What is Ethereum Classic (ETC)?

Ethereum Classic is actually the original Ethereum. Meaning, it is also a decentralized platform for dApp development and running smart contracts. The Ethereum Classic is a continuation of the original Ethereum that made a hard-fork to refund The DAO token holders. This means that the transactions of the current ETH from Block 192000 and earlier are valid on the ETC blockchain.

ETH and ETC have some similar specifications like average block time, size, and reward.

Business Models

ETC has the same business model as ETH but ETC stand by its belief in the “code is law” idea.

When the DAO hard fork happened, it literally split the Ethereum community. ETC believers believe that “code is law” and even The DAO made it clear that it will stand by that idea. In that sense, doing a hard fork to fix The DAO disaster does not make much sense.

Other problems that the ETC community cited are as follows:

1. Once a modification of a fundamental law is done to fix faults, nothing will stop future similar disasters from happening since modification becomes an easy solution.
2. Immutability is one of the reasons people believe in blockchain in the first place. If it is not immutable, it is pointless to believe in it.
3. The hard fork is a bailout, similar to the 2008 bank bailout by the U.S. Government, which is one of the main reasons cryptocurrency was created as an alternative to fiat currency.

How to Deposit Ethereum Classic (ETC) with Bluebelt

1Go to https://www.bluebelt.asia/ and Register for an Account

2You can deposit your Ethereum Classic (ETC) into your Bluebelt General Account wallet and Exchange wallet, both of which use multisignature technology, for safekeeping

Frequently Asked Questions

1. What is a Smart Contract?

A smart contract is a program that self-executes when at least one of at least two parties fulfill their side of the agreement. In cryptocurrency, they are mainly used to make financial agreements without any third party.

2. How is Ethereum Classic related to Bitcoin?

Bitcoin is considered as the first blockchain application. Ethereum (Classic) has the edge of running more types of applications compared to Bitcoin, which is not a decentralized app development platform in the first place.