Understanding Ethereum Classic – General Overview
Ethereum Classic is an open link blockchain-based computing platform that is created from Ethereum code. The older ethereum version was renamed and sustained as Ethereum classic.
Ethereum classic aboriginal ether code is a cryptocurrency trading on digital currency. Ethereum classic was created in 2016 as a result of hacking of the network. Original Ethereum cryptographic ledger was divided into two, the first Ethereum classic is the original one and Ethereum is the new blockchain in cryptocurrency.
How Does Ethereum Classic Work?
Ethereum Classic is similar to ethereum. It relies on blockchain that is not only designed for superseded payments but also creates smart contracts with which users can easily transfer their ownership and interact.
Ethereum classic also maintains all records of transactions and transfers history in a database.
Ethereum classic also records the current status of all transfers history, smart contracts driven by blockchain, and user balance which can be transferred by smart contracts and digitally will also be recorded in the database.
Ethereum Classic Mining – Know The Basics
Right now, the most popular hardware for mining Ethereum Classic is the GPU. As noted earlier, CPU mining is obsolete, which has seen miners seek out the best graphics cards from Nvidia and AMD. To understand why GPU mining of ETC is best, let's explain Ethereum Classic's upgrade that changed its mining algorithm.
Ethereum Classic is a proof-of-work coin, whose hashing algorithm relies on miners to secure the network. Initially, the cryptocurrency used the Ethash mining algorithm, which had over time seen the development of ASIC miners. As such, it was easy for one to rent hash power from NiceHash and use it to mine ETC, with some bad actors taking advantage of this to execute double-spend attacks.
Ethereum Classic Facts
If decentralization is needed in the future, the Ethereum Classic comes in the center of the front. The value of Ethereum Classic (ETC) is highly fluctuating, since late 2017, it has fluctuated from $0.45USD to over $176 USD in 2021.