Why Buy Ethereum Classic (ETC)?
Ethereum Classic (ETC) is a good option for those who prioritise blockchain immutability. It emerged from a fork in the Ethereum blockchain following the infamous DAO hack 2016, in which approximately 3.6 million Ether was stolen. The ETC token maintains the original Ethereum code without incorporating the modifications introduced by the updates to the new network, which is now recognised as the primary Ethereum blockchain.
The ETC token has been active since 2016 and is essential for supporting operations and transaction fees on the Ethereum Classic network. Using ETC ensures that everything remains immutable and the blockchain’s state resists retroactive changes, following the principle that “code is law.”
What It Is and How It Began
When deciding whether to buy Ethereum Classic (ETC), it is important to understand its operation and history. Ethereum Classic was created in 2016 due to a hard fork in the Ethereum network, which was necessary after the DAO (Decentralized Autonomous Organization) hack. Following the hack, Ethereum implemented a retroactive change to recover the stolen funds, while Ethereum Classic chose to keep the blockchain unchanged. This resulted in creating two separate blockchains: Ethereum (ETH) and Ethereum Classic (ETC).
Ethereum Classic utilises a Proof-of-Work consensus mechanism, similar to Bitcoin and Ethereum before The Merge update, to guarantee the network’s security and decentralisation. Despite encountering some technical and security challenges, the Ethereum Classic community has consistently worked towards enhancing the network’s resilience and reliability.
Ethereum Classic remains a popular platform for developers and users interested in creating and using decentralised applications within an environment that prioritises the immutability and transparency of blockchain technology.
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