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|EC-UserId-347123||202 satoshi||2021-10-25 18:55:53|
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Ethereum Classic is an open-source, decentralized, blockchain-based distributed cryptocurrency platform that runs smart contracts. Ethereum Classic was formed in 2016 as a result of a hack of the network. The original Ethereum blockchain was split in two with Ethereum Classic being the original and Ethereum being the newer blockchain. Based on the principle of “Code is Law,” smart contracts are self-executing autonomous digital applications, which are capable of running on their own as programmed. Examples of such applications include automatic teller machines (ATM) and the Bitcoin system.
Ethereum Classic faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth ETC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies. Rewards are dispensed at various predetermined intervals of time. Faucets usually give fractions of a Ethereum Classic, but the amount will typically fluctuate according to the value of Ethereum Classic.
Faucets are a great way to help introduce new people to Ethereum Classic, or to your favourite altcoin. Many faucets provide information to newbies as well as offering them some free coins so that they can try before they buy, experimenting with a test transaction or two before putting real money on the line. Since this whole area is so new and a bit scary to some people, who perhaps don't quite trust it with their hard earned cash yet, this is a great way to promote digital currency and bring in new users.
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