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In 2016, a hard fork occurred in the Ethereum mainline leading to the new cryptocurrency being rebranded as Ethereum 2.0 (ETH). The legacy non-forked chain was then rebranded to what we now call Ethereum Classic (ETC), continuing the ‘unaltered’ history of the original chain.
Ethereum Classic’s underlying philosophy focuses heavily on decentralization, and the platform is dedicated to being an open-source project that anyone around the world can contribute to. The platform executes smart contracts that can be run without any third-party interference or censorship, and anyone is able to run an application on the network. The Ethereum Classic network comprises a blockchain ledger, native cryptocurrency (ETC), and an ecosystem of applications and services.
The hard fork leading to the formation of ETH and ETC occurred after TheDAO - an application used on Ethereum’s original platform - was hacked. The fork was then initiated by the Ethereum community to return the money and in the spirit of preserving the principle of “Code is law”, Ethereum Classic was created to continue the original chain. ETC is run more conservatively compared to ETH, with a greater focus on security, proof of work, and a fixed monetary policy of 210M ETC by the end of the century. Conversely, ETH focuses more on performance and scalability, with no fixed monetary policy or supply cap.
If you are interested in beginning your journey into crypto but want to be careful and cautious in your outlook, a more conservative cryptocurrency like Ethereum Classic might be a suitable choice for you. You can easily buy, sell, and trade ETC with an efficient platform such as FAMEEX. On FAMEEX, you can instantly check the changing prices of ETC in both USD and AUD on our market chart as well as make use of our automated trading bots to trade in real-time.
FAMEEX’s platform strictly complies with local regulatory policies and requirements. Our four-layer ladder encryption protection mechanism ensures the security of your funds at all times, so that you can build your virtual wallet and trade your coins without any technical threats. Find out more about our security measures or download our app today!