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What is Ethereum Classic (ETC)?
Ethereum Classic (ETC) is a proof-of-work blockchain that continues the original Ethereum chain after the 2016 hard fork over The DAO hack. ETC, the native coin, pays transaction fees and powers smart contracts on a network running the Ethereum Virtual Machine. Ethereum Classic’s founding principle is immutability, the position that a blockchain’s history should not be rewritten even to undo a theft. That is a governance commitment, not a technical guarantee: ETC has suffered 51% attacks that reorganized blocks.
Ethereum Classic continues the original Ethereum chain after the 2016 hard fork over The DAO hack. Its founding principle is immutability: the position that a blockchain history should not be rewritten, even to undo a theft. Here is how the network works and what to weigh first.
Ethereum Classic at a glance
- TickerETC
- TypeProof-of-work smart contract chain
- OriginOriginal Ethereum chain, 2016 split
- ConsensusProof of work (Etchash)
- Smart contractsEthereum Virtual Machine
- Supply modelCapped, block rewards decline over time
- Wallet chain ID61 (Ethereum mainnet is 1)
How the 2016 DAO split created Ethereum Classic
- Ethereum Classic exists because of a disagreement over whether a blockchain’s history should ever be rewritten.
- In 2016, an attacker exploited The DAO, a smart contract based investment fund built on Ethereum, and drained a large share of its funds.
- Most of the Ethereum community backed a hard fork that moved the drained funds into a contract where the original DAO investors could reclaim them, but a minority kept mining the unaltered chain, which became Ethereum Classic.
What ETC does and how the network runs
- ETC is the native coin of the network: it pays transaction fees and the gas that powers smart contracts.
- The chain runs the Ethereum Virtual Machine, so developers can write smart contracts and deploy decentralized applications using familiar Ethereum languages and tooling.
- Ethereum Classic adopts Ethereum’s protocol upgrades on its own schedule, so it is not at feature parity with current Ethereum.
- Unlike Ethereum, which moved to proof of stake in 2022, Ethereum Classic remains a proof-of-work chain secured by miners running the Etchash algorithm.
- Ethereum Classic has a capped supply schedule that reduces block rewards over time.
Risks to know before you buy ETC
- Ethereum Classic’s mining power is far smaller than that of the largest proof-of-work networks.
- The chain has been hit by 51% attacks that reorganized blocks and enabled double spending, most notably in 2019 and 2020.
- Developer activity on Ethereum Classic is modest compared with Ethereum, which hosts most developer activity today.
- ETC uses Ethereum’s address format, so ETC sent to your own Ethereum wallet is usually recoverable with your recovery phrase, but ETC sent to a custodial Ethereum deposit address is not.
- ETC is volatile, so only spend what you can afford to lose; this page is general information, not financial, investment or tax advice.
How do I buy Ethereum Classic (ETC)?
You can buy Ethereum Classic on Coinmama with a credit card, a debit card, or a bank transfer over SEPA or SWIFT, and Apple Pay and Google Pay are supported as well. Available payment methods vary by country, and the commission and processing fee are shown on the order screen before you confirm. Coinmama has operated since 2013, identity verification is required before your first order, and your ETC is sent straight to a wallet address you provide rather than held for you. Support is available 24/7.
Ethereum Classic is one of many cryptocurrencies you can buy on Coinmama. To compare it with the chain it forked from, read about Ethereum, or look at Bitcoin, the first cryptocurrency to secure a blockchain with proof of work. Other coins covered on the site include Litecoin, Loopring, and Numeraire. Each coin page explains what the project does and where its risks lie before you commit any money.