Ethereum Classic is the original version of the well-known ETH currency. After a big split in 2016, it took on a new form. After that, the Ethereum network split into two different parts: The new Ethereum and the Ethereum Classic. Most users agree that the split was necessary. It wasn’t a very bad breakup. Since then, the Ethereum development team has moved on and made many changes to both the way their currency works and how they market it. ETC, however, did not. The few changes they did make only improved the way people lived. There are still differences, and ETC added a few new ones, but most of the features came from before the fork. All of this made Ethereum Classic a separate system with its own pros and cons.
Major advantages
There are a number of good things about working with Ethereum Classic that makes it easy and helpful. There is no way to compare these benefits to those of other cryptocurrencies or protocols:
Smart contracts
Smart contracts are programs that help the ETC Blockchain as a whole. Without these, the users couldn’t do business with each other. Their main strength is that they can be used in many different ways. Since the code is open and Turing-complete, anyone who knows enough about coding can make their own sequence. Most of the time, the sequences have requirements that, if met, lead to the execution of the contract, which can also be described right there. You pretty much do nothing and wait for the other person to act. If they meet the requirements, the transaction will happen automatically and without any help from a third party. Basically, you have a way to send money that is very flexible and not controlled by one place. In terms of potential, it has a clear edge over Bitcoin. Still, you need to know a few things about coding.
Easy to mine ETC
When compared to Ethereum, it’s especially clear. Where Ethereum has made it harder for its users to mine, ETC has taken away most of the problems and stuck with the Proof-of-Work method of making blocks. All of this means that creating blocks and mining coins on ETC is a lot easier than on many other networks. It’s important to remember that it can also be bad. ETC is a valuable coin, but the fact that it is easier to mine means that it will lose value over time. Its value is expected to rise, but not as fast as you’d like.
Freedom and the separation of power
At least most of the time, all cryptocurrencies are decentralized. ETC is completely decentralized, and even the development team doesn’t mess with transactions or most other things that happen on the Blockchain. It’s not just a good idea, it’s a principle. The idea of not interfering with transactions at all is what makes ETC possible. Also, the group of dedicated users basically took it over from the people who made it before. So, they aren’t supposed to have any control over anything besides the decisions that all ETC users agree on.
Major disadvantages
There are a few problems that are easy to point out. Not only are there technical problems, but there are also market problems:
The worse situation in the market
Even though ETC is still a valuable coin, it is much less valuable than ETH. It’s not that big of a deal by itself, but it also means that there’s less demand, less trade volume, less liquidity, and more volatility. Investing in ETC is riskier than investing in ETH or BTC. Not by much, though. Classic is still seen as a promising coin, and playing around with it isn’t that risky. It’s just riskier than the top currencies.
Not as many updates as ETH
If you compare it to its cousin, ETH, you’ll see that ETC has a lot less new content and updates than ETH. It’s not strange, and it’s not a big deal if you don’t want a lot of new content coming in all the time. But for some people, it’s still a valid complaint, and a lot of people would like more than one major update a year.
