{"id":176,"date":"2021-09-14T11:36:17","date_gmt":"2021-09-14T11:36:17","guid":{"rendered":"https:\/\/etcwallet.net\/articles\/?p=176"},"modified":"2022-01-27T14:04:06","modified_gmt":"2022-01-27T14:04:06","slug":"how-does-ethereum-classic-work","status":"publish","type":"post","link":"https:\/\/ethereumclassicwallet.com\/articles\/how-does-ethereum-classic-work","title":{"rendered":"How does Ethereum Classic (ETC) work"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Despite the fact that the crypto industry is constantly being researched and developed, it is still, for the most part, in its infancy.\u00a0 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 &#8220;tests&#8221;, solve a variety of issues that can radically change their course of development.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.\u00a0 After the fork, all ETH holders received an equal amount of ETC.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The main mission of Ethereum is the following tasks:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 decentralize and censor the main blockchain, which will give freedom to users and miners;<\/span><\/li>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 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;<\/span><\/li>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 strict separation of functionality, where forks are used only in order to fix system problems and possible bugs in time;<\/span><\/li>\n<li><span style=\"font-weight: 400\"> \u00a0 \u00a0 make a censorship-resistant platform that everyone can trust.<\/span><\/li>\n<\/ul>\n<h2><b>Ethereum Classic blockchain<\/b><\/h2>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The ether paid for the calculations made is called &#8220;Gas&#8221; (Gas). The gas serves not only to pay for the calculations performed but also prevents DDOS attacks on the network.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ethereum Classic (ETC) technology, according to the plans of the developers, should affect different industries \u2013 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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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 <a href=\"https:\/\/en.wikipedia.org\/wiki\/Bitcoin\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a>, Ethereum Classic works using accounts and balances, which is called state transitions.\u00a0 It is independent of unspent transaction outputs (UTXO).\u00a0 Status indicates the current balances of all accounts and additional data.<\/span><\/p>\n<h2><b>Mining Ethereum classic<\/b><\/h2>\n<p><span style=\"font-weight: 400\">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 <a href=\"https:\/\/ethereumclassicwallet.com\/articles\/mining-ethereum-classic-what-it-takes-and-how-to-mine-on-windows\">https:\/\/etcwallet.net\/articles\/mining-ethereum-classic-what-it-takes-and-how-to-mine-on-windows<\/a>\u00a0 using the power of a PC without assembling large farms and significant energy costs.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Advice! When you choose a pool for ETC mining, pay attention to the amount of computing power in the ETC network and miners.\u00a0 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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Mining Ethereum Classic is quite profitable since the network hash rate is lower than Ethereum&#8217;s. You can calculate the profitability for <a href=\"https:\/\/ethereumclassicwallet.com\/articles\/etc-mining-data-as-of-09-1-2021\">mining Ethereum Classic<\/a> using any mining calculator.<\/span><\/p>\n<h2><b>Mining pools<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The profit generated by mining Ethereum Classic as part of a group (pool) depends on the characteristics of the pool.\u00a0 Each pool has its commission, but you should not focus only on this parameter.\u00a0 It is better to determine the profitability empirically.\u00a0 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&#8217;s profitability indicators.\u00a0 This will allow an objective assessment of the working conditions in a particular association.<\/span><\/p>\n<h2><b>How and where to buy Ethereum Classic?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">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.\u00a0 You can pay for coins with fiat funds \u2013 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, <a href=\"https:\/\/www.binance.com\/\" target=\"_blank\" rel=\"noopener\">Binance<\/a>, Cointree, Coinbase, Changelly, Cryptonit, etc.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If you want to create your own crypto, follow these steps:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Registration in the ethereum system and creation of your wallet for storing ether;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Replenishment of the wallet balance;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Writing your smart contract &#8211; a code for a new cryptocurrency based on ether;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Publishing the code on the Ethereum platform (for this you need to log in to the system, go to the section with contracts, click &#8220;deploy new contract&#8221;, and insert your code into the SOLIDITY CONTRACT SOURCE CODE field);<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Setting up a token &#8211; specifying the name, logo and size of the issue of your cryptocurrency;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Payment of the cost of creating a smart contract.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400\">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.\u00a0 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.<\/span><\/p>\n<p>https:\/\/www.youtube.com\/watch?v=IOXl2v9FcFo<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>Despite the fact that the crypto industry is constantly being researched and developed, it is still, for the most part, in its infancy.\u00a0 There are only a few products on the market that are complete <a class=\"mh-excerpt-more\" href=\"https:\/\/ethereumclassicwallet.com\/articles\/how-does-ethereum-classic-work\" title=\"How does Ethereum Classic (ETC) work\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":2,"featured_media":175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-176","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ethereum-classic-reviews"},"_links":{"self":[{"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/posts\/176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/comments?post=176"}],"version-history":[{"count":5,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/posts\/176\/revisions"}],"predecessor-version":[{"id":492,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/posts\/176\/revisions\/492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/media\/175"}],"wp:attachment":[{"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/media?parent=176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/categories?post=176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/tags?post=176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}