How Ethereum Classic works

How Ethereum Classic works
Just like in the case of Ethereum being powered by Ether, it’s official token, Ethereum Classic is powered by “Classic Ether.” The Classic Ether token is used to pay users for products and services, as well as for paying transaction fees.

The original goal and vision of Ethereum can be found in Ethereum Classic. Despite all the drawbacks of the platform (i.e., the lack of access to new updates of ETH), it’s still a platform upon which decentralized applications can be developed. The apps’ databases and transactions are stored on all the platform’s nodes."How Ethereum Classic works"

How Ethereum Classic works

Using Ethereum Classic

You can get the most of what the ETC blockchain has to offer by installing an Ethereum Classic-compatible wallet on your device. Wallets that can access the ETC blockchain are usually able to access the ETH blockchain as well. Some of the best hardware wallets for storing ETC are Mist Ethereum Wallet, Ledger Nano S, Trezor, and Jaxx (which also comes with support for mobile and web). Coinomi and Trust are some of the best mobile wallets, and ClassicEtherWallet is one of your best options when it comes to web wallets that support ETC.

The main thing to keep in mind while transferring ETC is to pay close attention to the public key addresses usually associated with transactions. For example, if you want to send ETC to someone, make sure you have the correct wallet address from the recipient. The public key address can be a string of numbers and letters or a QR code that can be scanned using your phone.

Ethereum Classic Mining

Just like its counterpart, ETC is based on Dagger-Hashimoto algorithm which means that mining ETC can be done with the help of AMD and Nvidia GPUs. The network difficulty is probably the most important issue when it comes to mining as it represents the complexity of a task that miners need to undergo to create a block. This network difficulty is always changing since the blockchain regulates itself. At the time of this writing, the ETC network is somewhere around the 160,936 T mark and the block reward is 4 ETC plus fees.'How Ethereum Classic works'

Market situation and investment

Even though it’s nowhere near as well-placed as its counterpart, Ethereum Classic is ranked at a respectable 15th place on CoinMarketCap with a total capitalization of $1,738,691,997 and a circulating supply of 102,774,151 ETC.

If you want to invest in Ethereum Classic, you simply need to buy and hold some Classic Ether. Ethereum Classic seems to be attracting more and more investors and developers who will build new decentralized apps on the network, thus instilling more confidence in the network. This might ultimately lead to a very hefty rise in the coin’s value.

How Ethereum Classic works How Ethereum Classic works Reviewed by mir khaleq ali on July 08, 2018 Rating: 5

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