Ethereum Classic Coin is the token that represents ETC as a smart contract operating on the Ethereum Blockchain and a continuation of the original Ethereum with proven ability in the decentralized world since its birth in 2016. The hard forged token of Ethereum is expected to benefit greatly from the Ethereum Merge that has seen its price spike in recent weeks. The growth of the coin increases as it will not switch to proof-of-stake to ensure miners used to proof-of-work find ways to use their equipment through mining. The generation of its tokens works in the open-source cryptocurrency that lets anyone participate in it. The token is an excellent return on investment choice for miners as it has not reached the top saturation or complexity. Mining this coin is an advantage for miners as it is less expensive than those used in other cryptocurrencies.
A Bit About Etherum Classic
The token can be described as the native currency. Vitalik Buterin founded it in 2016 and it operates independently. It works on the same blockchain and consensus rules as Ethereum. However, it is significantly smaller than Ethereum. The coin is used in Proof-of-work mining as individuals worldwide use hardware and software to validate and secure transactions on the network. The transactions let miners earn the tokens in return. The token is believed to yield good profits as a result of Ethereum’s transition from a Proof-of-Work to a Proof-of-Stake. The Ethereum merge has had a significant impact on the coin as it is expected that its demand will increase as miners look for an alternative token to benefit from. Miners will no longer mine ETH and can only mine the ETC coin. The Coin is accessible to the public through various reputable exchanges such as Binance, Huobi Global, and OKEx.
The original, unstoppable, classic Ethereum is here to stay - just as intended from the beginning.CryptoLists.com
The Coin can participate in all transactions, especially within automatic smart contracts. The miners provide essential security for the Proof-of-work. It provides a permissionless way to manage digital assets without the need for intermediaries like banks and other institutions. The coin allows smart contracts to be written, deployed, and executed. As one of the top-gaining cryptocurrencies, the token is considered a good investment in the market today. The inception of the coin occurred after the infiltration of the Ethereum blockchain. The token is part of it when the blockchain is split into two.
Utility of Etherum Classic?
The token is used to facilitate transactions in the blockchain. The token’s utility exposes its ability to maintain the Ethereum network while participating in various activities. Users of this token include traders, miners, and investors interested in the blockchain. The coin facilitates smart contracts and transactions within the Ethereum network. It also allows its users to access dApps and contribute to governance.
There is inclusivity in creating new coins with a network of computers agreeing on the viability. However, with the 51%attacks that the coin has suffered, it has been termed the “Zombie Coin”. It is a result of the dormancy that came after the insecurity.
Etherum Classic Price details
Advantages of Etherum Classic+ It is cheaper to buy as compared to Ethereum making it ideal for beginners.
+ Diverse across industries by supporting smart contracts and decentralized applications
+ Decentralized as payments and transactions do not rely on third parties.
+ It has attractive standout features such as a smart contract
+ ETC is in the list of top-30 in market capitalization rating in cryptocurrencies
Disadvantages- The coin has possible limitations in regards to scalability
- It is dormant in comparison to other coins such as Ethereum
- It experiences security threats leading to low-interest rates and token prices
- The reputation of fraud associated with the coin limits it.
- It is does not facilitate interoperability with Ethereum due to backward incompatibility.
Costs▪ Rated at 9/10
The Coin’s average transaction fee is quite nominal. The average transaction fee of the coin is $0.0014. The fee is dependent on multiple factors including the demand for Proof-of-Work. When using wire transfer, it will set back to 0.5% to 2% while purchases via debit cards can cost between 3% and 10%. The transaction costs vary significantly depending on the crypto platform you are using, your geographical location, and the amount of the token.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 10/10
People talk about the coin a lot especially since they wonder why the name is similar to Ethereum. However, their experiences are different as they realize that the coin's platform is different in that it does not match up to the standards of coins like Ethereum (ETH). The reputation from some is that it is not as good as it is insecure and immutable compared to Ethereum and other major cryptocurrency coins.
Other people state that the Coin piggyback on Ethereum Development is an easily extensible platform. The coin has been gaining positive reviews more recently. Its popularity has increased due to the Ethereum merge and the introduction of a new investor causing miners to seek alternatives. The impact is an increase in its price that has attracted the crypto community to invest in the coin.
Who founded this coin?
Vitalik Buterin founded the coin in 2016.
Which blockchain network hosts this coin?
The Ethereum blockchain hosts the coin.
Is Ethereum Classic still vulnerable?
The token has relatively low rates and has had issues that make it quite dormant and has fewer people using it making it a vulnerable coin. However, the recent price surge due to the Ethereum merge has seen more use of the coin.
Does this Coin have potential?
The coin's potential is high as it benefits from Ethereum.s transition to Proof of Stake and a new investor. Its price has significantly increased with many predicting it to maintain the trend. The coin is potentially valuable as it enables developers to build dApps and operate smart contracts. However, despite the significant strides of the coin due to the Ethereum merger, it is still a long way to reach the popularity of the Ethereum(ETH) coin.