Cryptocurrency Ethereum Classic is a project that brought together members of the original Ethereum community who refused to carry out another hard fork. The reasons for the refusal are stated in a special document – the Declaration of Independence of the site. The platform in question, which arose as a result of the protest of several users, is becoming more and more independent every day. The cryptocurrency community is growing every day. The community has developed its version of the hard fork. Ethereum Classic did not switch to PoS. The new network is also characterized by resistance to hacker attacks and the high liquidity of tokens on most popular cryptocurrency exchanges.

What is Ethereum Classic?

Ethereum Classic (ETC) was issued by opponents of the hard fork. This original blockchain is designed to solve the most pressing problems of its predecessor. To date, the capitalization of this coin is over $ 1.3 billion. The Ethereum Classic rate is $ 14.2. The cryptocurrency ranks fifth in value on the international platform.

This year, the cryptosystem developers announced a successful update. Thanks to changes in the program, it was possible to eliminate some flaws and make the site safer for the average user. It is also considered positive news that no disastrous consequences were noted after the upgrade. System errors, like hacks, were completely absent.

Some experts argue that this update shortens the time and makes better use of older blockchains. Participants see this technique as a productive way to reach a consensus. In this way, the program resists centralization better and becomes more independent.

Although the creators of the system Gavin Wood and Vitaly Buterin switched to the new blockchain, some crypto enthusiasts wished to stay on the old platform. They explained their choice by the fact that initially the development involved the fight against financial corruption and was designed for the human factor. These investors believe that reinstalling the entire program due to a single hack is not worth it.

Development teams

The ecosystem of the digital currency ETC does not have a single control center; several independent groups of blockchain engineers are working on the project. Each team has its sector of responsibility

  • Ethereum Commonwealth – Deals with the Callisto Network testnet. Callisto Virtual Coin (CLO) is a fork of ETC and is intended to be a guinea pig. All innovations will be tested on this altcoin before they are integrated into the main network. Besides, this team is responsible for maintaining the official Classic Ether Wallet.
  • ETCDEV is a national team of programmers working on network updates.
  • IOHK – develops and promotes client-node “Mantis”, created in the computer language Scala.
  • ETC COOPERATIVE – responsible for marketing policy and public relations.
  • ETC LABS – Supervises financial matters and maintains representative offices in Singapore and the United States.

Difference from Ethereum

Let’s list the main differences between the networks:

  • In the Ethereum project, decisions on the further direction of the platform development are made by the Ethereum Foundation, in Ethereum Classic something can be changed only upon reaching an agreement between all development teams.
  • The Ethereum community allows further code changes and smart contracts if the majority (51%) of users vote for it. The classic community considers blockchain reshaping to be completely unacceptable. The code is the law!
  • Emission in the big Ether system is unlimited. ETC has 230,000,000 tokens.

Comparing Ethereum vs Ethereum Classic, the latter looks more orthodox, which attracts many crypto enthusiasts. But, it was the open door policy adopted by Vitalik Buterin’s team that attracted DApps developers to the ecosystem. Most of the stable crypto coins (TUSD, USDT, USDC, PAX, EURUS) are also based on the Ethereum blockchain. The classic team is also trying to work in this direction, but in the current period, there is no real progress. The project has not yet fully recovered after last year’s upheavals and there can be no talk of any real competition with the “big brother”.

Ethereum Classic’s advantages and disadvantages

Advantages of Classic Ether:

  • Absolute decentralization of the network.
  • Open-source.
  • Fixed number of coins.
  • Support from established members of the crypto community such as Charles Hoskinson and Gavin Wood.

Disadvantages of cryptocurrency ETC:

  • The network is vulnerable to a 51% attack.
  • The coin is often used for speculative shenanigans such as Pump & Dump.
  • The number of blockchain engineers actively working on the project is much smaller than that of competitors.