
Ethereum Classic is a decentralized and open-source blockchain-based cryptocurrency that makes use of smart contracts. Following a hack on the Ethereum blockchain, Ethereum Classic was formed and the Ethereum community disagreed on whether affected users on the network should be compensated, splitting the blockchain in two.
Choose your quick section of our Ethereum Classic review below.
Ethereum Classic Review
🔖Aspect | 📌Details |
🌐 Name | Ethereum Classic (ETC) |
📅 Founded | July 2016 |
🔗 Blockchain Type | Public, decentralized |
💡Consensus Mechanism | Proof of Work (PoW) |
📜Smart Contracts | Supports smart contracts similar to Ethereum (ETH) |
🔄 Hard Fork | Resulted from a hard fork of Ethereum (ETH) |
💔 Philosophy | Maintains the original vision of immutability and code as law |
🌍 Use Cases | Various decentralized applications (dApps), smart contracts, and token creation |
📈 Market Position | Top 30 cryptocurrency by market cap (varies over time) |
🔒 Challenges | Security issues, lower developer interest compared to Ethereum (ETH) |
📈 Future Outlook | Potential upgrades (e.g., bridging with other networks), community growth |
📚 Resources | Ethereum Classic Official Site |
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A Quick Overview of our Ethereum Classic Review:
Ethereum Classic is a platform that makes use of distributed ledger technology through which decentralized applications (DApps) are launched.
Ethereum Classic Live Price
What is Ethereum Classic?
Ethereum Classic is a decentralized and open-source blockchain-based cryptocurrency that makes use of smart contracts. Following a hack on the Ethereum blockchain, Ethereum Classic was formed and the Ethereum community disagreed on whether affected users on the network should be compensated, splitting the blockchain in two.
Key Features and Takeaways of Ethereum Classic
Ethereum Classic is one of the most popular cryptocurrencies in the world with the following key features and takeaways:
Ethereum Classic is maintained by an active group of miners who have elected to pursue a different roadmap for the development of this specific blockchain. Since its inception, Ethereum Classic has refused to fork, resisting changes from developers.
Ethereum Classic uses a Proof-of-Work (PoW) consensus method with network security in the hands of miners who, using their time and computational power, process and validate transactions on the blockchain, producing and adding new blocks.
Apart from facilitating transactions in ETC, the native token of Ethereum Classic, the blockchain also allows for the operation of smart contracts. These are agreements, or if-then conditions, which are written in lines of code and which execute themselves automatically.
Ethereum Classic is one of the most popular blockchains, resulting from a hard fork of any blockchain that remains popular. Many of the features that are on Ethereum can be found on Ethereum Classic as a result of the same base code.
However, Ethereum Classic differs in its ideology in that it chooses to remain immutable and offers a permanent PoW system for users to participate in.
The role of Ethereum Classic is to maintain and operate its ETC network with users realizing value through participation in a variety of activities.
Users who hold ETC can use smart contracts, transact on the network, interact with various DApps, and participate in governance votes.
Ethereum Classic Mining
ETC Mining Explained
Like other cryptocurrencies such as Litecoin and Bitcoin, Ethereum Classic uses a PoW to secure the network, which means that ETC can be mined. Ethereum Classic is a decentralized and open-source platform with no single entity controlling its ledger.
Anyone can participate in the creation of new ETC coins, and this is done through a network of computers that agree on the validity of transactions. To mine a block, a miner must first find a special has, or code, which is called a “nonce”. To configure the hash, miners must perform calculations within a block generation time of 15 seconds, involving miners trying to guess the nonce, which would grant them the right to add the block onto the chain and receive the rewards for doing so.
Once a miner has found the nonce, they announce the new block to the other miners. This ends the verification process with a new block added to the main chain, and the miner who has solved it unlocks a block reward in the form of a new ETC. In addition to the block reward, miners are also given revenue in the form of transaction fees attached to the newly mined block.
Why are ETC miners important?
Mining involves a trustless and decentralized mechanism through which Ethereum Classic can secure the network. To achieve this, the network needs miners. Miners who deploy their computational power to process transactions subsequently secure the network against 51% double-spend attacks.
The conditions involved with a double-spend attack consist of a malicious actor who seeks to spend the same cryptocurrency unit more than once. These attacks happen when a rogue miner reorganizes the blockchain, stealing funds, or spending what has already been spent and processed.
More often than not, the double-spend 51% attack is a challenge that smaller blockchains face as they have little in terms of computational power or hash rate. When malicious actors can easily get more than half of the network’s computational power, it becomes easier to execute this type of attack.
The best way to guard against these disruptive attacks is to rely on a distributed network of miners. These miners are incentivized to work together to identify and process valid transactions and disregard those that are unverified.
Limitations on ETC mining
Ethereum Classic users voted to fix the supply cap of 210,000,000 ETC in December 2017 and this involved the adoption of a monetary policy, meaning that there will only be a fixed supply of ETC in circulation.
Unlike Bitcoin, which sees block rewards cut in half with every 210,000 blocks in mind, the Ethereum protocol allows for a 20% reduction in block rewards with every 5,000,000 blocks mined. During the last reduction, the block reward was reduced from 4 ETC to 3.2 ETC. The next block reduction is expected to occur in April 2025, when the reward will go from 3.2 ETC down to 2.56 ETC.
Another note on ETC mining is that tokenomics aids in how Ethereum Classic manages inflation. This mechanism works in protocol rules of network difficulty, or mining difficulty, which is a feature involved with the mining process that allows for adjustments to be made on how hard it is to find a new block and add it to the chain.
Difficulty increases or reduces with miners, meaning that it adjusts down if there are fewer miners, and it increases when there are more miners present. This is to ensure that block generation time remains within the 15-second limit.
Pros and Cons
✅Pros | ❌Cons |
Ethereum Classic is fully decentralised with nodes that are spread across the globe | Ethereum Classic is not backward compatible with Ethereum |
Ethereum Classic is an unaltered version of Ethereum which abides by immutability | Ethereum Classic is very inactive at times |
Ethereum Classic supports bot DApps and smart contracts | Ethereum Classic has suffered various 51% attacks |
ETC is much cheaper than ETH and other cryptocurrencies such as BTC | Ethereum Classic does not have a good reputation |
ETC is attempting to create ties with Ethereum through interoperability |
Transaction Fees
📌Type of Fee | 🔖Information |
Trading Fees | 0.08% - 0.75% |
Withdrawal Fees | 0.001 ETC – 0.01 ETC |
Should you buy Ethereum Classic?
Ethereum Classic is still a popular cryptocurrency platform, ETC is one of the top 100 coins in the world, however, it is a risky investment, as is any other cryptocurrency out there. Ethereum Classic seems to be the less popular sibling of Ethereum; however, it has a strong community of supporters who believe in its immutable nature, insisting on the principle of “Code is Law”.
When compared with Ethereum, ETC is seen as a low barrier for both cryptocurrency investors as well as traders. Ethereum Classic also offers various rewards for miners and investors in their separate endeavors, with the potential that it can become increasingly valuable.
Some believe that Ethereum Classic will yield good profits soon as a result of Ethereum transitioning from a PoW to a PoS. Ethereum Classic has been dubbed “the Zombie coin” as a result of the number of 51% attacks that it has suffered, however, developers working with the coin can confirm that it is very much alive.
Despite the attacks, ETC is still accessible to the public via a variety of popular and reputable exchanges such as Binance, which means that there is still a burning demand for ETC and there are no signs that it will be delisted soon.
There is also speculation that many Ethereum miners may switch to Ethereum Classic following the launch of Ethereum 2.0 in December 2025 with the Beacon Chain going live, however, it is still too early to know whether this will happen.
How to buy Ethereum Classic (ETC)
Step 1 – Open an account on Binance
Navigate to the official Binance website and select “Register Now.” You will be redirected to a “Create a Free Account” where you can either register with your email address or your mobile number.
You can enter your email address and user-selected password or select the “Mobile” option at the top of the form. Select your country code and enter your mobile number along with your user-selected password.
Once you have completed the necessary fields, you can read and accept the Terms of Service before selecting “Create an Account.”
You may have to complete a Security Verification that will confirm that you are not a robot. Next, there is an account verification. During this, a 6-digit verification code is sent to the email address or mobile number that you provided. The code is only valid for 30 minutes and must be entered in the blocks provided on this page.
Once the verification is completed, a welcome page will load, and you will be given the options through which you can either trade or purchase cryptocurrency. If you are new to crypto, you can visit the “Learn More” Section at the bottom of the page.
Step 2 – Secure account with two-factor verification
On the trader’s dashboard, select the option to secure your account with two-factor verification. Even though phone verification is a secure option, the most preferred and secure method is to make use of the Google Authenticator.
Once downloaded and installed, either scan the QR code or type in the one-time, unique code provided to add your Binance account credentials to Google Authenticator.
Once completed, write down the backup key provided to recover your account on Google Authenticator in case you lose or misplace it. In the final step, enter the 6-digit code that you will receive at your registered email address along with the Google verification code.
Step 3 – Deposit funds
Binance allows for the purchase of cryptocurrencies via fiat deposits as well as cryptos. Deposits can be accessed from the following locations:
The “Welcome to Binance” banner.
Hovering over “Buy Crypto” at the top of the webpage and selecting your preferred method.
Select “Deposit” on the “balance details” section on your trader’s dashboard.
Once you have selected the option to “Deposit,” you can select whether you wish to deposit cryptocurrencies from another wallet or whether you want to make a fiat deposit.
For Crypto deposits, follow these steps:
Select your coin from among Bitcoin, Ethereum, TetherUS, BNB, and ETC.
Select the network to be used between BEP2, BEP20 (BSC), ERC20, or TRC20 and accept the conditions for using the network.
Copy the address or scan the address QR code from the wallet where you are depositing and follow further prompts. Kindly note that each network has its own set of network confirmations between 1 to 15 confirmations before the deposit will be done.
For deposits in Fiat currencies, follow these steps:
Select the deposit currency from the dropdown list. To gain access to more currencies, it is necessary to verify your identity and face.
Select the payment method to be used, depending on the currency chosen.
Enter the deposit amount and any other details. Kindly note that the transaction fee will be displayed along with the balance after this is subtracted.
Continue with the deposit.
Step 4 – Start Trading
Once you have completed your deposit, you can navigate to the “Markets” section at the top of the page to view the available cryptocurrencies. From here, you can buy, sell, and trade currencies at competitive prices.
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Conclusion
The rising use of Ethereum Classic (ETC) in South Africa is attributed to many investors and traders looking for other digital currencies.
ETC upholds the basic tenets of blockchain as a digital ledger technology that enables smart contracts and decentralized applications DApps as originally conceived on the mother Ethereum network.
Crypto enthusiasts in South Africa appreciate its stability and prospects for growth in the future.
South Africa has seen a rise in the number of exchanges and trading platforms supporting the trading of ETC due to the increasing push for the adoption of blockchain technology within the country.
The growing interest and participation in ETC are also indicative of the growth of the cryptocurrency market within this region.
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Frequently Asked Questions
When was Ethereum Classic first launched?
Ethereum Classic was not launched but came as a result of a hard fork in the Ethereum blockchain in July 2016.
Who founded Ethereum Classic?
The Ethereum Classic code is the product of the Ethereum development team founded by Russian-Canadian Vitalik Buterin.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake in the company that they provide funds to.
When was Ethereum Classic’s ICO, and how much did it raise?
Ethereum Classic did not have an ICO as it was a result of a hard fork from Ethereum.
Is Ethereum Classic legit?
Yes, Ethereum, Classic, ETC are legit.
What is Ethereum Classic’s total supply?
The maximum supply is 210,700,000 ETC.
What is the purpose of Ethereum Classic?
To offer developers a secure, censor-proof, reliable, public, decentralized, and trustless platform for the creation and operation of DApps and smart contracts.
On which blockchain is Ethereum Classic based?
Ethereum Classic is based on its blockchain.
Does Ethereum Classic work with smart contracts?
Yes, Ethereum Classic works with smart contracts.
Does Ethereum Classic have the potential to become more valuable?
Yes, Ethereum Classic has an excellent environment for money, property, and a variety of agreements. It offers developers with flexibility needed to create DApps and to run smart contracts. It has the potential to become valuable, but it is not likely to ever outshine Ethereum.
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