ethereum-classic

Trade Ethereum Classic on Beaxy

Ethereum Classic is the legacy chain of Ethereum. It was created in a hard fork. The resulting chains were named Ethereum and Ethereum Classic. The hard fork was performed when the Ethereum community was unable to come to an agreement about the DAO hack.
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 ethereum-classic
Ethereum Classic profile

Features of Ethereum Classic

Open-Source
Being an open-source protocol is one of the most important features of the Ethereum Classic network. This gives anyone the ability to analyze the Ethereum Classic codebase to find bugs and offer solutions. Open-sources projets also promote transparency as the code is publicly available. Open-sourcing can also help projects save money because developers who are genuinely interested in the project can contribute to the network for free.
Decentralized
Is there no central authority that can make decisions or changes to the Ethereum Classic network. All of the protocol’s control is distributed between all of the nodes participating in the network. Before anything is recorded on the Ethereum Classic ledger, a majority of the nodes must agree that the action is valid. For example, when an ETC token holder sends some ETC to another wallet, the nodes receive the transaction and begin to validate it. If the nodes notice something illegitimate about the transaction and most nodes reject it, the tokens will not be moved to the receiving wallet in the transaction.
Immutable
Another great feature of the Ethereum Classic protocol is the presence of immutability. This means that information stored in the Ethereum Classic blockchain can never be altered in any way. Immutability helps instill confidence in the network because everyone viewing the public ledger can be confident in the accuracy of the data they are seeing.
Censorship Resistance
Ethereum Classic is a censorship resistance platform. Everyone is allowed to participate in the network and no one can be shut out or have there coins frozen or seized for any reason. This is one of the best features of Ethereum Classic as it gives ETC token holders the assurance that their tokens will never be tampered with and they will always be able to use them they are needed.
Frequently Asked Questions
Frequently Asked Questions
Frequently Asked Questions mobile

What is Ethereum Classic?

Ethereum Classic is an open-source platform for running smart contracts and facilitates the building and deployment of decentralized applications (dApps). The Ethereum Classic network, and its native currency, ETC, offer similar features and use cases to Ethereum. It has remained in the shadows of the rapidly growing Ethereum since the hard fork, however, with the backing of prominent individuals like Barry Silbert of Grayscale, and developments such as Google adding BigQuery support for Ethereum Classic, the network continues to be a force. More recently, Ethereum Classic has entered the decentralized finance arena following a partnership between Ethereum Classic Labs and Fantom. The DAO hack took place in 2016 and resulted in hackers making off with more than 3,600,000 million ether tokens. The community that is now Ethereum believed that the transaction should be reversed as it was clearly malicious. The group that now supports Ethereum classic felt that reversing the transaction was not in line with the fundamental philosophical beliefs that digital assets should always remain immutable.

Ethereum Classic Technology

Smart Contracts Smart contracts are the primary technological innovation of the Etherum Classic platform. They give developers the ability to convert a standard contract into a programmable set of rules.

Smart contracts can operate independently of each other or you can arrange multiple smart contracts to be dependent on each other. In the latter case, an action that triggered a move by one smart contract could be set as the catalyst to execute another smart contract.

There are three essential pieces to a smart contract. First, the people or parties involved in the contract program their terms of the agreement into the contract. Second, there must be a clearly defined subject of the agreement that acts as the basis of the interaction for the parties on each side of the contract. Finally, the smart contract must have specific terms that can be programmed in mathematical terms.

How to mine Ethereum Classic?

In order to mine Ethereum Classic, you will need: Ethereum Classic wallet Before you begin to mine Ethereum Classic, set up a wallet. Be sure that the wallet is ETC compatible and not built specifically for Ethereum (ETH) or Bitcoin (BTC). Graphical Processing Unit (GPU) For mining Ethereum Classic, you will need to install a well-balanced number of GPUs to make sure your electricity costs are too high while still have enough computing power to find the solution needed to earn ETC tokens through mining. Ethereum Classic mining software To select the right mining software, decide if you would like to mine the coins with only your computer power or do you want to lend your computing power to a pool of other miners. Mining by yourself will significantly reduce your chances of mining a block but you will receive a larger reward if you do. By entering a mining pool you have a much better chance of generating income but you will receive ETC tokens in smaller increments. Once you decide which tradeoff is best for you, download the software accordingly.

Risks of Ethereum Classic Trading

Investment Risk Ethereum Classic is a popular digital currency and has average volatility relative to the rest of the cryptocurrency market. The value of an ETC token can change drastically in a short length of time. This means that ETC is a volatile asset relative to all asset classes. An asset with higher volatility is considered to be riskier. Digital assets don’t have the liquidity of the stock market, whenever there is a large buy or sell order the price will reliably make a significant move. Security Risk Ethereum Classic’s, like most digital currency, has security risks that stem from taking custody of the asset. Since you are managing your wallets and private keys, this creates an attack surface. It is important to reduce your attack surface as much as possible. You can do so by holding your Ethereum Classic in a wallet that is not connected to the internet such as a cold storage wallet. This requires a hacker to get your private key before they could gain access to your wallet. When using a wallet that is connected to the internet, a hacker may only need your password to a website in order to steal your Ethereum. By forcing a hacker to guess your private key you make it nearly impossible for them to access your wallet. Regulatory Risk Ethereum Classic has regulatory risks because legislative bodies across the world have not yet authored concrete rules about cryptocurrency. Ethereum Classic can be used to launder money, this causes governments to be skeptical of digital assets. Because of this, there is a possibility that governments could apply unusually harsh regulations for using or owning digital assets like Ethereum Classic. They could even ban the digital currency outright and make its use or possession against the law. This is a risk as any such action taken by a powerful nation could negatively affect the value of the Ethereum Classic blockchain.
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USDC is a stablecoin and its value is anchored to that of the United States Dollar.

ETH is the native currency of the Ethereum Blockchain, a programmable protocol that supports applications like smart contracts.

BXY is an exchange token that works as loyalty rewards and functional fuel for the Beaxy exchange ecosystem. Greater rewards, discounts, and potential of the platform can be unlocked with BXY.

NEO is an asset run on a distributed smart contract platform. You can exchange NEO and BTC when you place an order on Beaxy.

XRP is a cryptocurrency known for speed and use in global banking. If you’re interested in XRP you can navigate to the coin page to learn more, or the trading page directly to trade.

Litecoin and Bitcoin can be directly swapped for each other on Beaxy. Using the LTC/BTC trading pair allows you to move directly between two of the earliest cryptocurrencies.

Ethereum Classic is a decentralized network that is tailored to application development. If you’d like to trade ETC for BTC, you can do so directly on the exchange page.

Monero was built for anonymity and is the most popular privacy-focused cryptocurrency. You can move in and out of BTC when you place an order with XMR on Beaxy.

EOS is the base asset of EOS.io, a smart contract platform that is governed by 21 block producers. Swap your EOS and BTC with ease on Beaxy.

You can easily move in and out of bitcoin cash on Beaxy. Swap bitcoin cash for bitcoin directly by placing an order on the exchange.

BEAM is a privacy-focused cryptocurrency that protects your identity. You can conveniently swap beam and bitcoin on Beaxy.

DASH is a decentralized payment solution that features instantly settled payments. You can trade DASH and BTC directly on Beaxy.

Basic Attention Token is the native asset of the Brave browser. You can earn BAT by consuming content on the Brave browser. Exchange BAT and BTC efficiently on Beaxy.

AION is a native asset that performs critical functions for The Open Application Network. You can swap AION and BTC directly on Beaxy.

MTL is the base asset for the Metal Pay ecosystem. MTL is used for quick and easy peer-to-peer transactions. Trade for MTL and BTC directly on the Beaxy Exchange platform.

ICX is the native asset of ICON, a decentralized blockchain network that focuses on interoperability. Seamlessly trade ICX and BTC on Beaxy.

VideoCoin (VID) is a cryptocurrency that runs on the Ethereum blockchain. The asset is rewarded to producers and consumers of web-based video content. You can swap VID and BTC directly on Beaxy.

WAVES is a cryptocurrency that is designed to cater to developers. You can conveniently trade WAVES and BTC on Beaxy.

ZRX is the native asset for 0x, an open-source smart contract development platform. ZRX holders can use the token to vote on updates to the network. Seamlessly swap ZRX and BTC on Beaxy.

TOMO is the base asset for the TomoChain platform which uses Proof of Stake Voting to reach consensus. Easily trade TOMO for BTC by placing an order on Beaxy.

GO is the native asset on the GoChain network. GoChain uses Proof of Reputation as a consensus mechanism. You can easily swap GO for BTC on Beaxy.

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Dragonchain is a commercial-grade hybrid blockchain that enables developers to rapidly build private blockchains and decentralized blockchain applications.

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POLY is the native asset of Polymath, a security token genreation and management plafotm that allows enterprises to seamlessly create legal and complaiant security tokens. You can trade POLY with BTC on Beaxy.

FTM is a smart contract platform that is modeled after Directed Acyclic Graph (DAG). Exchange FTM tokens for BTC on Beaxy.

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Trade Ethereum Classic on Beaxy
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