Like most cryptocurrencies, Ethereum Classic is also a decentralized blockchain-based platform that uses smart contracts for its transactions. They are both open-source and available to the public. The interesting thing is that ETC is the original “Ethereum”, and the Ethereum (ETH) we know now is the new one.
The reason for ETC’s existence came from a hard fork of the ETH blockchain. This was done to prevent a continuous number of attacks on the blockchain which exposed its vulnerability. Not only that, there were some nodes which could not transmit messages throughout the network. The worst part was the Decentralized Autonomous Organization got hacked which resulted in millions of dollars in cryptocurrency being siphoned. So, the original Ethereum underwent a hard fork to reverse this problem and a new Ethereum was created.
At the same time, the Ethereum Classic (original Ethereum) was kept alive even with the hack still in place. The reason for this is that many people felt reversing transactions was not what the open blockchain system was all about, despite it being for reversing the hacking. Besides, whoever hacked the Decentralized Autonomous Organization had already moved their funds before the hard fork of the original Ethereum took place.
Overall, people want to keep the ETC alive because they don’t want permissions to be placed on blockchains like there are with the new ETH Blockchain. ETC is preserved as an uncensored world computer which cannot be turned off. Best of all, the smart contracts that it processes cannot be reversed either, and this upholds the integrity of the entire blockchain system.
The only time forks are ever conducted on the system is when there are bugs in the platform that need to be addressed. But forks will never be done to reverse smart contracts which have failed or been hacked. Otherwise, a reversal would create censorship on the platform and that would actually reduce the trust that people have in it more.
Right now, the price of ETC is about 50 times less than ETH. For this reason, a lot of investors are still trading ETC because it is affordable and there is still a lot of interest and value there.
To the newcomers who aren’t familiar with cryptocurrency, they’re likely wondering what the difference between these two currencies is. Some people will even invest in one, thinking it doesn’t make a difference. But, as long as there is still an interested in ETC, then there will still be market value there.