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Is Ethereum Classic ETC the Next BEST Coin to Mine after Ethereum 2.0?!CIRCLE BUY BITCOIN INSTANTLY
Ergo, it can support smart contracts and decentralized applications DApps just like the main Ethereum. The two blockchains are similar up to block 1,,, when the attack was carried out. Beyond this point, they are two different blockchains. Popular Ethereum applications are also not present on Ethereum Classic. Ethereum enjoys more developer and user activity than Ethereum Classic and has added considerably more functionalities over time.
Ethereum Classic has a fixed monetary policy because it has capped the total ETC supply at ,, The blockchain projects are headed in two very different directions, especially now that Ethereum has shifted to PoS. On the contrary, Ethereum Classic is indefinitely committed to PoW. Ethereum and Ethereum Classic also differ as far as prices go. In short, there are no do-overs, bailouts, or refunds, unless pre-programmed. In all fairness, it is important to point out that the blockchain rollback in response to the DAO hack has been the only time Ethereum has done something like this.
The regular occurrence of such attacks spells bad news for a cryptocurrency like Ethereum Classic, which could be delisted on exchanges. Also, Coinbase extended withdrawal and deposit confirmation times to about two weeks in the same year. These actions could discourage user activity and affect adoption.
If anything, then, now is certainly an interesting time to potentially look at ETC. Want to learn how to buy and secure ETC? After this event the Ethereum community had to take some difficult decisions as there were two different visions regarding the future of the project and as a result the project split into two: Ethereum, with the majority of community members who decided to reverse the hack, and, Ethereum Classic, with the few members who stayed loyal to blockchain principles and decided to maintain the original, smaller blockchain.
But there was a small group of people who were against the hard fork. What is the difference between Ethereum and Ethereum Classic? Ethereum and Ethereum Classic have very similar basic functionalities. They both are open-source projects, so developers can use their code to run dApps decentralized applications and create ERC tokens.
It is important to remember though, that Ethereum Classic is not compatible with any updates taking place on the ETH blockchain. A hard fork is a backwards-incompatible update, which means when a new chain is created it is completely cut off from the original chain. As a result, Ethereum Classic cannot access any updates that are happening on Ethereum. Another thing that might confuse people is the cryptocurrency name, as the Ethereum Classic coin is also called Ether. Ethereum Classic has also adopted a fixed monetary policy.
This means the total amount of ETC that can ever be created is now capped at million ETC which adds scarcity factors into its value. Bottom line Doing research and making sure you have information and basic understanding of projects before investing in them, is crucial in trading. Now you are ready to trade! Trade using Simple Convert The Simple Convert trading interface allows you to quickly swap different cryptocurrencies.
Here you can place more complex types of orders, such as Trailing orders , Stop-Loss orders , and many more. And if you need more advice and tips, don't forget to follow us on social media, our representatives are present on the NiceHash Discord our partner company and NiceX is on Facebook and Twitter where you can stay up to date with our media announcements and the latest news, as well as tips and tricks for trading from our community.
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Ethereum Classic (ETC): What is Ethereum Classic (ETC)? (EXPLAINED) - Cryptela
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