After the unpleasant events connected with the problems that arose when the virtual token with the DAO was stolen, which in fact was nothing more than a venture fund with a decentralized management, a new cryptocurrency called Ethereum Classic appeared. As the name implies, the Classic prefix means that some of the investors of this platform did not support the idea of the network's hard-core and saved the old algorithm of Blockchain's work.
Interesting in the section: Litecoin is a promising digital currency
Just like in the updated Ethereum, the new system allows you to safely conduct transactions, create decentralized applications and enter into smart-contracts. The size of the blocks and the software of the Ethereum and Ethereum Classic platforms completely coincided, but after the loss of 3.6 million Ethers, the chief ideologist of Ethereum decided to roll back the system until the moment when the token was stolen. After a successful hardfork, the monetary units managed to return to investors and pay off the negative sentiments of the crypto community. Since then, part of the society has continued the extraction and support of Ethereum Classic, which meant the emergence of a new cryptocurrency.
The use of smart-contracts by appointment became possible only with the advent of decentralized platforms, although in itself this type of contract was invented in 1994. Built on the Blockchain, smart-contracts allow getting rid of intermediaries, especially this option is relevant in the financial sphere. Ethereum Classic laid the idea of creating a world-wide decentralized system that can carry out transactions at high speed.
Ethereum Classic runs Geth software, a feature of which is full support for users in the management of wallets, accounts and smart-contracts. Many experts predicted oblivion to the original chain of Ethereum blocks, but time showed that the developers' firm position in preserving the decentralization of the network brought financial support to investors. The inability to change the rules (hardfolk) of the network is expressed in a kind of code Ethereum Classic.
Interesting in the section: Status: uniqueness of the project
In early 2018, Ethereum Classic demonstrates a good growth dynamics, with each day increasing the capitalization of assets. Prospects for this cryptocurrency on world exchanges do not look as vague as they were before.
Editor: Alyona Nabok