When running on the blockchain a smart contract becomes like a self-operating computer program that automatically executes when specific conditions are met.

In addition to allowing the exchange of the assets, ETC allows for complex contracts that operate autonomously and cannot be modified or censored.

How does Ethereum classic come into existence?

In 2016 a decentralized autonomous organization called The DAO, a set of smart contracts developed on the platform, raised a record US$150 million in a crowd sale to fund the project, just to have almost a third stolen by the hacker.

The event shook the online community, leading to a huge price drop.

Even though hackers did steal 50$million ether but they were not able to access them because DAO smart contracts stated that if any of the invested ether token taken out of DAO.

They will not be accessible up to 28 days. Following the attack on the DAO in 2016, Ethereum was split into Ethereum (ETH) and Ethereum Classic (ETC) which was first blockchain network hard fork.

Hard fork are not backward compatible it means to access your invested ether token you have to join upgraded version otherwise you will not receive any updates and won’t able to interact with upgraded system users.

Hence technically to access ether coin you have to join upgraded version.

Ethereum classic is an upgraded version of Ethereum.

Ethereum classic can be explained by a simple analogy.

Assume Bitcoin as a landline phone it does one thing very well i.e. to interact between two users.

Ethereum classic is a more upgraded version of the Landline phone like a smartphone.

It has a circulating supply of 135,700,906 ETC coins and a max. supply of 210,700,000 ETC coins.

If you would like to know where to buy Ethereum Classic at the current rate, the top cryptocurrency exchanges for trading in Ethereum Classic stock are currently Binance, OKX, Bybit, Huobi, and Coinbase.

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