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What Is Ethereum Classic ?
Ethereum Classic is an open source platform that runs smart contracts in a decentralized form whereby allowing users to interact with the platform. The API designed to eradicate fraud (like the Ethereum family experienced last time), reduce downtime, censorship and unnecessary interference by the third party. Ethereum Classic put in measures to checkmate tampering of records and transaction in the blockchain.
Ethereum Classic still retains hundred percent of Ethereum features and also added more features to avoid any attack like the one that happened to its’ progenitor(Ethereum) during DAO attack.
Users can now do transactions without any fear of attack, the disclosure of their record and enjoy fast payments using their token ”ether classic.” Exchanges widely accept ether classic.
The name “Ethereum Classic” was derived after the Ethereum network was hard forked to give birth to the new network called “Ethereum classic.”
A community of developers mostly from Russia who believe the Ethereum Foundation overstepped their boundaries on everything Ethereum and its platform represent.
Ethereum Classic is widely accepted by many merchants and is used to trade.
It is used to purchase other currencies.
Ethereum Classic can be used to send/receive money fast anywhere for any online transaction at a low fee.
It is also used for internet services such advertising, web hosting and other online related business activities. We have so many e-shops that accept ethereum.
The two notable ways of mining Ethereum Classic are CPU/GPU and Mining pool. One cannot mine Ethereum Classic through ASIC mining.
CPU/GPU Mining: CPU/GPU is a machine that has a graphical interface. Proof of Work(PoW) is being used to mine to secure both the transaction records and the rewards. The GPU is more efficient and faster than the CPU. Both delay a lot in recording the transactions to the blockchain, and this also delays rewards.
The advantage CPU/GPU mining has over others is that it gives better privacy.
Please note that one needs to disable antivirus to allow mining take place.
Mining Pool: This requires people coming together to form a pool, and that group will put resources together. Once mining is successful, a reward will be given, and that reward will be shared amongst the members based on individual’s contribution. Remember, reward can only be offered when the new blocks mined are added to the blockchain, and all the transaction records are updated.
Notes for Investors
In spite of all the controversies Ethereum Classic has had, the price keeps soaring from $2.7 as at early September 2017 to $26.4 as at the first week of December 2017.The strong showing in the market capitalization can be attributed to wide acceptance of their reforms and the services they offer. Financial analysts believe that the ETC might get to $50 by the end of 2017. Investing in Ethereum Classic is worth giving a second thought because, they secure financial footing and being backed by the shakers and movers of cryptocurrency industry.
This little report about Ethereum classic should not be seen as an endorsement to invest. Cryptocurrency investment is speculative, and it involves unquantifiable risks – the market is full of uncertainty, susceptible to attack and capital loss, and sensitive to secondary issues, time may do not permit to mention here.
Seek advice before investing.