The formation of Ethereum Classic emerged as an offshoot of the original Ethereum blockchain platform that was created in 2015. The current Ethereum chain has made some changes over the years, but it remains a popular choice among cryptocurrency investors. Here’s a look at how these two currencies differ from each other. It is listed under the currency code ETC and traded on cryptocurrency exchanges, and the Greek uppercase Xi character (Ξ) is generally used for its currency symbol.

Ethereum Classic is one of the most historically popular hard forks of any blockchain and remains popular to this day. Many of the features found on Ethereum can be found on Ethereum Classic due to using the same base code. Ethereum Classic differs in ideology from Ethereum, choosing to remain immutable, and offers a permanent Proof of Work system for users to participate in. At the time of writing, a single ETH costs just under $2,000 . It is the second-largest cryptocurrency with a market cap of $324 billion and a circulating supply of over 120 million tokens.

Institutional-grade asset custody

Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider.

Ethereum Classic is currently maintained by an active group of miners who have elected to pursue a different technical roadmap for the development of the chain. Ethereum Classic has refused to fork and has resisted changes from the developers since its inception. The community voted in favor of the hard fork and the developers implemented it on July 20, 2016, after the 192,000th block. Unfortunately, DAO’s smart contract code had a security vulnerability known as the ‘Split Function’.

Ethereum Custody

The state denotes the current balances of all accounts and extra data. The state is not stored on the blockchain, it is stored in a separate Merkle Patricia tree. A cryptocurrency wallet stores the public and private „keys“ or „addresses“ which can be used to receive or spend Ether. These can be generated through BIP 39 style mnemonics for a BIP 32 „HD wallet“. In the Ethereum tech stack, this is unnecessary as it does not operate in a UTXO scheme. With the private key, it is possible to write in the blockchain, effectively making an ether transaction.

The eth etc Classic Twitter account confirmed the details released via Threatpost. The Ethereum Classic team worked with Cloudflare to place a warning on the compromised domain warning users of the phishing attack. To send Ether to an account, the Keccak-256 hash of the public key of that account is needed. Ether accounts are pseudonymous in that they are not linked to individual persons, but rather to one or more specific addresses. Welcome, and please be invited to discover the past, present, and future of Ethereum Classic; its principles, value proposition, community, and more – to understand why Classic.

To safeguard and keep track of your keys, you can use online or offline https://www.beaxy.com/s. Online wallets, also known as hot wallets, store private keys on systems or devices that are connected to the internet. Hot wallets are easy and convenient to use, however, they come with several drawbacks. The safer choice are specialized hardware wallets that store private keys offline.

Several codenamed prototypes of the Ethereum platform were developed by the Ethereum Foundation, as part of their proof-of-concept series, prior to the official launch of the Frontier network. Ethereum Classic followed this codebase after the DAO incident. Great platform, really easy to use, nothing complicated, everything a beginner or pro trading crypto would want. Ledger Nano cold wallets have been built using highly durable materials for protection against physical damage. A PIN code and a 24-word recovery phrase are required to access the wallet. A public key serves as an address that can be shared with other parties to perform transactions.

On the 15th of July 2016, a short-notice on-chain vote was held for the proposition of the DAO hard fork. Of the 82,054,716 ETH in existence, 5.5% of the supply voted. 3,964,516 ETH (87%) voted in favor, with 1/4 of that coming from a single address, while 577,88 ETH (13%) opposed the DAO Fork. There was some criticism of the hastily held vote but as of Block Number 1,920,000 the Ethereum network officially forked from Ethereum Classic. In June 2016, a popular dApp called the DAO was exploited and $50 million was stolen from users. The attacker exploited a bug in the code that allowed them to recall additional DAO tokens beyond the user’s actual deposit, draining over a third of the DAO’s core funds.

The currency that drives the Ethereum Virtual Machine and supercomputer network is “Ether,” which DOGE remains constant in both native cryptocurrencies. The split took place in July 2016, just after Bitcoin’s halving, and played a major role in catapulting cryptocurrencies to the attention of the public in 2017. We got the ETH and ETC split after Vitalik Buterin, the creator of Ethereum, voted in favor of the Ethereum Fork. The term “Classic” was added to the original Ethereum blockchain, which was replaced by the newly forked Ethereum through mutual agreement. The Ethereum Classic network is still in use today, despite not having nearly as much support or interest as the Ethereum blockchain since certain members of the community refused to give it up.

How to Buy Ethereum Classic (ETC)?

On 28 May 2016, a paper was released detailing eth etc vulnerabilities with the DAO that could allow Ether to be stolen. On 9 June 2016, Peter Vessenes publicly disclosed the existence of a critical security vulnerability overlooked in many Solidity contracts, a recursive call bug. On 12 June 2016, Stephan Tual publicly claimed that the DAO funds were safe despite the newly-discovered critical security flaw.

Readers who have been paying attention now probably have a good idea of which of the two Ethereum versions is the superior one. One of the main reasons for this is that it directly rivals Ethereum, and so its users see it as an attack on the leading cryptocurrency. It also confuses new users and hinders the adoption of Ethereum currency. ETC is well down the list of cryptocurrencies by a huge gap and has no Decentralized Finance apps or NFTs supporting it. Ethereum is leading the alternative currency revolution, only behind Bitcoin.