About Ethereum Classic (ETC)

Overview

Ethereum Classic (ETC) is the result of the hard-fork which occurred on the Ethereum blockchain at block 1,920,000 as a result of the DAO hack on 18 June 2016. After the hard-fork happened, the original Ethereum blockchain became known as Ethereum Classic. The community behind Ethereum Classic believe in the principal the "code is law" and as such describes the blockchain as immutable and fungible. Ethereum Classic offers the same features as Ethereum does: creation and deployment of smart contracts and DApps, average block time etc. Ethereum Classic not only want decentralised currency but a decentralised world computer.

Technology

The Sputnik Virtual Machine (SVM) is Ethereum Classic's solution to executing smart contracts. It is a Turing-complete machine which can run any computer programme coded into it. The SVM is compatible with different Ethereum blockchains and IoT. The Emerald Software Developer Kit is a toolkit used by developers to build Dapps and contains UI components, Javascript and Rust libraries. Geth is a programme which allows you to transfer funds, mine ETC, and make smart contracts etc. It uses the Go language and is described as a "multipurpose command line tool that runs a full Ethereum Classic node".

Future Focus

The Ethereum Classic's roadmap is full of exciting developments and optimisations. In 2018 the team will build the Emerald Wallet for mobiles, work on sidechain implementation, enable new opcodes from Ethereum to increase compatibility, and optimise their Sputnik Virtual Machine. In 2019 they will improve the scalability of the network and look to enhance transaction speeds to 1,000+ tx/sec, develop a light client for IoT and mobiles, work on interoperability with other blockchains, and improve cryptography using methods such as zero-knowledge proof and homomorphic encryption. For more information regarding Ethereum Classic's current projects take a look at their roadmap or official website.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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