Ethereum Classic (ETC)
Ethereum Classic (ETC) price, charts, market capitalization, history. Check Ethereum Classic live and history price in charts and tables, do analysis with special ETC tools below. Ethereum Classic was more or less created in protest of Ethereum. The split occurred when a section of the original Ethereum community rejected how Ethereum handled the hack in June of 2016 that caused about $50M USD to be stolen from Ethereum users. In an attempt to remedy the situation, Ethereum created what’s known as a “hard fork” to reallocate the funds back to its rightful owners. The people who got their currency back, of course, were likely pleased with the decision, but the rest of the community wasn’t so sure. Being in charge of such a large amount of money, though digital, is a touchy responsibility. Many users of the platform believe that the “code is law” and that anything that happens, happens. Changing the code for any reason opens the door for more negative activity, which diminished a lot of users’ trust. Thus, Ethereum Classic, the re-vamped original version of this cryptocurrency platform, was born. Because the split occurred due to questionable interference, Ethereum Classic emphasizes that its “applications that function as programmed and do not experience any downtime, fraud censorship, or interference by a third party.” After all, code is law. The mode of currency for Ethereum classic is the classic ether (ETC).
Ethereum Classic price chart
The founders of Ethereum are Gavin Wood and Vitalik Buterin. Wood has since left the organization after serving as the CTO for the first two years of the project. He coded the initial functional implementation of the platform and guided it all the way to release. Vitalik Buterin is a 23-year-old Russian-Canadian programmer who was gifted at math from childhood. He learned of bitcoin at a young age, wrote a paper proposing Ethereum, and successfully brought it to fruition. Buterin also serves on the board of advisors for other cryptocurrency platforms.
Ethereum Classic and other cryptocurrencies are useful for a variety of reasons. For one, a more widespread use of cryptocurrency (like the classic ether) cuts down on the potential for identity theft. Contrary to a credit card, there is no exchange of personal information when using classic ethers. Similarly, this also cuts down on fraud. Because classic ethers are digital, they can’t be counterfeited or arbitrarily reversed by sender. There are lower fees associated with any type of cryptocurrency, as well as better access to a larger group of users.
“In the next few years, we are going to see national governments take large steps towards instituting a cashless society where people transact using centralized digital currencies. Simultaneously, the decentralized cryptocurrencies – that some even view as harder money – will see increased use from all sectors.” - Caleb Chen, London Trust Media. One of the many real-life applications of Ethereum and other cryptocurrency platforms is charitable donations. It’s been reported that public trust in charities has reached a record low. With more organizations accepting cryptocurrency donations, charitable givers can be sure that their donations are going directly into the hands of the recipient. Be sure to research updated lists of which organizations are accepting digital currency before making your next donation.