What is Ethereum Classic (ETC)? Ethereum Classic (ETC) is a hard fork of Ethereum (ETH) launched in July 2016. Its main function is that of a network of smart contracts, with the ability to host and support decentralized applications (DApps). Its native token is ETC. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the technical roadmap of the two networks increasingly diverging from each other over time. Ethereum Classic initially sought to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH. Who are the founders of Ethereum Classic? Ethereum Classic is, in fact, the legacy chain of Ethereum, and its true creators are therefore the original developers of Ethereum: Vitalik Buterin and Gavin Wood. A controversial hard fork of Ethereum occurred in July 2016, when participants disagreed on whether to restore the blockchain. to undo the effects of a big hack. This shocked The DAO, a decentralized autonomous organization (DAO) that had raised around $150 million in an Initial Coin Offering (ICO) several months earlier. Ethereum Classic started out as the network that didn't restore the chain. The developers claim that there is no "official" team attached to the project and that their "global development community is a permissionless" "doocracy" in which anyone can participate. What makes Ethereum Classic unique? The main goal of Ethereum Classic is to preserve the Ethereum blockchain as it originally was, without artificially countering DAO hacking. Its appeal was aimed primarily at those who disagreed with Ethereum's response, but the legacy network has since gained a broader following, including big investors like Barry Silbert, CEO of investment firm Grayscale. As a volunteer organization, the developers of ETC do not intend to make the network a for-profit entity. Users pay transaction fees as with Ethereum and miners collect them based on the work done according to the proof-of-work (PoW) mining algorithm. Unlike Ethereum, Ethereum Classic has no plans to become a Proof-of-Stake (PoS) mining algorithm as more developers continue to work on future improvements such as scaling solutions. Related Pages: Read more about Ethereum here Read more about Bitcoin Cash here New to Crypto? Find all the information you need with Alexandria, CoinMarketCap's dedicated educational resource. How many Ethereum Classic (ETC) coins are in circulation? The ETC started out in a very similar technical state to ETH, with the exception of how DAO hacking transactions were handled. However, since launch, there have been changes to the tokenomics, with participants voting to cap the ETC supply in December 2017. Thus, the maximum supply is 210,700,000 ETC, roughly ten times that of Bitcoin ( BTC), while ETH has no limit. . The ETC uses a PoW mining algorithm, which works like Bitcoin: miners are rewarded with new coins to validate the competing blockchain. The ETC block reward decreases over time, with the next drop due to the 15,000,000 block, around April 2022, from 3.2 ETC to 2.56 ETC per block. How is the Ethereum Classic network protected? The Ethereum Classic network is protected by proof of work, but as a minority chain, it has come under regular attack. These include several 51% attacks to gain control of mining hashrate and perform fake transactions and double-spend coins, the most recent of which occurred in August 2020. Where can you buy Ethereum Classic (ETC)? ETC is one of major cryptocurrencies with market capitalization and can be freely traded on a large number of major exchanges. Pairs are available against stablecoins, other cryptocurrencies, and fiat currencies, while there are also derivatives and institutional investment vehicles. Exchanges that allow you to buy Ethereum Classic include Binance, OKEx, and Huobi Global. Crypto Newbie? Read our easy guide to buying Bitcoin and any other cryptocurrency.