Ethereum Classic

What is Ethereum Classic?

Ethereum Classic is a blockchain-based distributed computing platform featuring smart contract functionality. It was initially released as Ethereum in 2015 and continued as the original when some members of the Ethereum community rejected a hard fork made to restore the funds stolen in the infamous DAO hack. Ethereum Classic developers firmly believe in immutability and decentralization of the public ledger, and many of the 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) can be transferred, stored in a wallet, and it’s intended to compensate participant nodes (miners) for computations performed in the platform. “Gas” is used to allocate resources proportionally to the incentive 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). Smart contracts and decentralized applications (Dapps) can also be built in much the same way with languages like Solidity and Vyper in both systems.

Immutability First

As one would expect, Ethereum Classic has become the symbol of the crypto community’s stance on immutability. Many people agree that in order for a blockchain to have value, it must act as a permanent public ledger, free from revision. It is particularly true when it comes to ETC, because its’ investors are in it for immutability, and if it is ever relinquished, the holders of this token will move their money elsewhere.

Where to store ETC?

With Magnum Wallet you can store and access your “classic ethers” 247. As with all other coins available on Magnum wallet, your ETC private keys are in your sole control. Storing your cryptocurrency on Magnum wallet also gives you the chance to trade and exchange your ETC with almost 50 other coins and tokens in real-time.

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