Ethereum Classic (ETC): Govern Yourself – Decentralized. Immutable. Unstoppable
ETHEREUM CLASSIC QUICK STATS
|CREATION DATE:||July, 2016|
|DEVELOPMENT STAGE:||Full Release|
|BLOCK TARGET:||15 seconds|
Built as a decentralized platform, Ethereum Classic payment processing allows for transactions of ETC in your store. Using Ethereum Classic, you can create applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. Think you’ve heard that before? You probably have, but Ethereum Classic can back it up!
Ethereum Classic is a continuation of the original Ethereum blockchain. The classic version is all about preserving untampered history. It offers a solution for those seeking to free themselves from external interference and subjective tampering of transactions, which although seems like it should be rare is actually quite prevalent in the cryptocurrency industry today.
“There are many problems that fester due to centralization and opaqueness; corruption, unaccountability, nepotism, inefficiency and stagnation… Only decentralized systems can stand the test of time.” – The Ethereum Classic Braintrust
Ethereum Classic came into existence, and quite quickly rose to the forefront of the industry, in 2016. ETC was created because some members of the original Ethereum community rejected the hard fork of Ethereum, resulting from The DAO hack, on the grounds of “immutability”, the principle that the blockchain cannot be changed, and decided to keep using the unforked version of Ethereum.
How it Works?
Different than other options in the industry, by entering into contracts on Ethereum Classic, you can be certain that the network remains completely and absolutely neutral. The outcome of transactions will be dictated by code you voluntarily interact with. Unless explicitly defined by the contract code, there are no reversals, no undos, and no opt-outs. Ethereum Classic transactions are always considered final.
The reason why valid transactions can never be erased or forgotten because the core team at Ethereum Classic believes that the core value proposition of any blockchain is immutability.
Why Choose Ethereum Classic?
The Classics never go out of Style!
By embracing a decentralized system, Ethereum Classic is able to relinquish control from a formalized central foundation. The only hierarchy within the system is that of transparent meritocracy and mutual reputation. The community of users, plus prospective users, are assured that no backroom deals or behind-closed-doors unilateral decisions are made; just free and open discourse.
These problems can be only solved by adhering to governance systems that do not rely on a central point of failure. Just like distributed networks and the consensus protocol itself, it is widely believed that only truly decentralized projects can survive in the long run.
Check out the many ecommerce integrations offered by CoinPayments to start accepting Ethereum Classic (ETC) payments in your store.