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About Ethereum Classic (ETC)

Ethereum Classic (ETC) is a software platform, built on blockchain technology. ETC is programmable, meaning developers can build new applications over its network. ETC was created in 2016 following the network fork of Ethereum, and is the original Ethereum blockchain. A fork is a split in the blockchain network. This happens when developers have different ideas about the use of the blockchain.

Using Ethereum Classic (ETC) price information

Ethereum Classic price information helps investors assess the value of ETC, track market trends, mitigate risks and provide valuable market insights.

Frequently asked questions

What is Ethereum Classic (ETC) and how does it work?

Ethereum Classic (ETC) functions as a decentralised, blockchain-based computing platform and cryptocurrency. It allows developers to construct and execute smart contracts. Smart contracts are self-operating code blocks executing specific actions as per predefined conditions.

Ethereum Classic emerged as a result of a split within the Ethereum community after the DAO hack in 2016. ETC runs a Proof-of-Work (PoW) consensus mechanism to validate transactions and execute smart contracts on its blockchain.

How is the Ethereum Classic (ETC) price determined and updated?

The Ethereum Classic (ETC) price fluctuates due to market forces like supply and demand.

To avoid rapid value drops, ETC has a finite supply. Once it reaches this limit, no new tokens will be generated. This adds a degree of stability.

What is the key differences between Ethereum (ETH) and Ethereum Classic (ETC)?

The primary difference between Ethereum (ETH) and Ethereum Classic (ETC) is their response to the 2016 DAO hack. After the hack, Ethereum forked to restore the lost funds, leading to the creation of Ethereum (ETH).

Ethereum Classic (ETC) retained the original blockchain, prioritising immutability and decentralisation over altering transaction history. While the two share similarities in technology and goals, their approaches to handling security breaches and network governance differ greatly.

Where can Ethereum Classic (ETC) be bought?

BTC Markets is the best place to buy Ethereum Classic (ETC) in Australia due to our reputation, user-friendly interface, and competitive trading fees.

Are there any upcoming developments or upgrades planned for the Ethereum Classic (ETC) network?

The Ethereum Classic network is planning a hard fork on 31 January 2024. Named 'Spiral,' it will be activated at block 19,250,000. This upgrade aims to align the Ethereum hard fork chain with the Ethereum mainnet for enhanced compatibility.

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