How does Ethereum Classic (ETC) work

Ethereum classic logo at the phone

Despite the fact that the crypto industry is constantly being researched and developed, it is still, for the most part, in its infancy.  There are only a few products on the market that are complete and ready to enter the mainstream. All projects are colossal experiments in the implementation of new ideas, software and concepts. On this basis, cryptocurrency projects can go through various “tests”, solve a variety of issues that can radically change their course of development.

In the Ethereum Classic blockchain, the emphasis is on the supremacy of the program code, its immutability. The position of the developers has always been based on the principle of non-interference in work processes. Ethereum Classic is essentially the original Ethereum, retaining the principles of code supremacy.  After the fork, all ETH holders received an equal amount of ETC.

Also, the advantage of Ether Classic is the shared source code with the Ethereum blockchain. This allows the currency to use most wallets that accept ETH and interact with dApps on the Ethereum blockchain.

Smart contracts, on which the blockchain works, automatically check all the terms of the contract and the fulfillment of obligations under it. Since smart contracts are executed by machines, they are nearly impossible to break or bypass.

The main mission of Ethereum is the following tasks:

  •     decentralize and censor the main blockchain, which will give freedom to users and miners;
  •     to make Etherum the central computer of the worldwide network, which cannot be turned off, so that smart contacts are constantly launched on it for ease of use;
  •     strict separation of functionality, where forks are used only in order to fix system problems and possible bugs in time;
  •     make a censorship-resistant platform that everyone can trust.

Ethereum Classic blockchain

Ethereum Classic provides the Ether currency (Classic Ether, ETC), which can be transferred from one network participant to another and is used to pay for calculations performed by public network nodes, as well as the ability to create your own digital assets (tokens) on the Ethereum Classic blockchain.

The ether paid for the calculations made is called “Gas” (Gas). The gas serves not only to pay for the calculations performed but also prevents DDOS attacks on the network.

Ethereum Classic (ETC) technology, according to the plans of the developers, should affect different industries – government, finance, supply management, etc., with special attention being paid to the formation of a full-fledged Internet. The computer that unites all devices in the ETC network into one whole is called the ETC virtual machine. It uses blockchain technology.

By its construction, the blockchain is resistant to data modification. It is an open, distributed ledger that efficiently and continuously verifies transactions between two parties. Unlike Bitcoin, Ethereum Classic works using accounts and balances, which is called state transitions.  It is independent of unspent transaction outputs (UTXO).  Status indicates the current balances of all accounts and additional data.

Mining Ethereum classic

Ethereum Classic, like regular Ethereum, runs on the Dagger-Hashimoto (Ethash) algorithm. For mining Etehereum classic, video cards (GPU) AMD and Nvidia 3-4 GB and above, as well as special Asic are suitable. It is possible to mine Ethereum Classic  using the power of a PC without assembling large farms and significant energy costs.

Advice! When you choose a pool for ETC mining, pay attention to the amount of computing power in the ETC network and miners.  The more people mine ETC in the pool, the faster the search for the required block is, and, accordingly, the more productive the work process.

Mining Ethereum Classic is quite profitable since the network hash rate is lower than Ethereum’s. You can calculate the profitability for mining Ethereum Classic using any mining calculator.

Mining pools

The profit generated by mining Ethereum Classic as part of a group (pool) depends on the characteristics of the pool.  Each pool has its commission, but you should not focus only on this parameter.  It is better to determine the profitability empirically.  To do this, you need to sequentially connect to several pools for the same period of time (at least 12 hours) and record the farm’s profitability indicators.  This will allow an objective assessment of the working conditions in a particular association.

How and where to buy Ethereum Classic?

To buy tokens, you can use online exchangers or cryptocurrency exchanges. BestChange is one of the most popular online services. Here you will find a selection of trusted exchangers and low cryptocurrency rates.  You can pay for coins with fiat funds – transfer from a bank card or electronic wallet, or by exchanging other digital money for ETC. You will be able to purchase ETS on many exchanges: Kraken, Etoro, Binance, Cointree, Coinbase, Changelly, Cryptonit, etc.

If you want to create your own crypto, follow these steps:

  1. Registration in the ethereum system and creation of your wallet for storing ether;
  2. Replenishment of the wallet balance;
  3. Writing your smart contract – a code for a new cryptocurrency based on ether;
  4. Publishing the code on the Ethereum platform (for this you need to log in to the system, go to the section with contracts, click “deploy new contract”, and insert your code into the SOLIDITY CONTRACT SOURCE CODE field);
  5. Setting up a token – specifying the name, logo and size of the issue of your cryptocurrency;
  6. Payment of the cost of creating a smart contract.

So, ETC is a solid cryptocurrency project. Its hallmark is a community of principled developers who take system immutability very seriously, which is the strongest feature of ETC.  Their unyielding principles are the guarantor of user confidence. Ultimately, Ether Classic has the potential to become as powerful crypto as Ethereum, and will surely take its place in the fast-paced world of blockchains.

About Angela Keith 29 Articles
Angela Keith is a mass communications specialist who has worked in this field for over 5 years. In addition to being a writer, she’s very interested in exploring blockchain technology and believes that it could be a game changer in the global economy. She also invests in various coins using his knowledge of the crypto market.

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