What is Ethereum Classic?

Ethereum Classic is the original node of Ethereum that works on the similar principles as that of Ethereum. Likewise, it is a decentralised block-chain platform for apps that runs its own crypto-currency called Ether Classic. ETC symbolises the Ethereum Classic. Ethereum Classic stipulates the maximum supply of Ether from $210 -230 million tokens approximately.

Background:

Ethereum Classic is a basically the original block-chain of Ethereum that decided to continue with the existing block chain at the time, when an embezzlement of $50 million dollars was done from the DAO (Decentralised Autonomous Organisation) fund.

How Ethereum Classic parted ways from the Ethereum/What is DAO incident?

DAO (Decentralised Autonomous Organisation) was meant to raise a development fund from the public and it successfully gathered an amount of $150 million. In June 2016, DAO was hacked and a fund of $50 million got stolen. The original community that decided to continue with the regular block-chain became the Ethereum Classic. Whereas a hard fork of Ethereum was created that is known as the Ethereum of today.

About 90% of participants decided to associate with the Ethereum chain and relatively 10% of it sticks to the original node of Ethereum i. e Ethereum Classic.

Best Ehereum Classic Wallets

Trezor (Hardware Wallet)

Ledger Nano S (Hardware Wallet)

Jaxx (Mobile and Desktop Wallet)

Classic Ether Wallet (Web Wallet)

Classic Ether Wallet (Paper Wallet)

Mist Wallet

How to buy Ethereum Classic:

One can have a hold of Ethereum Classic via fiat currencies (USD etc) as well as in exchange of the other altcoins (Bitcoin, Ethereum) from the recognised exchanges of the crypto-currencies. Few of the best available options are listed as below for the reference purposes.

Best Ethereum Classic Exchanges:

Poloneix

ShapeShift

Bitfinex

Bittrex

Kraken

Bitsquare

Key Competitors of Ethereum Classic:

· Cardano

· Lisk

· Waves

· Stratis

Key Challenges for Ethereum Classic

· The major community of Etherum has moved to the Ethereum and Ethereum Classic is backed by a little fraction of a whole.

· It is not a part of Ethereum any further; hence have no access to its latest updates.

· Due to the enhanced credibility of Ethereum, Ethereum Classic is regarded as a black sheep of the entire Ethereum family.