When blockchain technology was introduced, its operation was full of mystery. Few understood how the blockchain worked. What has emerged to be more uncertain is where they are headed. This was reflected in one of the fastest growing Cryptocurrency, Ethereum. After Ethereum’s progressive growth that made people even think it was about to topple Bitcoin, it suffered a major attack. The Ethereum team resolved to split the blockchain into to two; Ethereum and Ethereum Classic. In this review, we review the Ethereum Classic.
- 1 What is Ethereum Classic?
- 2 How Ethereum Classic Works?
- 3 Main features of Ethereum Classic
- 4 Pros of Ethereum classic
- 5 Cons of using Ethereum classic
- 6 Ethereum Classic Price
- 7 Where to Buy and Sell Ethereum Classic in Australia?
- 8 Conclusion
What is Ethereum Classic?
Ethereum Classic is an open source-source blockchain that is premised on a distributed computing platform that runs on smart contracts. Think of it as a continuation of the original Ethereum blockchain that guarantees users of freedom from external interference, preservation of untampered history, and devoid of subjective tampering.
The main target of Ethereum Classic was to allow the smart contracts to operate the way they were programmed without getting interfered with by third parties.
Ethereum Classic was formed in mid-2016 by Ethereum team after hacking and loss of a lot of funds. In June of 2016, DAO (a decentralized autonomous organization) on the Ethereum network was hacked, and $50 million was stolen. The impact of this loss was a heated debate in the subsequent weeks. The Ethereum team agreed to conduct a hard fork of the blockchain to help in coding the lost cash to the rightful owners. The hard fork resulted in the formation of two versions; the Ethereum Classic (older version) and Ethereum (new version).
How Ethereum Classic Works?
To use Ethereum classic, users are required to download and install the right wallet. You could opt for the Desktop or mobile wallet depending your target. You should also factor where you will be operating. If you will be away most of the time, it is advisable to select the mobile wallet.
The user should also have some Ether on the wallet to start using the platform. You will also need to acquire some Ether either through mining or buying from willing sellers in top exchanges. For people who stay in top cities such as New York and Toronto that have Ethereum meetings, getting a willing seller is relatively easy.
For people who live in other areas, you can only acquire the ethers through the top Cryptocurrencies exchange. You can also participate in mining processes by solving various puzzles for confirming transactions. If you are a developer, you can craft blockchain related apps and sell them to clients on the system.
Main features of Ethereum Classic
This is a deterministic exchange model that is digitally controlled to complete transactions between two or more trusted agents. The contracts are used for facilitating, verifying, and enforcing performance of different procedures while helping to counter risks. The smart contracts are autonomous scripts and stored in various blockchains.
Decentralized autonomous organization
These are small blocks in the Ethereum classic system that helps in defining structures for generating ideas on the network. For example, a DAO can start looking for proposals on a specific project and then use the platform to establish the support for such projects. Because all nodes remain completely autonomous, the projects can be supported without worrying about external interference.
As you set contracts, members of the DAO pledge support and even raise cash until the date when the project commences. If the project target is not achieved, the funds are refunded to the Kickstarter and the project will fade off.
Ethereum classic wallets
The Ethereum Classic wallets are downloaded from the Ethereum site and installed in a user to form specific nodes. This is the starting point that everyone who wants to use Ethereum classic whether for mining or sending funds. The main types of Ethereum Classic wallets include.
- Desktop classic wallet: This is the user wallet that runs from the computer or laptop. You must download the blockchain and install it on the desktop to start using Ethereum Classic.
- Mobile wallet: This is an Ethereum Classic user client for light users. Unlike the desktop client, the mobile client does not require downloading a lot of data when processing transactions. Though the option might look great, it is risky because users do not require nodes when receiving transactions. This option is the best for people who are regularly on the move.
- The hardware wallet: These are considered the best Ethereum Classic Wallet platforms. They are small devices, (about finger size) that can be detached from the computer and even sign transactions when you are offline. The hardware wallet is not ideal for people who are regularly on the move.
- The paper wallet: This is a cold storage option that allows users handwrite their keys on paper slips and lock them. You can also generate the keys using a command line. All that you need is an appropriate user client such as Desktop wallet installed on the computer. You are advised to store the keys in different locations to avoid losing them.
Pros of Ethereum classic
- Ethereum classic is considered the original Ethereum that holds to the ideals of founders. This has made the blockchain to continue attracting many top players in the market today.
- The platform allows users to design and apply blockchain applications without any risk of censorship or downtime.
- Using Ethereum, you can hold and secure Ethers and even other cryptos. This is particularly easy with other cryptos that operate on the platform.
- Depending on the wallet you go for, users can also create and issue their cryptocurrencies.
Cons of using Ethereum classic
- While Ethereum classic might look like a great idea to cover up the attack, it creates a lot of confusion to investors. For example, do you join Ethereum or Ethereum classic?
- Ethereum Classic has recently had bad publicity because of scammers.
- Because most top developers including Vitalik Butein preferred to move to the new Ethereum, clients who are motivated by such experts are likely to look for different cryptos.
- Ethereum Classic remains very complicated, especially for newbies.
Ethereum Classic Price
Where to Buy and Sell Ethereum Classic in Australia?
Crypto Currency for Fun recommends buying Ethereum Classic at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Ethereum Classic and they offer Instant Delivery or your coins right into your account.
The Ethereum Classic has demonstrated resilience after the infamous attack. Though it is considered to hold the ideals of the original Ethereum creators, the fast advancing technology has made some investors consider looking to other cryptos. If you are looking for a great Cryptocurrency to join, Ethereum Classic is a good option. However, you might accomplish more by comparing it to other top options such as Ethereum.