What is Ethereum Classic?
Ethereum Classic (ETC) is a blockchain-based computing platform for creating and executing smart contracts. It was initially released as Ethereum in 2015 and did not branch off until a year later. Then, a fraction of the Ethereum community rejected a hard fork made to restore the funds stolen in the infamous DAO hack. Developers of Ethereum Classic firmly believe in the immutability and decentralization of their public ledger and, together with their most loyal users, stick to the “Code is Law” principle.
In many ways, Ethereum and Ethereum Classic have not yet diverged that far from each other. The classic ether token (ETC) is stored, exchanged, and given to participating nodes, or miners, as compensation for the computations they regularly perform. Using a special unit named gas resources can be allocated in proportion to the reward offered by request. While Ethereum plans to move to a Proof-of-Stake consensus mechanism, both platforms still use Proof-of-work (PoW). Furthermore, smart contracts and decentralized applications (Dapps) can be built similarly in both systems with languages like Solidity and Vyper.
As expected, Ethereum Classic has become the symbol of the crypto community’s stance on immutability. Some people argue that for a blockchain to have value, it cannot be subject to revision. It is particularly true when it comes to ETC because investors are interested in the permanent nature of its public ledger. If it were to be relinquished, holders of this token would take their money else.
Where to store ETC?
With Magnum Wallet, you can store and access your “classic ethers” 24⁄7. As with all other coins available on Magnum wallet, your ETC private keys are in your sole control. Storing your cryptocurrency in Magnum also gives you the chance to trade and exchange your ETC with over 1000 other coins and tokens in real time.