Start your financial journey today
What is Ethereum Classic?
Ethereum Classic is a blockchain-based distributed cryptocurrency platform that is open source and decentralized. It also supports smart contracts. In 2016, Ethereum Classic emerged as a result of a network hack. The original Ethereum blockchain was split in two, with Ethereum Classic being the older blockchain and Ethereum being the newer.
Smart contracts are self-executing autonomous digital applications that can run on their own as programmed and are based on the principle of Code is Law. Automatic teller machines (ATM) and the Bitcoin system are two examples of such applications.
By providing the benefit of decentralized governance, Ethereum Classic makes smart contracts easier to run. To put it another way, the contracts can be enforced without the involvement of a third party, such as a lawyer. Smart contracts are similar to if-then statements in that they complete the contract’s responding contract parameters if the contract’s required actions are completed. If the contract parameters are not met, there may be a penalty, a fee, or the contract may be voided, depending on the terms agreed upon at the outset.
Why do traders use it in trading?
Ethereum Classic with a ticker symbol of ETC is a cryptocurrency as well as a decentralized, blockchain-based computing platform. It enables developers to create and deploy smart contracts, which are autonomous, self-executing code blocks that perform specific actions based on predefined conditions. Traders primarily hold ETC just to trade when the price of various crypto exchanges rises, so the Ethereum classic is primarily used by developers for developments.