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What is Ethereum Classic? What Does ETC Do? How to Buy ETC?

ethereum-classic

ETC is an Ethereum hard fork that was released in July 2016. ETC Classic is Ethereum’s legacy chain. Its developers are Vitalik Buterin and Gavin Wood, who were also the developers of the original ETH.

What is Ethereum Classic? What Does ETC Do?

The main purpose of ETC is to be a smart contract network capable of hosting and supporting decentralized applications on DApps. The native Token of the platform is ETC.

Ethereum Classic tried to separate it from Ethereum as the technical path chart of the two networks was going in different directions day by day. Ethereum Classic first experienced a major hack that resulted in the theft of 3.6 million ETH. After that, he tried to protect the Ethereum Blockchain network found. For this reason, the main goal of Ethereum Classic is to keep the data of the Ethereum blockchain in its original form without artificially countering the DAO hack.

Why is Ethereum Classic different?

Ethereum Classic was a legacy network that was heavily supported by those who disagreed with the main Ethereum network. Since then, it has gained a significant support base, including big investors such as Barry Silbert, the CEO of the investment company Grayscale.

As a volunteer organization, ETC’s developers aim to transform the network into a for-profit entity.

Users pay transaction fees as with Ethereum. Miners mine crypto based on the work they do according to the PoW mining algorithm. Many developers continue to work on future improvements, such as scalability results paths. Contrary to all these, Ethereum does not intend to switch to the PoS consensus algorithm.

How to buy ETC?

It is traded on major exchange platforms such as Binance, OKX, CoinW, Bybit.

To get ETC:

  • Access the web/mobile application of the exchange that lists the ETC that you specified as the first step.
  • Complete the account opening steps. Then complete the authentication and approval process.
  • Follow the deposit steps shown. Select ETC with the balance amount you want and create a buy order.