Talk about the safest cryptocoins today and Ethereum Classic will certainly command one of the leading positions on your roster. Although the coin didn’t receive much attention initially yet I am glad that it’s finally receiving the attention it deserves.

ETC is backed by a decentralized blockchain infrastructure and is used to code and run DApps (Decentralized Apps) as well as perform transactions through smart contracts. The coin was born out of a hard fork of Ethereum which led to the launch of both Ethereum new chain (ETH) and Ethereum Classic (ETC). Interestingly, even when Ethereum founder (Vitalik Buterin) and other biggies shifted their allegiance to ETH, a bunch of people still preferred to stick to Ethereum Classic. A major reason behind it is ETC is actually based on the original Ethereum blockchain and it restores the ethos of the blockchain like no other.

The infamous DAO Attack

Any discussion on ETC is incomplete without the mention of the DAO (Decentralized Autonomous Organization). Launched by the Ethereum community in 2016, the DAO was meant to serve as some decentralized venture capital fund to support decentralized crypto projects. It had the second biggest crowdsale in the history of crypto industry.

But, unfortunately, soon after the crowdsale, the DAO faced a hack that took out a whopping 3.5 million Ether (~ $50 million) from its funds. Blame it on a flaw in the DAO code that helped the hacker to drain out such a huge volume of money.

The infamous hack stirred a storm in the crypto scene that led to severe damage of reputation of Ethereum and also loss of market cap. To resolve the crisis, the Ethereum community decided to execute a hard fork that would help to refund the money lost due to the hack to DAO investors. The hard fork took place in 2016 only and it resulted in the formation of a new chain which was named as Ethereum (sticker symbol ETH).

However, some people in the Ethereum community were strongly against the fork which led to a split. People who were against the fork, stayed at the previous blockchain and named it Ethereum Classic (sticker symbol ETC).

ETC upholds Ethereum’s vision of immutability

Even though leading industry figures like Gavin Wood and Vitalik Buterin have taken to the new chain, the one based on the old blockchain shows great promise. The primary reason here is that the Ethereum Classic blockchain follows the principles of immutability as was upheld by the original Ethereum chain.

Ethereum was essentially introduced to fight against nasty financial corruption. This is the main reason why the blockchain was designed to be immutable. The goal was to create a system that can be resilient against erratic human whims. But, you don’t get such protection with the new chain of Ethereum. People who were anti-fork argued that if the whole chain can be altered by just one single hack then it leaves the blockchain vulnerable to human whims. And that’s too much of work and huge enough to discourage a hacker (Note: In bearish markets it is easier – because cheaper – to execute a 51% hacks in PoW consensus mechanism blockchains).

What I love about ETC is that since it’s based on the old Ethereum blockchain, it effectively boasts the ideals of immutability and keeps your funds safe. All the DApps on ETC platform share database transactions with every active person on the ETC blockchain. It eliminates any scope of centralized point through which cyber hackers can enter the system. This way, if someone wants to hack ETC chain, he would have to hack as many as 51 percent (read majority) user databases. And that’s too much of work and huge enough to discourage a hacker.

Greater opportunity of mining

The ETC network offers standard mining which is based on Ethash algorithm as well as PoW confirmation system. Miners can conduct mining through video cards here. A major reason why miners love ETC is that it allows them to exit mining pools and work independently. When you work independently, you get to keep the entire sum of mining reward to yourself only.

I am really excited to see that the Ethereum Classic blockchain has recently received the backing of some of the most notable industry figures. Grayscale CEO Barry Silbert is certainly one of the them. The support of industry spearheads has duly catapulted the value of ETC making the coin a highly potential investment vehicle.

For more information Ethereum Classic visit : https://ethereumclassic.org/

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