Ergo is The New Name for Ethereum Classic

Ergo is The New Name for Ethereum Classic

Ethereum Classic is an open-source, decentralized, distributed, blockchain-based cryptocurrency that employs smart contracts. After a hack in 2016, the Ethereum community was unable to agree on whether to compensate the network’s affected users, which gave rise to Ethereum Classic. The initial blockchain was divided in two, with Ethereum Classic remaining as the original, “immutable,” chain and Ethereum continuing as a hard fork under Vitalik Buterin’s direction. In this article, you will learn about ETC basics and why Ethereum Classic was renamed into Ergo.

What is Ethereum Classic (ETC)?

Vitalik Buterin and his team created Ethereum Classic at the beginning as software that would enable programmers to create new cryptocurrency tokens and decentralized apps (dApps) that would function on the brand-new Ethereum blockchain network. In addition to providing a blockchain network with decentralized governance, Ethereum Classic hosts dApps and facilitates value exchange via smart contracts that are housed within a distributed ledger.

But in June 2016, the Ethereum network witnessed a hard split as a result of debates over immutability between the mining community and the developers. An active community of miners is currently responsible for maintaining Ethereum Classic, and they have chosen to follow a distinct technical development roadmap. Since its creation, Ethereum Classic has avoided forking and developer-driven changes.

How does Ethereum Classic (ETC) work?

Similar to Bitcoin, Ethereum Classic validates transactions using a Proof of Work (PoW) consensus mechanism. Miners take responsibility for network security as well as processing transactions and building blocks with the help of their time and computing power. Utilizing the network requires that transactions occur in the proper sequence. The network is shielded from bad actors because blocks can only be created by miners who can solve computationally difficult issues.

A fundamental feature of Ethereum Classic is the network’s support for smart contracts, which users may utilize to run programs. Self-executing agreements, or if-then conditions, are a component of these smart contracts and are specified in code lines. Because the process is entirely self-contained, there is no need for a third party, such as a lawyer, to conduct any transactions between a buyer and seller.

Ethereum Classic has promised to use Proof-of-Work mining to maintain the security of its blockchain and would not include upgrades from the split Ethereum network. Also implementing a fixed monetary policy is ETC.

What Makes Ethereum Classic (ETC) Unique?

One of the most historically well-liked hard forks of any blockchain is Ethereum Classic, which remains popular today. Due to the use of the same base code, many of the functionality present in Ethereum may also be found in Ethereum Classic. With a different philosophy than Ethereum, Ethereum Classic seeks to stay immutable and provides users with a robust Proof of Work system. In advance, at crypto exchange CEX.IO you have an opportunity to get an online Ethereum web wallet which can help you with your investments, and for buying Ethereum enter the amount in ETH or fiat that you want to purchase.

What happened with Ethereum Classic?

After Cardano inventor Charles Hoskinson converted the Ethereum Classic Twitter account into the new community page for the Ergo community, followers of the account may have found themselves unintentionally becoming supporters of a totally new cryptocurrency project.

Since its creation in July 2016, the Ethereum Classic account has gained over 600,000 followers and was used to post about Ethereum Classic until September 15.

But as of October 6, the Twitter page now features the Ergo Platform, a proof-of-work (PoW) blockchain with connections to Cardano that enables smart contracts and is similar to Ethereum.

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