Ethereum Classic (ETC)
Ethereum Classic is a decentralized blockchain platform that allows developers to build and deploy smart contracts and decentralized applications (dApps). It emerged as a result of a hard fork from the original Ethereum network in 2016, making it one of the prominent cryptocurrencies with a focus on immutability.
History of Ethereum Classic
The DAO incident and the hard fork
The history of Ethereum Classic dates back to a pivotal moment in 2016 known as the DAO (Decentralized Autonomous Organization) incident. The DAO was a venture capital fund built on Ethereum, intended to democratize investment decisions. However, due to vulnerabilities in its code, a significant portion of its funds was exploited and redirected.
| Ticker | ETC |
| Category | Smart Contract Platform |
| Website | http://ethereumclassic.org |
| @ETC_Network | |
| Telegram | ETCnetwork |
| https://www.reddit.com/r/EthereumClassic |
In response, the Ethereum community proposed a hard fork to return the stolen funds to their original owners. While a majority supported the fork, a faction believed in the inviolability of the blockchain's ledger, maintaining that "code is law." This group opted to preserve the original blockchain, giving birth to Ethereum Classic.
The separation of Ethereum and Ethereum Classic
Post-fork, the two blockchains operated independently. Ethereum Classic retained the original Ethereum chain, while Ethereum continued with the new chain, implementing the changes to reverse the DAO exploit. Both networks shared the same history up to the point of the fork but have since evolved separately, with distinct communities and development paths.
How Ethereum Classic works
Blockchain technology and consensus mechanism
Like other cryptocurrencies, Ethereum Classic operates on a blockchain—a distributed ledger maintained by a network of nodes. It uses the Proof of Work (PoW) consensus mechanism, similar to Bitcoin, where miners validate and add transactions to the blockchain by solving complex mathematical problems. This process ensures network security and integrity.
Smart contracts and decentralized applications
Ethereum Classic supports smart contracts, which are self-executing contracts with the terms directly written into code. These contracts run on the Ethereum Virtual Machine (EVM) and facilitate, verify, or enforce the negotiation or performance of a contract without the need for intermediaries.
Developers can create decentralized applications (dApps) on the Ethereum Classic network, leveraging its smart contract capabilities. This supports a wide range of applications, from finance and gaming to supply chain management and more.
Ethereum Classic's ecosystem
Development community and governance
Ethereum Classic has a dedicated development community focused on maintaining and improving the network. The Ethereum Classic Cooperative is one of the key organizations supporting its development and promotion, aiming to ensure the sustainability and growth of the ecosystem.
The governance of Ethereum Classic is decentralized, with decisions made through community consensus. This structure emphasizes inclusivity and transparency, allowing stakeholders to have a voice in the network's future direction.
Compatibility and interoperability
Ethereum Classic maintains compatibility with Ethereum in terms of its programming language (Solidity) and smart contract functionality. This compatibility allows developers to port dApps between the two networks with relative ease, fostering interoperability within the broader blockchain ecosystem.