Ethereum Classic Quick overview

Introduction

In massively increasing crypto words “Ethereum” is a well-known name after Bitcoin. Ethereum classic is certainly not a totally new cryptocurrency but a modified form of the existing Ethereum. Both “Ethereum” & “Ethereum classic” hold the same list of features i.e. smart contracts, decentralized applications, and rewards.

In mid 2016, the hacker(s) found a place in the DAO (Decentralized Autonomous Organization) token and sneaked out $50 million dollars out Ether worth. After this attack, the community took action where some of them moved to Soft Fork and some towards Hard Fork. The soft fork is where after the update software can be downgraded again to the previous version, whereas in Hard fork backward compatibility is not available.

Influencers

Vitalik Buterin https://twitter.com/VitalikButerin

Vitalik is a programmer based in Toronto; who first dreamed of developing a platform inspired by bitcoin. He is also the co-founder of the Bitcoin Magazine. He first started writing a huge list of blogs about blockchain technology and cryptocurrencies but later presented his own idea of the Ethereum platform.

Dr. Gavin Wood https://twitter.com/gavofyork

Gavin is the co-founder of the Ethereum platform, he also contributed by writing yellow papers which specially described the technical depth including the Ethereum Virtual Machine (EVM), smart contracts, and the Ledger and etc.

Joseph Lubin https://twitter.com/ethereumJoseph

He is the co-founder of Ethereum and has also initiated a startup CONSENSYS which is purely working on building smarter decentralized apps (DApps).

Technology

Same as other crypto platforms; the Ethereum ecosystem is also based on smart contracts which are automated and speed up the transaction time. Despite bitcoin, Ethereum is programmable which provides its users to play how they want to. Users are not obliged to use the pre-defined set of operations, but they can create and use their own operations at any level of complexity and integrity they want.

EVM is being used to execute code and logic of decentralized apps in a more-friendly programming language. Most market-present languages are supported, i.e. JavaScript & python. Ethereum is said to be a blank canvas ready to be used by anyone for their desired operation.

DAO was aimed to be used so that all future decentralized apps are developed on the Ethereum ecosystem. It was considered to be a complex smart contract which remains in the line of revolution.

Advantages

• A promising future in terms of new evolution in the overall Ethereum eco-system
• Back on feet with smarter teams
• A dedicated team of young people has the vision to pursue
• Closely follows the immutability philosophy of blockchain network
• Has recently got the backing of a few big players
• Recently announced great investments are raising high hopes
• Fast transactions confirmed in max. 30 seconds
• High level of transactions security
• Smart contracts
• DAPPS Framework for development upon Ethereum Virtual Machine
• the original Ethereum PoW technology

Disadvantages

• Lesser trust because of the 2016 DAO attack
• A large group shifted to other platforms; faced a sudden drop
• Communities called it scammers hub
• The lack of backward compatibility
• Not as popular and widespread compared to ETH
• Not backwards compatible with ETH

Whitepaper

Ethereum classic has very detailed papers available on their site which are up-to-mark with all the details over Ethereum guides, releases, history and even a detailed list of communities who are supporting this ecosystem. The papers explain how EVM works with smart contracts and provide an open ground for other users. They have explained the account management area and mining in details which are helpful to beginners and also experienced users.

Real examples of use

Recently, Citizen is an event management entity which sells tickets for different events. It has introduced a ticket delivery system BitTicket. BitTicket is known to be the first digital ticketing system which is based on the blockchain. So, users can now buy tickets by using Ethereum classic and avoid any kind of ticket hoarding.

Technical Analysis

ETC is currently facing a problem because of Ethereum Hard Fork, where backward compatibility is not available. Once the user has the software updated; it cannot be downgraded to its older state. After most of the community shifted to ETH; ETC won’t be able to get updates which are done by ETH. Recently ETH has changed its protocol from PoW(Proof of Work) to PoS(Proof of Stake) but ETC cannot get this change of its own software limitations.

Fundamental Analysis

Ethereum managed to stand up again after the DAO attack, but most of its community had already switched from Ethereum Classis to Ethereum. ETC now has a relatively smaller group but still a worthy investment to be held. Most institutional investors are attracted towards ETC because of the Grayscale’s Ethereum Classic Investment Trust. It was launched in April 2017 and received an outstanding response with high net worth investors.

Investors

The ETC market has evolved with a great success in just a few months by holding $53 million. This investment is the result of increased demand for ETC in the stock market after the launch of Ethereum Classic Investment Trust in 2017.