Review on Ethereum Classic by Rupanshu Kumar
Ethereum Classic (ETC) is a distributed computing system that is open source…
Ethereum Classic (ETC) is a distributed computing system that is open source, blockchain-based and public, it also has the smart contract feature. The Ethereum Classic name came about from a Hard fork after the DAO hack in 2016. The original Ethereum currency became Ethereum Classic while the new currency took the name Ethereum.
There is a token attached to Ethereum Classic referred to as “ether classic”, and this token can be stored in a virtual currency wallet, transferred to other participants, and can also be used as compensation to participant nodes for successful computations. The Ethereum Classic community intend to implement a hard cap of 230 million tokens for the virtual currency, with 18 million coins released every year till this limit is reached.
It may be a little difficult to purchase Ether Classic tokens using fiat currencies, however, a user can exchange for other coins and the procedure for exchange is simple and straightforward.
It is being developed for the Internet Of Things and the 4th industrial revolution where many devices that individuals and businesses interact with on a daily basis are interconnected and communicate via the internet. Its side chaining solutions are promising preventative developments that may see it solve one of the biggest problems in virtual currency today. It no longer bases its identity in protest against Ethereum, on the contrary, it has developed its own identity and is pursuing its goals with a clear vision.
Pros
- It has all of the services and advantages of Ethereum.
Cons
- Not sure yet
