What is Ethereum Classic? How does Ethereum Classic work?

Ethereum Classic: Digital Asset on the Blockchain

Ethereum Classic (ETC) is a digital asset based on blockchain technology and derived from Ethereum Forks. Its working principle is similar to Ethereum, achieving transaction verification and data storage through a decentralized network and smart contracts.

Consensus mechanism:

• Ethereum Classic uses the Proof of Work (PoW) consensus mechanism. Miners verify transactions and add new blocks to the blockchain by solving complex mathematical problems.

Smart Contracts:

• Ethereum Classic supports smart contracts, allowing developers to build decentralized applications on the blockchain. Smart contracts are codes stored on the blockchain that automatically perform tasks based on predefined rules.

Decentralization:

• Ethereum Classic is a decentralized platform, which means that it is not controlled by any single entity or organization. The blockchain is maintained by a network of miners located around the world.

Transaction Processing:

• When a user initiates a transaction on the Ethereum Classic network, the transaction is broadcast to the miners in the network. Miners verify transactions and add them to a block. Once a block is added, the transaction is irreversible.

Token Economics:

• The native token of Ethereum Classic is called ETC. ETC is used to pay transaction fees and interact with smart contracts. The supply of ETC is limited at 210 million.

Application scenarios:

• Ethereum Classic is used in various applications, including:

  • Decentralized Finance (DeFi)
  • Non-Fungible Token (NFT)
  • Distributed Autonomous Organization (DAO)
  • Games and Entertainment

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