Buy Ethereum Classic in India

DAO stands for Decentralized Automated Organization. It is a complex Smart Contract that acted as a decentralized venture capital fund and is used to fund all the applications and DAPPS that are developed on the network. The DAO system was used to run the entire Ethereum network and gave its users unprecedented flexibility and control while providing complete transparency in transactions. Its potential attracted a lot of eager investors and within a month of its formation, the network accumulated almost $150 million USD worth of Ether.

Like Ethereum (ETH), Ethereum Classic (ETC) is a cryptocurrency that was specifically developed to conduct transactions that occur on the Ethereum Classic blockchain network. The ETC coins are used to buy GAS that is used for conducting transactions and other state transitions that occur on the network. Other than that, the cryptocurrency is also traded on crypto-exchange markets in exchange for either fiat currency or other cryptocurrencies like Bitcoin and Litecoin. Since the production of ETC coins is capped at 210,700,000 ETC, the cryptocurrency is considered as an inflationary currency. This criterion is shared by other cryptocurrencies like Bitcoin and other Proof of Work (POW) cryptocurrencies in the market.

Ethereum Classic still operates on the Proof of Work (POW) consensus mechanism which is similar to that of Bitcoin. The mechanism requires users to utilize computational power to solve highly complex problems. Upon successful solving of the problem, a block is created and added in the blockchain and the miner is awarded a predetermined amount of ETC coins for their contribution towards the creation of the blockchain. The procedure of mining also helps in the verification of transactions that occur on the platform and thus also helps in keeping the network secure and the transactions verified. Higher computational power can be achieved by investing in better hardware which would help in achieving the desired output at a faster rate. The number of coins that can be created during the process of mining is limited. Ethereum classic has a cap on the ETC coin production. The supply limit of the coins is 210,700.000 ETC coins. After the production of every 5 million blocks, the block reward reduces by 20 percent.

Ethereum Classic saw a huge downfall in its price index after the aftermath of the third party hack that siphoned off $50 million USD worth of Ether from the platform. The price of Ether plummeted to oblivion. But after the hard fork, Ethereum Classic started gaining popularity again and by June 2017, the price of ETC in USD peaked at $24 USD per coin. In the span of just one year after that, the value of ETC almost in January 2018 and reached a value of $44.34 USD per coin. But like all cryptocurrencies, the ETC coin was also susceptible to the crypto market crash of 2018 and soon the price of ETC fell steeply over the course of a few months. By January 2019, the ETC coin was trading at a meager $5.13 USD per coin. Since then, Ethereum Classic developers and community are working hard towards reviving the coin back to its old glory and by February 2020, the coin reached a value of $12.31 USD.

As of 11th July 2020, the ETC market cap is at a value of $757,174,622 USD and has 116,319,790 ETC coins in circulation so far.