Ethereum Classic – an Immutable Dapp Platform

What is Ethereum Classic?

Ethereum Classic (ETC) is a blockchain-based computing platform for creating and executing smart contracts. It was initially released as Ethereum in 2015 and did not branch off until a year later. Then, a fraction of the Ethereum community rejected a hard fork made to restore the funds stolen in the infamous DAO hack. Developers of Ethereum Classic firmly believe in immutability and decentralization of their public ledger and together with their most loyal users stick to the “Code is Law” principle.

Underlying Technology

In many ways, Ethereum and Ethereum Classic have not yet diverged that far from each other. The classic ether token (ETC) is stored, exchanged and given to participating nodes, or miners, as a compensation for the computations they regularly perform. By using a special unit named gas resources can be allocated in proportion to the reward offered by the request. While Ethereum is planning to move to a Proof-of-Stake consensus mechanism, both platforms are still using Proof-of-Work (PoW). Furthermore, smart contracts and decentralized applications (Dapps) can be built in the same way in both systems with languages like Solidity and Vyper.

Immutability First

As one would expect, Ethereum Classic has become the symbol of the crypto community’s stance on immutability. Some people argue that for a blockchain to have value, it cannot be subject to revision. It is particularly true when it comes to ETC because investors are interested in the permanent nature of its public ledger, and if it were to be relinquished, holders of this token would take their money somewhere else.

Where to store ETC?

With Magnum Wallet, you can store and access your “classic ethers” 24⁄7. As with all other coins available on Magnum wallet, your ETC private keys are in your sole control. Storing your cryptocurrency in Magnum also gives you the chance to trade and exchange your ETC with over 1000 other coins and tokens in real-time.