Today, the main goal of Ethereum Classic is to keep the blockchain of the original coin unchanged. Part of the community has advocated banning The DAO fork. Initially, Ethereum started to be traded on the Poloniex exchange and within a few days managed to attract a huge number of interested miners.
Ethereum’s primary mission is to:
- Decentralize and censor the core blockchain, giving freedom to users and miners;
- To make Ethereum the central computer of the worldwide network that cannot be shut down, so that smartcontacts are constantly running on it for ease of use;
- Strict separation of functionality, where forks are only used to fix system malfunctions and possible bugs in time;
- To make a censor-resistant platform that everyone can trust.
In early 2017, Die Hard was set to help eliminate coin complexity bombs. At the moment, there are no plans to switch to the Proof of Stake system, unlike the main Ethereum coin.
But despite this fact, programmers and IT specialists are developing new protocols for Ethereum Classic.
History of ETC
The Ethereum Classic coin has its origins in the middle of 2015, when the updated and fully decentralized platform of the main coin was born. The creator of the service is Vitalik Buterin.
Initially, Ethereum was created only to play the role of a kind of platform for the creation of various online services, working exclusively on the blockchain platform.
The Smart Contact computing algorithm has changed things dramatically for the better. This concept began to rapidly gain momentum and popularity among most miners around the world, who recognized the new cryptocurrency’s great potential. In addition to simple miners, the system began to attract quite large investors around the world, who began to actively invest their capitals in the new coin.
For the service, success came at the moment when the developers plugged in The DAO’s calculation algorithms. This is a kind of investment project, which actively works on the basis of the main coin Ethereum.
The cryptocurrency service has its own tokens inside the network and strictly adheres to the rules about decentralization.
Attack on the service
Such a powerful influence did not go unnoticed by hackers, so literally in the first month after the launch, the service was hit by a number of attacks. Millions of dollars in electronic coins were stolen because of the initial flaws found in the system.
It was almost a total collapse for The DAO, as the price of tokens dropped sharply, which affected the value of the cryptocurrency. Programmers froze the hacker’s account and suspended the service in order to create an updated version and troubleshoot the security algorithms. And this approach was successful. Soon, Etherium presented itself to users with even more attractive potential.
Benefits of Ethereum Classic
The new coin has a number of distinctive advantages that make many miners choose to entrust their savings to the system:
- Unchanging stability. The main goal of the project is the complete preservation of decentralization and freedom of choice for users in the market. It is this fact that the developers of Etherium violated for the sake of self-interest and the whims of investors, but it has been restored in the Classic version.
- Market stability. Today, the system can guarantee a reliable level of protection, which is almost impossible for hackers to overcome. Despite the fact that during its existence the service was repeatedly attacked, Ethereum Classic is still actively gaining popularity.
- Increased liquidity. From the very first day of its existence, Ethereum Classic coin has repeatedly surpassed its predecessor in sales. It is liquidity that is considered the most important factor when trading on open exchanges.
Previously, the system could not afford the active development, but with the attraction of new investors its popularity will increase several times.
How to mine Ethereum Classic?
You can get ETC cryptocurrency even without investing fiat money. Help comes in the form of mining – producing coins by using the power of your own PC. Moreover, as compared to mining other cryptocurrencies, getting Ethereum Classic is much easier. You don’t need to build huge farms and consume a lot of electricity. All you need for mining ETCs is a powerful PC.
To start, you will need to choose a pool and join it. This is the server where the block is distributed between the miners. One of the following pools will be suitable for getting Etherium Classic:
- Gpuminer (RUS);
- Digger;
- MinerGate;
- EthTeam;
- Nanopool.
Prospects for the near future
Prospects for the further growth of the cryptocurrency are very bright, but there is a problem, which may cause doubts or even fears for certain people. The rapid growth of the currency will begin only when the developers decide to unfreeze the account of the hacker who carried out the attack and took hundreds of thousands of digital coins.
The thing is that the community has admitted: there was no violation on his part, so he must be acquitted. Once that happens, a huge amount of coins will be available. If he sells them at once, the prices will collapse dramatically and all cryptocurrency holders will have no laughing matter.
But as practice shows, smart people will not do that, because it is better to pump coins. Anyway, after its unfreezing, the cryptocurrency market will be very unstable for Ethereum Classic and no one can say exactly what is going to happen to the coin in future.
But even despite all these concerns, hundreds of thousands of miners are still mining the coin that managed to prove itself in a positive way and, despite all the skirmishes, it continues to actively function on exchanges today. Ethereum Classic retains liquidity and shows resistance to any attacks, which ensures the reliability of invested funds.