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What is Ethereum Classic?

Ethereum Classic is an open source, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine (EVM).

Ethereum Classic maintains the original, unaltered history of the Ethereum network. The Ethereum project's mainnet initially released via Frontier on 30 July 2015. However, due to a hack of a third-party project, the Ethereum Foundation created a new version of the Ethereum mainnet on 20 July 2016 with an irregular state change implemented that erased The DAO theft from the Ethereum blockchain history. The Ethereum Foundation applied their trademark to the new, altered version of the Ethereum blockchain; Ethereum (ticker: ETH). The older, unaltered version of Ethereum was renamed and continued on as Ethereum Classic (ticker: ETC).

What is Ethereum Classic faucet?

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.

Sources: Wikipedia, YouTube