Buy Ethereum Classic

Ethereum Classic is a decentralized blockchain that executes smart contracts. It was created after a fork of the original Ethereum blockchain. The fork occurred after a significant amount of Ether (ETH) was stolen through a hack of the Decentralized Autonomous Organization (DAO). The majority of the Ethereum community chose to undo the hack and return the stolen funds. However, a smaller group held on to the principle of immutability, leading to the creation of Ethereum Classic as a continuation of the original Ethereum blockchain.

On Ethereum Classic, smart contracts can be executed without a central authority. Smart contracts are self-executing agreements whose terms are written directly into code. This eliminates the need for intermediaries, potentially leading to faster, cheaper, and more secure transactions. Execution is handled by the Ethereum Virtual Machine (EVM).

Developers can use smart contracts to develop decentralized applications (dApps), opening up new opportunities for innovative services and products.

Transactions and smart contracts are executed and validated by a network of nodes according to the Proof-of-Work (PoW) consensus mechanism. Miners use computing power to find cryptographic solutions for new blocks. The miner who does this first is allowed to add a new block and receives a reward in ETC, the native token of Ethereum Classic. ETC is also used for transaction fees, acts as a store of value and can be traded on crypto exchanges such as Bitvavo.

Who founded Ethereum Classic?

Ethereum Classic was not founded by a specific person or company, but created through a fork of the original Ethereum blockchain. After the fork, Ethereum Classic was led by a large group of developers and miners who held on to the immutability of the blockchain.

The project is currently maintained by a global community of developers and volunteers. There is no central company that controls Ethereum Classic, in line with the project's decentralized philosophy.

Ethereum Classic has several applications. Users and developers can use Ethereum Classic for the following purposes:

• Create and execute smart contracts: Ethereum Classic allows users to create and execute self-executing contracts without third-party intervention. This makes transactions faster, cheaper, and more reliable.
• Develop dApps: Developers can build and deploy decentralized applications on the Ethereum Classic network.
• Conduct transactions: Users can make fast and secure peer-to-peer payments over the Ethereum Classic network without going through an intermediary such as a bank.
• Create tokens: Users can create their own tokens for various purposes, such as DeFi applications, crowdfunding, or voting rights.
• Decentralized Finance (DeFi): ETC can be used in DeFi applications where users can participate in lending, staking, and other financial services.
• Mining: Ethereum Classic uses a Proof-of-Work consensus mechanism, allowing miners to earn ETC by verifying transactions and adding new blocks to the blockchain.

Ethereum Classic is based on blockchain technology and uses the Proof-of-Work (PoW) consensus mechanism. Transactions and smart contracts are validated by a network of miners who compete to be the first to add a block to the blockchain.

The Ethereum Classic blockchain is a distributed ledger that stores all transactions and smart contracts. Each transaction is verified by miners. They add new blocks to the blockchain by finding the cryptographic solution of the new block. This process is called mining. The consensus mechanism ensures that the network remains decentralized and secure. Miners receive ETC as a reward for their work, which incentivizes them to continue supporting the network.

Smart contracts and the Ethereum Virtual Machine (EVM)

Smart contracts are self-executing contracts where the terms are written in code. Ethereum Classic uses the Ethereum Virtual Machine (EVM) to execute these contracts. The EVM is a decentralized "computer" that executes smart contracts as written in the code. This allows for the automation of complex transactions and applications without the need for a central authority.

Security and decentralization

One of the key features of Ethereum Classic is its emphasis on security and decentralization. By using PoW, the network remains resistant to attacks and manipulation. Furthermore, the decentralized nature of the network ensures that no single entity has control over the blockchain, which contributes to transparency and reliability.

Tokenomics and fifthening

Ethereum Classic has a maximum supply of 210.7 million coins. In order to control inflation and maintain the value of ETC, the network undergoes a reduction in the reward for miners every two years. This process is called fifthening. During a fifthening, the reward for mining new blocks is reduced by 20%. This mechanism is similar to Bitcoin's halving and helps to create scarcity.

Ethereum (ETH) and Ethereum Classic (ETC) originated from the same blockchain, but have evolved separately since the split. The main difference between Ethereum and Ethereum Classic is the consensus mechanism. Ethereum switched to a Proof-of-Stake (PoS) mechanism in 2022, while Ethereum Classic still uses the original Proof-of-Work (PoW) model. This means that ETH transactions are validated by validators who stake their tokens, while ETC transactions are validated by miners who provide computing power.

Ethereum has no limit on the total amount of ETH tokens that can be issued, while Ethereum Classic has set a maximum supply of 210.7 million ETC coins.

Mining ETC is similar to mining other cryptocurrencies that use Proof-of-Work, such as Bitcoin. To mine ETC, you need specialized hardware, such as a powerful GPU (graphics card) or an ASIC (Application-Specific Integrated Circuit) miner. You also need to install mining software to start mining Ethereum Classic.

Miners use computing power to validate transactions and add new blocks to the blockchain. As a reward, they receive a certain amount of ETC tokens. It is also possible to join a mining pool to increase the chance of rewards by working together with other miners.

Ethereum Classic distinguishes itself from other blockchains and cryptocurrencies with the following properties and characteristics:

• Immutability: Ethereum Classic stays true to the original vision of blockchain, where code is law and transactions are immutable.
• Proof-of-Work (PoW): Unlike Ethereum, Ethereum Classic still uses PoW, which some argue is a more secure and decentralized model.
• Max supply: Ethereum Classic has a fixed max supply of 210.7 million coins, which creates scarcity and limits inflation.
• Fifthening mechanism: Every two years, the miner reward is reduced by 20%, which helps maintain the value of the tokens and slows down the issuance.
• Community-driven: Ethereum Classic is maintained by a decentralized community of developers and miners, with no central authority.
• History and philosophy: Its origins and adherence to the philosophy of immutability make Ethereum Classic a symbol of the original values of the crypto world.

You can purchase Ethereum Classic (ETC) at Bitvavo. Our platform is suitable for both novice and experienced traders. Follow these steps to buy ETC tokens via our website or app:

1. Log in to your Bitvavo account or create a new account.
2. Add funds to your account by clicking "Deposit".
3. Go to the Ethereum Classic (ETC) purchase page.
4. Enter the amount in Euros you wish to spend or the amount of ETC you want to purchase and click "Buy".

After purchase, ETC tokens are automatically and directly added to your Bitvavo account where you can easily manage and trade them. Selling ETC tokens is just as easy, so you can quickly respond to market changes.

You can safely store your ETC tokens in your Bitvavo account. Bitvavo keeps the majority of assets in cold storage, which means they are kept offline for extra security. For additional protection of your account, we recommend enabling two-factor authentication (2FA).

Many software and hardware wallets support ETC. After purchase, you can easily transfer your ETC tokens to an external wallet by linking the wallet address to your Bitvavo account. This gives you full control over your cryptocurrencies and increases the security of your digital assets.