Ethereum Classic Summary
- Ethereum Classic (ETC) is a decentralized, open-source blockchain platform.
- It emerged from a hard fork of the original Ethereum blockchain in 2016.
- ETC maintains the original Ethereum code and philosophy of immutability.
- It supports smart contracts and decentralized applications (DApps).
- ETC operates using the Proof of Work (PoW) consensus mechanism.
- It aims to provide a secure, transparent, and censorship-resistant platform.
Ethereum Classic Definition
Ethereum Classic (ETC) is a decentralized, open-source blockchain platform that emerged from a hard fork of the original Ethereum blockchain in 2016. It maintains the original Ethereum code and philosophy of immutability, supporting smart contracts and decentralized applications (DApps) while operating on a Proof of Work (PoW) consensus mechanism.
What Is Ethereum Classic?
Ethereum Classic is a blockchain-based, open-source platform that allows developers to build and deploy decentralized applications (DApps).
It is essentially a continuation of the original Ethereum blockchain after a contentious hard fork in 2016.
The platform enables the execution of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code.
Who Is Involved With Ethereum Classic?
Ethereum Classic is maintained by a community of developers, miners, and users who believe in the principles of immutability and decentralization.
Several organizations and development teams contribute to the ETC ecosystem, including ETC Cooperative, IOHK, and ETC Labs.
These contributors work together to ensure the security and development of the platform.
When Did Ethereum Classic Originate?
Ethereum Classic originated in July 2016.
The hard fork occurred after a controversial event involving The DAO, a decentralized autonomous organization built on the Ethereum blockchain.
Following a significant security breach, the Ethereum community was divided on whether to reverse the blockchain to retrieve lost funds, leading to the creation of Ethereum Classic.
Where Is Ethereum Classic Used?
Ethereum Classic is used globally by developers, miners, and users who prioritize immutability and decentralization.
It serves as a platform for building and deploying decentralized applications (DApps) across various industries, including finance, supply chain, and gaming.
ETC is traded on numerous cryptocurrency exchanges and can be stored in a variety of cryptocurrency wallets.
Why Was Ethereum Classic Created?
Ethereum Classic was created to preserve the principle of immutability in blockchain technology.
The hard fork that resulted in Ethereum Classic was driven by a philosophical disagreement within the Ethereum community.
Proponents of Ethereum Classic believed that code is law and that the blockchain should not be altered, even in the case of a security breach.
How Does Ethereum Classic Work?
Ethereum Classic operates using the Proof of Work (PoW) consensus mechanism, similar to Bitcoin.
Miners solve complex mathematical problems to validate transactions and secure the network.
Smart contracts on Ethereum Classic are executed by the Ethereum Virtual Machine (EVM), which processes the contract’s code and ensures its proper execution.
ETC tokens are used to pay for transaction fees and computational services on the network.
