Blog Post

Beginner’s guide to Ethereum Classic

Kelvin Emmra • March 7, 2020

Ethereum Classic (ETC) is an open-source blockchain network that is embedded with smart contract technology.  It operates on the turing-complete virtual machine of Ethereum and it is known as the real Ethereum following the hardfork that took place some years back to yield the new Ethereum which we popularly know.

Ethereum Classic in a Nutshell

  • It is the original Ethereum which kept its blockchain distributed ledger intact following the hack of funds deposited in the DAO smart contract.  
  • It has a total supply of 210 million unlike Ethereum which has no total supply.
  • It also creates a decentralized platform which allows developers to build their decentralized applications on it by paying with ETC. 
  • You can mine ETC or purchase them on exchanges and over-the-counter platforms.

The History behind Ethereum Classic

The shortfalls of Bitcoin after its launch in 2009 became so obvious that the average Joe in crypto could tell for a fact that bitcoin was slow, not scalable enough and also had a very robust protocol making it difficult to add unto it any other use cases. Vitalik Buterin who was then part of the Bitcoin community was aware of these short falls hence proposed the idea of Ethereum. He realized that the blockchain technology could be used in several other instances other than just serving as a validator and security over a network which was then that off bitcoin. Many crypto enthusiasts bought into this idea and the first Initial Coin Offering was conducted within the period of July and August 2014.

Ethereum was launched on 30 th July 2015 with about 60 millions coins of Ethereum minted and distributed to investors of the ICO. After two years of launch the team behind Ethereum decided to integrate a project called Decentralized Autonomous Organization (DAO). The DAO will serve as a decentralized substrate for the development of decentralized blockchain startups. Just as its name goes, this platform would control its affairs with the intervention of any Central body or organization. In view of this vision, a crowd token sale was organized to support the creation of the DAO in May 2016 and a whopping $150 million was raised. Along the line, it was brought to the entire Ethereum community about some security vulnerabilities that the DAO is likely to suffer in the near future. Peter Vessenes was one of the developers who made this announcement yet was ignored by Stephan Tual that funds stored in DAO was still safe despite the disclosed vulnerabilities.

Unfortunately, on the 17 th of June 2016, 3.6 million Ether worth about $50 million was stolen from DAO accounts. This incident took a great toll on  the price of Ethereum on the market as investors were not sure about the future of the project hence causing panic selling. This unfortunate situation brought the developers of Ethereum to a crossroad to pick one of the path listed below:

  1. Eating the humble pie that, the hack has already occurred and there is nothing they can do about it since they cannot alter the blockchain distributed ledger if they are maintaining its immutability.
  2.   Putting in place mechanisms like a soft fork to regulate transactions across the network.
  3. Initiating a hardfork which would in the long run reverse the transaction.

The Ethereum community debated on several issues regarding this hack until some members thought settling on a hardfork between 28 June-15 July 2016 which was announced by members of the Ethereum Foundation and Slock.it Some strong crypto enthusiasts of the crypto community did not agree to this hardfork as they felt this decision would be going against one of the core features of blockchain technology which they advocate which is immutability. These miners stayed with the old chain which is now called Ethereum Classic and the members who moved on with the new chain after the fork is now Ethereum.

How to mine Ethereum Classic

To all those interested in mining Ethereum Classic, the good news is that it is easier to mine ETC than ETH comparing the computation energy required. You can mine Ethereum Classic with GPUs instead of spending huge sums of money with Application Specific Integrated Circuits as the hash rate at the time of writing was at 84.0 Mh/s . Etash mining algorithm is the same algorithm that is used in mining Ethereum Classic. The hardware specifications required for mining ETC could be any advanced GPU machine but specifically Nvidia graphics of 1080 and 1080i are great choices. Choose any computer which has at least 8gb RAM and combining many computers together as a mining rig increases your chances of mining blocks across the network.

On the other hand, the software programmes suitable for mining Ethereum Classic are Ethminer and Claymore Dual Ethereum among the lot that you can come across the cryptosphere. You can decide to set up your own mining rig which might be quite expensive and less profitable other than joining some credible mining pool which increases your chances of mining blocks to get rewarded. Nanopool.org is one of the mining pools that have been in the industry for a very long time with good records void of any attempts of scamming its users. A 1% mining pool fee is deducted to support the platform and keep it running and this is paid by everyone in the mining pool.

Where to buy Ethereum Classic

If Ethereum Classic looks a good asset to invest into then you can head over the following exchanges and purchase it. It’s likely to get pairs of ETH and BTC hence it’s safer depositing unto the exchanges of these. Binance , Kucoin , Bittrex . Crypto noobs are advised to use Over-the-Counter platforms like Coinbase to purchase theirs.

How to Store Ethereum Classic

Don’t be deceived, Ethereum Classic is different from Ethereum hence don’t make the mistake of sending ETC to any ERC-20 wallet or else you will lose your funds and would not be able to recover it again. You can choose to store your ETC on software wallets like that of Atomic wallet, Coinomi wallet and any of the hardware wallets but I highly recommend using any of the series of Nano, Trezor, Ellipal and Keepkey.

How much is Ethereum Classic worth?

The price of ETC per the time writing is $7.82 as it had declined about 6.17 percent due to the recent dump of bitcoin. Most major altcoins just like ETC all fall under the dominance of Bitcoin. Unlike Ethereum which has not capped its supply, Ethereum Classic has a total supply of 210 M and currently over 116M are in circulation. This has yielded it a market cap of $910,120,323 USD. The 24-hour volume of ETC is over 2 Million USD and this shows the growing community of this coin.

The Benefits of using Ethereum Classic

Ethereum Classic offers faster transaction speed as its sister network Ethereum. It also hosts several decentralized applications on its network. Aside using ETC on its platform and decentralized marketplace there are not many places that you can spend this cryptocurrency but if you are looking to pay someone as soon as possible then it’s one of the coins you should go for instead of Bitcoin.

The Risks of using Ethereum Classic

This cryptocurrency is susceptible to the security issues facing any other cryptocurrency in this industry and these are Volatility and breach of security. So if you are looking to invest into it then be ready to have the heart the heart to see your cryptocurrency fall and rise in value from time to time. This is not regulated as the price is generally determined by the market which falls prey to release of news, updates and other economical news in the world. Unfortunately, Ethereum Classic has been hacked once and can be hacked again though lead developers claim the network is secured after all the updates the network has undergone.

Final Thoughts

Ethereum Classic upheld the integrity of blockchain technology by keeping the original blockchain distributed ledger unaltered while its sister chain forked away. It has undergone several updates ever since this hack making the network secured and safe to use. A smart contract deployable network as well as a hub for decentralized applications, Ethereum Classic can boast of a vibrant and growing community.

Featured image courtesy of Shutterstock. 


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. None of the content on Crypto Folds is investment advice nor is it a replacement for advice from a certified financial planner. Please do your own research before purchasing or investing into any cryptocurrency.  
By Press Release March 28, 2025
Momentum is building fast in the XRP ecosystem as XRPTurbo —a rising DeFi and AI-powered launchpad built on the XRP Ledger—breaks through the 250,000 XRP milestone in its presale.  With under four days remaining , investor interest is reaching new heights as anticipation grows around XRPTurbo’s game-changing platform demo. Earlier this week, the XRPTurbo team previewed a redesigned landing page, giving the community a sneak peek of what’s to come. A full demo of the platform is expected to drop any day now. This highly awaited reveal, expected later this week, showcases XRPTurbo’s robust suite of tools and innovations poised to revolutionize decentralized finance on the XRP Ledger. Join Xrpturbo Presale XRP Whales Are Taking Notice In a strong show of confidence, a major XRP whale recently contributed 20,000 XRP in a single transaction—further validating XRPTurbo as a credible project with serious momentum. As support from prominent figures within the XRP ecosystem pours in, XRPTurbo is becoming the launchpad of choice for Ripple's growing Web3 community. Built for the XRP Ecosystem—A Launchpad Without Barriers XRPTurbo is setting itself apart from other platforms by offering a simple yet powerful launchpad tailored specifically for developers and creators on XRPL. Unlike other existing solutions, XRPTurbo eliminates technical hurdles, allowing users to create tokens, mint NFTs, and launch decentralized apps with just a few clicks. A highlight of the platform is the GUI Token Minter —a no-code solution that enables effortless token creation. Historically, minting on XRPL required command-line expertise, but XRPTurbo’s tool opens the doors to everyday users and creators, unlocking true mass adoption. Liquid Staking With Flexibility and High APY Another headline feature is the soon-to-be-launched Liquid Staking Portal , which will allow users to stake their $XRT tokens while maintaining complete custody of their assets. Offering yields of up to 25% APY , this staking system blends DeFi flexibility with competitive returns—without locking up tokens. Buy XRT Tokens Why $XRT Matters: Real Utility and Early Access Owning $XRT offers far more than token speculation—it unlocks core advantages that position holders for long-term value, including: Early Access to Launches : $XRT holders gain first access to new AI and RWA projects launching through XRPTurbo. Staking Rewards : Benefit from high-yield passive income with no lockup required. Revenue Sharing : Earn a share of platform revenues, rewarding loyal supporters. With only 100 million tokens ever in circulation, the supply scarcity paired with deep utility positions $XRT for strong growth potential. Just Days Remain—Presale Ends Soon The clock is ticking. With over 250,000 XRP raised out of the 300,000 XRP Hardcap and exchange listings confirmed at a 25% premium over the final presale price, early supporters stand to gain significantly once trading goes live. XRPTurbo is already in active talks with top exchanges, ensuring high liquidity and wide market access from day one. Combined with a dedicated team, a growing community, and a roadmap full of firsts, XRPTurbo is shaping up to be a cornerstone of XRP’s DeFi revival. Join the XRPTurbo Presale Now: xrpturbo.com/presale Stay Connected with XRPTurbo: Telegram : t.me/xrpturbocom Twitter (X) : x.com/xrpturbocom Website : xrpturbo.com Whitepaper : docs.xrpturbo.com
By Press Release March 26, 2025
Decentralized Exchanges (DEX) have become a game-changer for crypto enthusiasts in the fast-paced financial world we’re in today. These platforms provide enhanced security, transparency, and full control over digital assets. Agrifi is at the forefront of this innovation, introducing an advanced DEX where users can seamlessly trade AGF tokens with popular cryptocurrencies like USDT, ETH, and MATIC, as well as participate in liquidity provision to earn valuable LP tokens.  Seamless Crypto Trading Agrifi’s Decentralized Exchange allows users to effortlessly swap AGF tokens for major cryptocurrencies like USDT, ETH, and MATIC. Unlike traditional exchanges, our DEX offers a secure, transparent, and censorship-resistant trading environment. Transactions occur directly between users, eliminating the need for intermediaries and significantly reducing transaction costs. Even newcomers can navigate our intuitive and user-friendly interface with ease. With just a few clicks, you can trade tokens securely, optimizing the flexibility and efficiency of your crypto portfolio. Since this decentralized method ensures your funds remain under your control at all times, it greatly minimizes the risk of centralized hacks or losses. Earn Rewards Through Liquidity Provision Beyond simple trading, Agrifi gives users a unique opportunity to earn passive income by providing liquidity to the exchange. When users deposit token pairs (such as AGF-USDT, AGF-ETH, or AGF-MATIC) into our liquidity pools, they receive Liquidity Provider (LP) tokens in return. These tokens serve as proof of participation and entitle holders to a share of transaction fees generated within the pool. Providing liquidity not only offers a steady stream of rewards but also strengthens the exchange’s stability and functionality. This helps traders experience minimal slippage and smooth transactions, making liquidity provision a mutually beneficial endeavor that supports both individual users and the broader Agrifi ecosystem. Why Choose Agrifi's DEX? Agrifi isn’t just another decentralized exchange—it’s a complete financial ecosystem built on sustainability and long-term value creation. Our DEX operates on robust blockchain technology, ensuring top-tier security and transparency. Thanks to decentralized governance, our platform continuously evolves to meet community needs, fostering fair, user-driven decision-making. Blockchain integration guarantees that every transaction is immutable, transparent, and secure. You can trade with confidence, knowing that your investments are safeguarded, verifiable, and entirely under your control. Join Our Growing Community Stay connected and informed by following Agrifi on our official platforms: Telegram : https://t.me/agrifi Twitter : https://twitter.com/agrifi_tech Facebook : https://facebook.com/agrifitech Instagram : https://instagram.com/agrifi.tech Community Telegram : https://t.me/agrifi_official Start Your Decentralized Trading Journey Today! With Agrifi’s DEX, experience the future of decentralized finance today. Trade securely, earn rewards through liquidity provision, and join a thriving community committed to innovation, transparency, and sustainability. Don’t miss out on this opportunity to grow your crypto portfolio with Agrifi’s cutting-edge DEX platform. Explore now and be part of the decentralized revolution!
By Press Release March 26, 2025
The CDG project has officially launched, introducing an innovative solution that enables everyone to earn passive income directly from their homes. With just a compact device, a power outlet, and an internet connection, CDG simplifies earning predictable, reliable, and hassle-free daily income.  Earn Daily Rewards Effortlessly CDG offers two user-friendly models: CDG Home and CDG Power Home , which provide GPU computing power to a decentralized computing network. In return, device owners receive daily rewards in the form of CDG credits. CDG credits operate similarly to loyalty points and can be conveniently exchanged for fiat currency through the easy-to-use CodegoPay app , available on both iOS and Android. Each credit maintains a guaranteed minimum value, ensuring consistent and predictable earnings. Why CDG is Different The concept of sharing computing resources isn't new, but CDG's implementation is uniquely accessible and efficient. CDG devices are incredibly energy-efficient: the CDG Home model consumes just 10 watts , and the powerful CDG Power Home uses only 30 watts . Designed for home use, these devices are compact, quiet, and discreet, seamlessly blending into any living space. Device owners begin generating income immediately upon activation. The CDG Home device generates a minimum of $5 per day , while the CDG Power Home offers at least $20 per day . Setup is straightforward, requiring no technical expertise. Simply plug the device in, connect through the CodegoPay app, and instantly start earning. Quick Start Guide Getting started with CDG is easy: Download the CodegoPay app (Android or iOS ), and open your account to receive your personal IBAN instantly. Order your preferred CDG device via the app or through an authorized reseller. Activate your device using CDG credits with a few simple taps. Your daily earnings will be tracked in real time within the app. Pricing and Activation CDG offers two versatile device models: CDG Home : Priced at $2,500 , requiring 10,000 CDG credits for activation. It consumes only 10 watts and delivers daily rewards of 50 CDG credits , valued at a minimum of $5 per day . CDG Power Home : Available for $10,000 , requiring 40,000 CDG credits for activation. It consumes just 30 watts , providing daily earnings of 200 CDG credits , equivalent to at least $20 per day . Earn Even More with Referrals CDG users can further increase their income through a rewarding referral program: Earn €150 cash for every friend who purchases a CDG Home , plus your friend receives a €50 discount . Receive €600 cash for every friend who purchases a CDG Power Home , with your friend enjoying a €200 discount . Referral bonuses are paid directly to your bank account via the CodegoPay app. Contributing to a Growing Global Network By owning a CDG device, users actively contribute to a decentralized GPU network, essential for industries like gaming, artificial intelligence, and mobile services. As the global demand for GPU computing power continues to grow, the potential value of CDG credits increases, providing additional long-term value. About CDG and Codego The CDG project was developed by Codego , a fintech leader providing secure, comprehensive digital banking solutions. Codego offers core banking, prepaid and debit card issuance, and European IBAN accounts, supporting more than 12 fiat currencies and over 500 cryptocurrencies . Thanks to Codego’s advanced financial infrastructure, users enjoy a seamless experience in managing their CDG devices through the CodegoPay app, which includes integrated IBAN accounts, secure real-time earnings tracking, and compliance with the PSD2 regulatory standards. Learn more about Codego and the CDG project: Codego (Website) | CDG (Website) | X (Twitter) | Instagram | LinkedIn | TikTok Discover how CDG transforms passive income generation—simple, efficient, and rewarding from day one.
By Press Release March 25, 2025
BTCC , one of the world’s longest-serving cryptocurrency exchanges, is thrilled to announce a significant revamp of its VIP program, specifically designed to cater to high-volume traders among its 6.8 million users globally. This initiative highlights BTCC’s continued commitment to delivering an exceptional trading experience through increased efficiency, exclusive rewards, and personalized support.  Founded in 2011, BTCC has been a trusted name in crypto, offering reliable and user-friendly trading services across the globe. The newly enhanced VIP program ushers in a new era of perks, prestige, and personalization for elite traders seeking more than just competitive fees. The revamped VIP program introduces several exciting features: Competitive Trading Fees : VIP futures trading fees have been reduced to an industry-leading rate of as low as 0.007%. Enhanced Liquidity : SVIP users can now withdraw up to 2,500,000 USDT daily, catering to the demands of high-volume traders. Generous Upgrade Rewards : Each upgrade in VIP levels unlocks rewards worth up to 2,500 USDT, including trading vouchers and exclusive merchandise. 24/7 Personalized Support: VIPs enjoy round-the-clock access to dedicated account managers for tailored trading assistance. Community Prestige: Users receive a custom VIP badge that reflects their status within the BTCC community. Luxury Experiences : SVIP users will be randomly selected to win premium vacation packages to destinations like the Maldives and Bali. VIP Status Protection : SVIP users benefit from a grace period that prevents immediate downgrades, even during periods of reduced trading activity. "We’re incredibly excited to launch this revamped VIP program, which truly puts our users at the heart of everything we do,” expressed Alex, Head of Operations at BTCC. “This revamped program is all about empowering high-volume traders. With tailored services, competitive fees, and exclusive rewards, we are dedicated to providing the tools and support that our most active users need to thrive in the fast-paced crypto market.” BTCC’s enhanced VIP offering isn’t just a loyalty program, it’s a reflection of the platform’s ongoing mission to create a secure, rewarding, and dynamic trading environment for users around the globe. About BTCC Founded in 2011, BTCC is a leading global cryptocurrency exchange with the vision to make crypto trading reliable and accessible to everyone. With a strong presence in over 100 countries and regions and a user base of over 6.8 million, BTCC continues to deliver innovation, security, and unmatched user experience in the cryptocurrency world. Official website: https://www.btcc.com/en-US X: https://x.com/BTCCexchange Contact: press@btcc.com
Show More
paper_plane

NEVER MISS AN ARTICLE!

Sign up and stay up-to-date about what's happening at our site.

Share by: