Ethereum Classic Key Points
- Ethereum Classic is a decentralized, open-source blockchain-based platform.
- It is a derivative of the original Ethereum platform and operates independently.
- It supports smart contracts and distributed applications (dApps) just like Ethereum.
- Ethereum Classic maintains the original Ethereum blockchain code, rejecting the hard fork that was implemented to recover the DAO funds in 2016.
- The native cryptocurrency of Ethereum Classic is called ETC.
Ethereum Classic Definition
Ethereum Classic is a decentralized blockchain platform that runs smart contracts and supports a native cryptocurrency known as ETC. It is the original version of the Ethereum blockchain from which the newer Ethereum chain was forked following the DAO hack in 2016.
What is Ethereum Classic?
Ethereum Classic is a public, open-source, blockchain-based distributed computing platform. It features smart contract functionality that allows developers to build and deploy decentralized applications (dApps).
Ethereum Classic is the original chain of Ethereum and was created as a result of a hard fork in the Ethereum network following the DAO attack.
Unlike Ethereum, Ethereum Classic chose to preserve the integrity of the original blockchain, refusing to erase the impacts of the DAO attack from its history.
Who Created Ethereum Classic?
Ethereum Classic was not created by a specific individual or group. Instead, it is the result of a community decision.
When a major hacking incident known as the DAO attack occurred on the Ethereum network in 2016, a significant portion of the Ethereum community decided to perform a hard fork to recover the lost funds.
However, another portion of the community chose to maintain the original Ethereum blockchain, leading to the creation of Ethereum Classic.
When Was Ethereum Classic Created?
Ethereum Classic was created following the DAO attack, which occurred in June 2016.
The hard fork that created the new Ethereum chain happened on July 20, 2016, and the original blockchain continued as Ethereum Classic.
Where Can You Use Ethereum Classic?
Ethereum Classic can be used in any application or transaction where Ethereum would be used.
It supports smart contracts and decentralized applications (dApps), which can be used for a variety of purposes, including decentralized finance (DeFi), supply chain management, and many more.
ETC, the native currency of Ethereum Classic, can also be traded or used in transactions on various cryptocurrency exchanges.
Why Was Ethereum Classic Created?
Ethereum Classic was created as a result of a philosophical disagreement within the Ethereum community following the DAO hack.
A significant portion of the community believed that the blockchain should be immutable and that transactions, once validated and added to the blockchain, should never be erased or modified, even in the event of a hack.
Therefore, when the hard fork was implemented to erase the impacts of the DAO hack, these community members chose to continue with the original, “classic” Ethereum blockchain.
How Does Ethereum Classic Work?
Ethereum Classic works similarly to Ethereum. It uses a blockchain to store all transactions that occur on the network.
It also uses smart contracts, which are self-executing contracts with the terms of the agreement directly written into the code.
These smart contracts are used to create decentralized applications (dApps) that run on the network.
Ethereum Classic also uses a proof-of-work consensus mechanism, similar to Bitcoin, where miners compete to add new blocks to the blockchain.