What does Ethereum Classic do?
Ethereum Classic aims to accomplish the same goals as Ethereum without significantly altering its original code. Its supporters believe that transactions shouldn’t be erased or forgotten (which happened on Ethereum as a result of the DAO hack) and that “Code is Law.”
Ethereum Classic is used for the same purposes as Ethereum, such as creating and executing smart contracts as well as developing and hosting decentralized apps. In addition to these Blockchain 2.0 capabilities, Ethereum Classic can also be used for storing and transferring value.
What is ETC used for?
Classic Ether is the native token of Ethereum Classic and it is traded on exchanges using the ticker symbol ETC. Classic Ether has three main purposes. First, it is used as a currency to transfer value between individuals. Second, Classic Ether can be used to store wealth in a cryptocurrency wallet. Finally, ETC is rewarded to miners for verifying transactions on Ethereum Classic’s blockchain.
How can ETC value appreciate?
Like its main competitor, Ethereum, Ethereum Classic makes its native token necessary for the execution of smart contracts and the creation of decentralized apps.
One huge benefit of Ethereum Classic is that it maintains a high standard of decentralization. If other cryptocurrencies gain a reputation of centralization, its possible that Ethereum Classic will appreciate in value as a result of retaining its integrity.
What is the difference between Ethereum Classic and its competitors?
Ethereum Classic’s main point of differentiation from Ethereum is retaining the original code of the blockchain. The project is still just to create and execute smart contracts as well as host decentralized apps. However, the fork that changed the code of Ethereum was dismissed by the group of developers that moved forward with Ethereum Classic. Essentially, Ethereum Classic is for purists that believe the original code should never be tampered with.
