Ethereum Classic
Proof of Work (PoW), Smart Contract Platform
About Ethereum Classic
Ethereum Classic (ETC) is a decentralized, open-source blockchain platform that was created as a result of a hard fork of the Ethereum blockchain in 2016.
It is an immutable, permissionless, and censorship-resistant platform that allows developers to build and deploy decentralized applications (dApps). Ethereum Classic is powered by its native cryptocurrency, ETC, which can be used to pay for transaction fees on the network. The main purpose of Ethereum Classic is to provide a platform for developers to create and deploy decentralized applications (dApps).
The platform uses smart contracts, which are self-executing contracts that are written in code and stored on the blockchain. These smart contracts allow developers to create dApps that are secure, reliable, and trustless. Ethereum Classic also provides a platform for developers to create their own tokens.
These tokens can be used for various purposes such as fundraising or creating new digital assets. The ETC token is also used as a form of payment on the network. The Ethereum Classic network is secured by its consensus algorithm called Proof-of-Work (PoW).
This algorithm requires miners to solve complex mathematical problems in order to validate transactions and add them to the blockchain. As an incentive for miners, they are rewarded with ETC tokens when they successfully mine blocks. Overall, Ethereum Classic is an open-source blockchain platform that provides developers with the tools they need to create and deploy dApps securely and reliably.
It also provides users with access to its native cryptocurrency ETC which can be used for various purposes such as paying transaction fees or creating new digital assets.
