What is Etherem Classic
Ethereum Classic (ETC) is a hard fork of Ethereum, created to preserve the original Ethereum code after the DAO hack. This caused a loss of over 6.2 million ETH tokens and crippled the development of decentralized applications.
History of Ethereum Classic
The core network of the Ethereum project was originally released through Frontier on July 30, 2015 by the Ethereum Foundation, a Swiss non-profit founded by Vitalik Buterin and the core Ethereum team. However, due to a third-party hacking project, on July 20, 2016, the Aetherium Foundation created a new version of Aetherium’s core network with an irregular state change that erased the theft from Aetherium’s blockchain history.
On July 20, 2016, as a result of the exploitation of a flaw in The DAO Project’s smart contract software and the subsequent theft of $50 million worth of ETH, the Eterium network split into two separate blockchains – the one with the altered history was named Eterium (ETH) and the one with the unaltered history was named Eterium Classic.
After a series of 51% attacks on the Ethereum Classic network in 2020, the community considered changing the underlying Ethash mining algorithm to prevent the possibility of a PoW-based minority chain in the Ethash mining algorithm, where Ethereum dominates as far as hashing power is concerned.
After evaluating various options, such as Monero’s RandomX or the standardized SHA-3-256, it was eventually decided to double the epoch length of Ethash from 30,000 to 60,000 to reduce the size of the DAG and prevent Ethash miners from easily switching to Ethereum Classic. This modified Ethash is also referred to as the ETChash or the Thanos update.
Structure of Ethereum Classic
ETC is similar to Bitcoin forks such as Bitcoin Cash (BCH) in that its value will forever be tied to Ethereum regardless of each project’s ideological or technical differences. This isn’t the only Etherium fork either – EtherZero, EthereumFog, Ether Gold, and EtherInc are also offshoots of the chain.
These concurrent blockchain versions resemble Microsoft’s supporting versions of its Windows OS all the way back to the original in special cases (such as satellites and equipment put into space during these eras). In this context, the use of multiple versions is a great tool for developers and users alike, extending the Etherium Foundation’s original promise of a blockchain-based future.
Aetherium Classic is a strong blockchain project. However, it is unlikely to ever rise from the shadows of its more popular big brother. Yet ETC will forever enjoy the support of those who support its philosophical position, and organizations able to successfully monetize this currency may find success.
The mechanism, called the Difficulty Bomb, was created to push the Etherium chain from a consensus proof-of-work (PoW) mechanism to a proof-of-stake (PoS) in the future by exponentially increasing the difficulty of mining. The enhancement was added to the network at block 200,000 in an update called Ice Age. Following the advent of the hard fork, Aetherium Classic upgraded its network in block 5,900,000 to permanently defuse the difficulty bomb – thus ensuring the longevity of its PoW consensus mechanism.
How do I buy Aetherium Classic?
1. Choose a crypto exchange
There are numerous cryptocurrency exchanges and exchanges that range from easy-to-use systems to complex dashboards for advanced traders.
Because Ethereum Classic is so popular, you’ll be able to purchase the token on most cryptocurrency exchanges, but it’s advisable to stick to a few of the more popular exchanges like Binance, Kraken, Coinbase, etc. Different platforms come with different fees, security measures, and may include other features, so it’s a good idea to do your research before signing up.
2. Create an account and confirm it
Start with account registration, which is completely free on the aforementioned platforms. For added security, 2FA – two-factor authentication – is also enabled. This way, you and your device are the only ones who can grant access to the account.
You are then taken through a KYC process, which is providing personal information – ID card/passport/driving license details, proof of address (e.g. bank statement or utility bill).
After completing these steps, you are ready to buy, sell and trade Ethereum Classic (ETC) as well as avail various services such as staking.
3. Fund your account
Once your account has been registered and verified, you need to fund the account so you can start taking advantage of the platform’s buying and trading services.
The main deposit options are:
- Credit/Debit Card
- Bank deposit
- Peer-to-peer (P2P)
Where to buy Etherium Classic?
