Question 1

Is Ethereum Classic's price increasing or decreasing today?

Accepted Answer

At the time of writing, Ethereum Classic's (ETC) price is currently A$ 7.68, having increased by +0.57% in the last 24 hours.

Question 2

What is Ethereum Classic (ETC)?

Accepted Answer

Ethereum Classic is a decentralized platform that runs smart contracts – applications that run exactly as programmed without the possibility of downtime, censorship, fraud, or third-party interference. Ethereum Classic is a continuation of the original Ethereum blockchain - the classic 'unforked' version; free from external interference and subjective tampering of transactions.

Question 3

Who created Ethereum Classic?

Accepted Answer

Ethereum Classic came into existence when some members of the Ethereum community rejected the hard fork due to \"immutability\", the principle that the blockchain cannot be changed and decided to keep using the unforked version of Ethereum. This came after the infamous DAO Attack where $50 million worth of funds were stolen due to a loophole in the DAO's smart contract.

Question 4

How does Ethereum Classic work?

Accepted Answer

Ethereum Classic works in a very similar way to Ethereum. It is a platform for creating and executing smart contracts, which are self-executing contracts with the terms of the agreement directly written into lines of code. A distinctive feature of Ethereum Classic is its philosophy of \"immutability\", including not making changes to the blockchain to correct decisions in hindsight.

Question 5

What Makes Ethereum Classic Unique?

Accepted Answer

Ethereum Classic distinguishes itself from Ethereum with the principle of \"transactional immutability\". It symbolizes the belief that transactions within a blockchain are undeniable and irreversible and that the blockchain should remain free from outside influences or subjectivity. Ethereum Classic also serves as a value network, a decentralized platform of immutable smart contracts.

Question 6

How is the Ethereum Classic Network Secured?

Accepted Answer

Ethereum Classic uses proof-of-work mechanism, similar to Bitcoin, which makes it reliant on miners. Miners verify transactions, create new blocks in the blockchain, and carry out smart contracts. In terms of its underlying blockchain technology, Ethereum Classic is identical to Ethereum.

Question 7

How much Ethereum Classic is in Circulation?

Accepted Answer

At the time of writing, the circulating supply of Ethereum Classic is at 158.1M, while the total supply is 158.1M.

Question 8

What is Ethereum Classic’s Role as a Decentralized Platform?

Accepted Answer

Ethereum Classic, as a decentralized platform, leverages smart contracts to enable developers to build and deploy decentralized applications (dApps). ETC's role extends beyond mere cryptocurrency transactions; it's a foundational platform designed to help the internet operate without the need for intermediaries.

Question 9

How is Ethereum Classic’s Technology Upgraded?

Accepted Answer

Ethereum Classic follows a technology upgrade path based on hard forks which allows multiple changes to be included in one upgrade. Like other decentralised networks, a majority of participants must agree to the upgrade or it will not be implemented.

Question 10

Where Can You Buy Ethereum Classic (ETC)?

Accepted Answer

Ethereum Classic (ETC) can be purchased on several cryptocurrency exchanges, some of these include Binance, Coinbase Pro, Gate.io, KuCoin. It is advisable to always do a thorough research before investing in cryptocurrencies.

Question 11

How to keep your Ethereum Classic safe?

Accepted Answer

Keeping Ethereum Classic safe largely involves securing one's private keys - ensuring that they are never disclosed to anyone. It is also crucial to use trustworthy wallets and exchanges. Regular software updates and maintaining online hygiene like avoiding phishing traps also contribute to security.

Question 12

Can you mine Ethereum Classic?

Accepted Answer

Yes, similar to Ethereum, Ethereum Classic also supports mining. Ethereum Classic miners are rewarded for creating blocks and thus support the ETC network by maintaining its security and consensus mechanism.

Question 13

Is Ethereum Classic a good investment?

Accepted Answer

As a decentralized open-source platform with strong principles of immutability and transparency, ETC attracts substantial interest from both the developer and investor communities. However, whether Ethereum Classic is a good investment or not depends largely on the investor's individual financial situation, risk tolerance and investment strategy. It is always advisable to do in-depth research or seek advice from a financial advisor before investing in any form of cryptocurrency.

Question 14

How can you use Ethereum Classic?

Accepted Answer

Ethereum Classic’s native token ETC can be used to facilitate applications running on the network. In addition, it can also be traded on a wide range of platforms and exchanges or used as a store of value.

Convert ETC to AUD

Try our Crypto Pro app