Ethereum classic is similar to Ethereum it also works the same peer to peer computing platform based on blockchain technology. It also provides “altcoin” and “classic ether” as value token that is used as payment for smart contracts and decentralized app.
DAO or decentralized autonomous organization was supposed to allow users to invest on the decentralized app to run the Ethereum blockchain. But in 2016 DAO was hacked and US$50 million was stolen so Ethereum had to undergo hard fork to revert to DAO attack. In the hard work, the main code remained the same only some modifications were done and named it as “Ethereum Classic”.
As Ethereum classic is operating as a different coin but shares same vision and mission, it became world fist decentralized computation platform. Like bitcoin, it also works on blockchain and is aiming to add decentralized computing system to it than to use blockchain only for the transaction.
Ethereum classic developers are aiming to develop applications whose database and transactions will not only be stored on a single server but on all computers of the Ethereum classic network. Ethereum classic is yet to get popularity as Ethereum. Although in 2017 like all another cryptocurrency Ethereum classic has also grown.
Classic ether is as simple as any other ether and can be accessed from any Ethereum classic compatible wallet. The Ethereum Classic wallet is also capable of accessing the Ethereum blockchain, so one must be very careful while installing the wallet or there will be chances of sending ETC to the wrong user. The public key address or the QR code should be scanned to get the receiver wallet address. To send the required amount for ETC, enter the recipient’s wallet address from your wallet. But before sending make sure the amount you intend to send is available with you. After clicking send from your wallet the amount will be debited from your wallet and will be credited to the recipient’s wallet, it will be reflected soon after the transaction is over.
The future of Ethereum classic will be based on “code is the law” however, in the beginning, it was planned to follow Ethereum but some of the changes in Ethereum were not liked by Ethereum classic users. So they had to change their plan. In the near future ETC is planning to follow the proof of work system for mining rather than proof of stake system follower by Ethereum. To know more click continue reading