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Introducing Ethereum Classic Ethereum Classic, abbreviated as ETC, is a blockchain-based decentralized digital currency platform that enables the execution of smart contracts. This digital currency was created in 2016 after the hacking incident of The DAO, which was a smart contract on the Ethereum blockchain. After this incident, the majority of the Ethereum community decided to bring the blockchain back, which gave birth to Ethereum Classic. In fact, the Ethereum community funded The DAO investors.
Important things to know about ETC and its future:
Ethereum Classic is a decentralized, blockchain-based digital currency for executing smart contracts.
In the past, ETC was known as Ethereum and was renamed Ethereum Classic in 2015 by Vitalik Buterin.
Ethereum Classic was created in 2016 after The DAO hack.
Basically, ETC is the name of the main blockchain and smaller than Ethereum.
Initially, the Ethereum blockchain was created as a single network to facilitate transactions using the digital currency Ether (ETH). The network quickly became popular for initial coin offerings, as various teams used the platform to launch their tokens.
One of the most successful ICOs was The DAO. The DAO is a decentralized investment fund for investors to vote on investment assets. Dao quickly raised over 11 million Ether from over 18,000 investors. After this incident, unknown hackers discovered a smart contract vulnerability, which allowed them to access a third of the DAO’s assets.
Ethereum and ETC are both cryptocurrencies that provide smart contracts and operate on the same market. But Ethereum is always known as a more legitimate currency and receives more attention from people. Also, Ethereum is known as one of the most powerful cryptocurrency networks in the world, after Bitcoin.
One of the concerns and risks related to the future of Ethereum Classic is possible limitations in scalability. Typically, the Ethereum Classic network is only capable of 15 transactions per second, while this capacity is much higher in other networks such as Visa, reaching thousands of transactions per second. Despite all the improvements that this cryptocurrency has gone through, the issue of scalability remains one of its challenges.
Also, security is another issue related to smart contracts in ETC, especially since this cryptocurrency has already faced hacking and theft of millions of dollars. These concerns may cause many investors to refrain from using smart contracts in this cryptocurrency.
Although Ethereum has a more stable and well-known market than Ethereum Classic, security issues and scalability limitations could affect the future development of Ethereum Classic. As long as this cryptocurrency is not able to develop the necessary codes and software to prevent future hacks, it will face many challenges.
Analysis shows that the value of Ethereum Classic will increase to around $270 in 2025. This value will exceed its previous record high.
Overall, the value of ETC may rise to $308.97 in the future. These predictions show that the future of Ethereum Classic is very big in the coming years.
Differences between Ethereum and ETC Ethereum Classic is a profitable digital currency that is used by many investors. But Ethereum has a more legal and tradable value than Ethereum Classic.
Analyzing the amount of investment on these two cryptocurrencies can show the popularity of investing on them. Comparing these two currencies, Ethereum is significantly superior.
