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    Ethereum Classic (cryptocurrency): What It Is and How It Works

    Introduction

    The Ethereum Classic is one of those cryptocurrencies destined to end because of the supremacy of popularity of the Ethereum. However, we believe it is still an excellent investment tool for all people who wish to diversify their investment. The Ethereum Classic is a cryptocurrency that could easily be considered the “cousin” of the Ethereum and that in effect represents an old and little updated version of this cryptocurrency and network. Needless to say, today the Ethereum represents, after Bitcoin, the most famous cryptocurrency in the world, with a technology so advanced as to become a central part of the cryptocurrency community, giving life to novelties such as the Initial Coin Offerings. Surely you have already heard of the Ethereum before, but not yet of the Ethereum Classic. So let’s see what it is and how it works in detail, first of all trying to understand the disadvantages towards cousin Ethereum.

    What Is the Ethereum Classic?

    Well, what is the Ethereum Classic then? It is a decentralized network that has within it the “Smart Contracts“, the software that is executed in the same way as it is programmed, without any possibility of interference, fraud or other types of malicious operations. The term Ethereum Classic means therefore the primitive version of the Ethereum that many know, a structured version based on the initial code of Ethereum, without any tampering, interference, fraud or other. Ethereum and Ethereum Classic can therefore be defined as cryptocurrencies and networks that have many points in common, but are nevertheless extremely different according to various points of view. Ethereum is the official version of the Blockchain, which is updated and maintained by the original development team. As for the Ethereum Classic, the “original” team that supports the development of this cryptocurrency is not present. Both of these cryptocurrencies appear to share a piece of code, but the Classic is much less advanced than the Ethereum, as there are no updates. However, both of these networks have an extremely similar market capitalization.

    Ethereum and Ethereum Classic

    Many wonder why the Ethereum Classic exists. Before becoming Ethereum Classic, this cryptocurrency was the real Ethereum. But after the Hard-Fork the project was renamed to Ethereum Classic as the original developers wanted to modify the original project in a very deep way, requiring a hard-fork, or rather the creation of a whole new Blockchain. We can therefore say that the Ethereum Classic in some ways, represents the technology of Ethereum, completely unchanged. The split occurs because of the DAO, a distributed organization on which the Ethereum team focused a lot, having received investments of 150 million dollars. Users who had invested in the DAO platform, could send funds to the DAO by receiving in exchange useful tokens for voting, thus obtaining decision-making power over how the DAO network would move to spend these funds.

    The DAO was originally considered as one of the most promising projects, but became the victim of a hacker attack that ended up compromising the platform. The Ethereum team then decided to proceed with the changes to the code, thus returning to its customers the tokens stolen from the attack thanks to the generation of a new cryptocurrency. However, some developers of the Ethereum turned out not to agree on modifying Ethereum Blockchain, thus deciding to continue the mining activity on the classic version of the Ethereum, renaming it to Ethereum classic. It is therefore possible to state that the Ethereum Classic is in all respects a parallel version of the Blockchain, initially created to return funds to victims of fraud.

    Ethereum Classic Advantages and Disadvantages

    The Ethereum Classic would seem to have more disadvantages / deficiencies than the “normal” Ethereum, but it is not quite so. One of the most important advantages for the Ethereum Classic is the community, which has remained faithful for these years without distorting the principles of the Blockchain and the “laws” of the network. The main objective in fact of cryptocurrencies is to defeat corruption first of all, keeping the Blockchain system unalterable. We can therefore say that the integrity and seriousness of the Ethereum Classic development team is a guarantee and to all effects an advantage. But over time it could turn into a double-edged sword due to its lack of compatibility with the Ethereum which made this cryptocurrency “orphan” an end in itself and with a value that only “symbolic” but not linked to any technological advancement. However, it continues to have some success in the cryptocurrency community. Ethereum represents the split from Ethereum Classic technology through what experts call “hard fork”, which in this case was created as the fastest possible solution to repay all the victims of the attack. However, there were many disputes, as many did not agree on what to do, which led to the creation of the Ethereum Classic.

    Investing / Buying

    The safest and easiest way to invest in the Ethereum Classic is to do it first of all without surprises, through regulated and reliable trading platforms. One of the best platforms to invest in Ethereum Classic without risk and without surprises is itbfx (click here for the official website). Thanks to itbfx.com it is possible to invest in all the major cryptocurrencies and also in Ethereum Classic. The itbfx platform is really simple to use, even for those who have never traded. A really fundamental aspect is that it is possible to automatically copy the best investors, so as to obtain high profits immediately. itbfx.com is a free platform, with no registration fees and no commissions of any kind. You can sign up for free on itbfx by clicking here.

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