- What is Ethereum Classic?
- How is Ethereum Classic related to Ethereum?
- How is Ethereum Classic related to Bitcoin?
- What is a blockchain?
- What is a smart contract?
- What is ether?
- What is gas?
- What is a dapp?
- How do I create a dapp?
- How do I purchase ether for a dapp?
- What smart contract programming languages are there?
How do I acquire Ethereum Classic?
What is Ethereum Classic?
Ethereum Classic is a public, secure, trustless and decentralized platform for running smart contract applications. It's a very broad programming platform where a software developer can build games, financial applications, gambling applications, utility and logistics software, social networks, and pretty much everything already in use today. It was conceived of by programmers advocating the use of a decentralized and distributed network as a tool for ensuring that no company or state organization could abuse its power over others.
One common misunderstanding is that Ethereum Classic is a currency, when in all reality it is not. ETC or Ether is the currency of the Ethereum Classic ecosystem.
How is Ethereum Classic Related to Ethereum?
To understand the relationship it is important to understand the history. It is especially important to be familiar with the DAO attack and how the Ethereum Foundation responded to it. Also, it's important to be familiar with the strong objections described in the Ethereum Classic Declaration Of Independence.
It is important to remember that Ethereum and Classic have the same technological roots, and benefit from the same features as the other. Before the community split there was already two ideas of what Ethereum would be: A world computer or a better more useful Bitcoin. When the decision was made to bailout the select group of investors, one group maintained the original chain, preserving its immutability. This chain is now known as Ethereum Classic, whereas the Ethereum Fork created what we now know as Ethereum.
How is Ethereum Classic Related to Bitcoin?
Bitcoin was the first successful digital currency using blockchain technology. By comparison, Ethereum Classic is a Proof of Work based decentralized public ledger, with a built in Turing complete programming language, which allows the use of Smart Contracts, and creation of Dapps (Decentralized Apps).
What is a blockchain?
A blockchain is a massive decentralized and distributed public database of all actions executed throughout a computer network. sers submit tasks in transactions that are grouped into blocks that are linked together to form chains.
The most significant attribute of blockchains is that no one controls them! We say decentralized because no one part within a blockchain contains critical information that makes that single part irreplaceable. The ledger of a blockchain’s activities is spread across all of its component parts. Nobody owns it and nobody controls it.
We say distributed because the critical information necessary for a blockchain to work is duplicated and distributed instantaneously among all pieces of the network. There is no one everybody needs to trust to manage it. That is why they are referred to as being trustless
What is a Smart Contract?
An Executable Distributed Code Contract or "Smart Contract" is an electronic agreement that works on the Ethereum Classic blockchain.
It is a set of instructions (code) distributed throughout the entire Ethereum Classic platform (itself a *Decentralized Distributed Ledger DLT). This distributed code is executable because it has the necessary agency to perform functions on the blockchain when the correct prerequisites or inputs are met.
Because Smart Contracts are designed to be responsive to triggers from stimuli within the ecosystem (for example, a Contract that transfers ownership of property to children when they come of age, or one that changes a company’s insurance rates when the system registers that it has hired twenty new employees).
They’re thought of as contracts because they contain instructions that command “if X factor is met, then make event Y happen.” It’s a functional agreement. The “smart” distinction comes from the fact that the EDCC is executable and swings into action to either cause a transaction or exchange of information on the blockchain. It’s not an inert statement on a piece of paper.
“Smart” is a bit of a misnomer, however. Like a computer, ECDDs can perform very advanced functions, but also like a computer, EDCCs cannot think. They only perform the tasks they are programmed to perform.
Smart Contracts can simplify people’s lives as well as business functions and the jobs of many governments, agencies, and corporations. They are, in essence, agreements that can be used for nearly any kind of situation. Examples include transferring car titles or property values, managing marriage and divorce agreements, placing bets in fantasy sports leagues, managing payments on student loans and more.
What is Ether?
Ether or ETC is the native currency used to fuel the Classic Platform. In order for any function to occur on the blockchain, including the execution of Smart Contracts, Dapps, and any other transactions there needs to be gas to fuel it along. Ether or ETC is the gas for the network. It is used to pay for computation within the EVM. This is done indirectly by purchasing gas for ether as explained in gas.
In addition to serving as fuel for the Ethereum blockchain, Ether can be used as a token for Ethereum-platform-based utilities, as a global currency to pay for goods and services, and also as an investment with store of value properties.
What is the Denominations of Ether
Many functions on the Ethereum Classic platform call for a number of microtransaction. One full token of ETC breaks down into a quintillion Wei.
Wei is the smallest denomination in which you can transact ETC, just as pennies are the smallest denomination in which you can transact the US dollar. (There are just a lot more Wei per ETC than there are pennies per dollar)
Other Ether denominations are a Finney (a thousandth of an ETC), a Szabo (a millionth of an ETC), and a Shannon (aka Gwei or Nano), which is a billionth of an ETC.
What is Gas?
For basics: Gas is the amount of ETC one pays as the internal cost of executing a transaction or smart contract in Classic. In detail: Gas is a measurement that is roughly equivalent to the computational effort required to execute a transaction.
Every transaction is required to include a gas limit and a fee that a user is willing to pay per gas; miners have the choice of including the transaction and collecting the fee or not. If the total number of gas units used by the computation spawned by the transaction, including the original message and any sub-processes, exceeds the gas limit, then all changes are reverted, except that spent gas cannot be reclaimed.
Gas is a made up unit used to denote the amount of resources required to do tasks such as installing new smart contracts.
What is a Dapp?
A dapp is a distributed application. Dapps are programs, tools, or applications that run on the decentralized Ethereum Classic blockchain. They may be referred to as smart contracts. The term is used to distinguish decentralized applications that run on the blockchain from centralized applications.
Most people are familiar with the typical centralized applications they download and run on their phones or computers. Centralized applications put trust – data, content, account information, vital functionality – into one main entity: typically servers, data banks, or standalone computers. The Ethereum Classic network, however, is community-based, uncontrolled by any single authority. Dapps may not be served from one central server, but instead can live on the network. Regular apps have all their data coming from their own company servers and have one single authority. They require a user login that collects your personal identity data (name, birthdate, address, etc.). In contrast, Dapps can work off the blockchain to function and simply require a private address (a random string of characters that holds no personal information) for users to log in.
Dapps are critical because they can be used to connect buyers and sellers in marketplaces, for sharing or storing files, maintaining a virtual currency, and executing smart contracts all in a system devoid of complete ownership or censorship. Some existing Dapps include image upload and storage tools, ad servers, security tools, and crowdfunding platforms. Other commonly used Dapps are digital wallets, that serve as a tool for managing and using Ether.
How do I Create a Dapp?
To create a dapp for Ethereum Classic you must program one in a smart contract programming language. Then, you must compile that dapp and install it on the blockchain from a funded account.
How do I acquire Ethereum Classic?
You can purchase ETC on numerous exchanges. You can also mine ether.
What smart contract programming languages are there?
What is mining?
There are computational tasks involved in adding blocks of transactions to the blockchain. Computers on the Ethereum Classic network that voluntarily perform these tasks get a reward of ether. For security reasons, miners compete to complete these tasks first and win these rewards. This effort is referred to as mining.
What is proof of work information?
Simplified: The proof of work (POW) system is a measure to deny attacks on a blockchain network. It requires work and more processing time from the requestor (computer). This protocol is in place to disallow spam on a blockchain network, deter other abuses such as double-spending, and confirm that a new block is found/formed. ETC is just one example of a coin that utilizes the POW protocol. One important property of a block in Classic and many other crypto-ledgers is that the hash of the block must be smaller than some target value. The reason this is necessary is that in a decentralized system anyone can produce blocks, so in order to prevent the network from being flooded with blocks, and to provide a way of measuring how much consensus there is behind a particular version of the blockchain, it must in some way be hard to produce a block. Because hashes are pseudorandom, finding a block with a hash that has less than 64 bytes takes an average of 4.3 billion attempts. In all such systems, the target value self-adjusts so that on average one node in the network finds a block every N minutes (eg. N = 10 minutes for Bitcoin and .2 minute for Ethereum Classic).
What is a coinbase?
A coinbase is a special transaction, in every block, that creates new ether added to an account selected by the miner of that block. It can also refer to the primary account of a user.
What is an uncle?
In a blockchain system, some blocks are mined that are not on the longest chain; this is because some miners and mining pools are not 100% synchronized. Several miners compete to submit blocks to the blockchain. Inevitably some miners will lose this competition. While the Ether reward goes to the block that solved the hash quickest and the growth of the blockchain proceeds from that newly minted block, these "uncle" blocks do not simply languish. In Ethereum, miners are rewarded (at a lower percentage) for producing uncles. This helps to encourage decentralization in mining. The blockchain references the losing blocks to make the blockchain more secure. These losing blocks that contribute to the security of the blockchain are referred to as uncles. The term comes from the fact that blocks have preceding parent blocks. The losing blocks are not parents but are still related to the parents. Hence they are like uncles.
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What is an Exchange
An exchange is a marketplace in which securities, commodities, derivatives, and other financial instruments are traded.
Virtual currency exchanges allow their customers to trade digital currencies, commodities, and assets – usually for other virtual currencies, but also for other assets such as fiat money. Some exchanges allow for traditional assets, such as stock in a company, to be traded with digital currency.
Most trades on these virtual exchanges occur on a peer-to-peer basis. However, some exchanges permit direct purchase of Ether at market price. In others, the user is permitted to dictate what they are able to pay through the exchange’s buy-and-sell mechanism.