What Is Ethereum Classic and How Is It Different From Ethereum?

Ethereum Classic is the “unforked” original blockchain where Ethereum was forked from. Ethereum Classic prioritizes immutability and decentralization by continuing with the original protocol of Ethereum and roadmap regardless of the famous DAO smart contract hack.

In this article, we will learn about Ethereum Classic, the differences between Ethereum and Ethereum Classic, the history and features of Ethereum Classic, the native token ETC and its tokenomics, the cryptocurrency value of ETC, and how to buy ETC tokens.

What Is Ethereum Classic Blockchain? 

Ethereum Classic is a decentralized blockchain and Turing complete platform that upholds smart contracts, maintained by miners who follow a distinct technical roadmap and resist changes from developers since its inception.

Ethereum Classic was developed in July 2016 after a hard fork of the Ethereum blockchain caused by a disagreement in the community over the famous 50 million Ether (ETH) Smart contract DAO hack. 

Ethereum Classic is now maintained by a group of miners who have opted for a different technical roadmap. Since its inception, Ethereum Classic has rejected forking and resisted changes from developers.

After the Ethereum DAO hack, some Ethereum developers suggested rolling back the blockchain to recover stolen ETH, while others feared this would compromise blockchain immutability. This disagreement resulted in a split, with some developers continuing the original project (Ethereum Classic Blockchain), while others hard forked and rolled back the blockchain to the previous state (Ethereum Blockchain).

Although Ethereum Classic has less market capitalization and a smaller community compared to Ethereum, there are still devoted developers and enthusiasts. It is a suitable option for individuals who prioritize blockchain immutability and decentralization.

Ethereum Classic (ETC) and Ethereum (ETH) are separate blockchain networks that diverged in philosophy and development. Governance and development roadmap are key differences between the two. ETH has a centralized approach to governance and is transitioning to a Proof-Of-Stake algorithm, while ETC has a decentralized approach to governance and is maintaining its original Proof-Of-Work algorithm prioritizing decentralization and immutability.

What Is ETC?

ETC is the native token of the Ethereum Classic blockchain, facilitating transactions and used for transaction fees for decentralized applications (dApps), smart contracts, and DeFi applications. ETC coins are created through mining and used for transaction fees and interacting with dApps and smart contracts. 

ETC Tokenomics (June 2023)

History of Ethereum Classic

Ethereum Classic was developed by the original Ethereum developers such as Vitalik Buterin and Gavin wood. is recognized as the original Ethereum by its community. It was created after a contentious hard fork on the Ethereum blockchain in July 2016. The fork resulted from a disagreement over whether to reverse the blockchain to address a hack that impacted The DAO. Ethereum Classic emerged as the blockchain that did not reverse the chain. The project does not have an "official" team, and its development is governed by a permissionless 'do-ocracy,' allowing anyone to participate in its global development community.

Features of Ethereum Classic

1. Immutability and Censorship Resistance: Ethereum Classic is a secure and transparent public blockchain. Transactions on its immutable and censorship-resistant blockchain cannot be edited or deleted, making it ideal for financial transactions.
2. Smart Contracts and Decentralized Applications: Ethereum Classic supports smart contracts, which are self-executing contracts that can automate complex processes. Ethereum Classic also supports and facilitates the building of decentralized applications. 
3. Interoperability: Ethereum Classic is interoperable with other blockchains. Ethereum Classic can communicate and exchange value and resources with other blockchains.
4. Community-driven Development: Ethereum Classic is an open-source project managed by a decentralized community. This allows for continuous improvement, with new features and upgrades proposed and implemented by the community.

Overall, Ethereum Classic is a secure and versatile platform for building dApps and smart contracts, with attractive investment opportunities due to its immutable, censorship-resistant, interoperable, and community-driven development features.

Ethereum Classic Coin (ETC) Value

As of June 9th, 2023, the value of Ethereum Classic Coin (ETC) is $16.96. ETC's value derives from its scarcity, with a maximum supply of 210 million ETC coins. ETC supply decreases over time due to block rewards being halved every 5 million blocks, which makes it deflationary. ETC supports decentralized applications through smart contracts, with every application built on the blockchain using ETC as its native coin to facilitate transactions. This utility of the crypto can drive its value higher. It’s important to note that ETC's value is mainly determined by demand and supply, like other currencies. The more people adopt the Ethereum Classic blockchain, the higher the value of ETC will increase, and vice versa.

Ethereum Classic Latest News and Updates

1. Ethereum Classic announced that Trust Wallet had added support for ETC on February 7th, 2023. This integration provides a secure and accessible way for users to manage their ETC holdings on the go.
2. Ethereum Classic emphasized the importance of its blockchain's "unstoppability" in a blog post on January 18th, 2023. The post emphasizes the immutability of the blockchain and the unique features of its smart contract capabilities and "Code is Law" philosophy that promote the development of decentralized applications.
3. Ethereum Classic explained the EVM Object Format (EOF) upgrade in a blog post on January 17th, 2023. The upgrade enhances the efficiency of smart contracts, enables interoperability between different Ethereum-based blockchains, and reduces the size of contracts. The post concludes that the EOF upgrade is a significant development for Ethereum Classic that improves its functionality and interoperability.

How to Buy ETC Coins?

CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including ETC, users can now trade easily and seamlessly. To purchase ETC coins on CoinEx, follow the steps below.

1. To begin trading on CoinEx, you must first create an account.
2. After logging in, deposit funds into your CoinEx account using one of the supported cryptocurrencies or deposit methods supported by the exchange.
3. After depositing fiat or cryptocurrency, go to the ETC trading page, choose a trading pair, and specify the amount of ETC to purchase.
4. To buy ETC, choose the appropriate trading pair, specify the desired quantity of ETC coins, and trade the paired token for ETC.
5. If you prefer, you can withdraw your ETC coins to a custodial wallet for safekeeping.

With these simple and straightforward instructions, you can buy ETC on CoinEx in a simple manner.