Ethereum Classic is a decentralized platform that runs smart contracts. It is the original Ethereum blockchain free from external interference.

Where did Ethereum Classic come from?

Everything started with just Ethereum. The Ethereum system works on Smart Contracts. It is the basis of everything. These contracts automatically enforce and facilitate the terms of the contract. To operate in this system you have to make a Smart Contract.

This system had a complex Smart Contract which is called the DAO aka Decentralized Autonomous Organization. It was supposed to be something like decentralized venture fund to fund all the DAPPS.

So if you wanted to have a say in the direction DAPPS that would be funded, you would have to buy “DAO Tokens” for some amount of Ether. Thus you would become a part of DAO system. So to get approval DAPPS would have to go through the voting. If it got 20% of approval, it would be funded.

The development of the DAO was revolutionary. Users rushed to get their piece of pie.

The question is how do you get out if something you voted for didn't get approval? There was a way to opt out and to get back all Ether you invested. Or you could split off with multiple DAO token holders and start accepting proposals. The most important part is that after splitting off you would have to hold on for your Ether for 28 days before you can spend it.

In 2017 someone noticed a loophole and took out one third of the DAO’s fund. It is about $50 million. It was the moment when the developers of Ethereum faced a choice between soft fork and hard fork. People who were opposed to hard fork stayed with the original chain. Now we call it “Ethereum Classic”.

What are the advantages of Ethereum Classic?

  • The supply of ETC is restricted. It makes each token rarer and more valuable.
  • There are projects that use ETC as foundation
  • Stays true with the philosophy of the immutability of the blockchain

What are the disadvantages of Ethereum Classic?

  • No access to updates of ETH
  • Considered to be an insult to the Ethereum community
  • Is known to be full of scammers

How to buy Ethereum Classic?

Let’s say you decided to become a part of the Ethereum Classic community. What do you do? First, you should get ETC. Let us show the steps to buy ETC on SimpleSwap:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list.
  • Enter the amount you would like to swap.
  • In the second drop-down list select ETC. You will be shown the estimated value that you receive after the exchange.
  • Enter the Recipient's Address. Ethereum Classic will be sent to this address. Be careful and make sure you use the correct ETC address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will be shown Bitcoin deposit address. You need to transfer to this address the necessary amount of BTC to start the exchange.