Ethereum Classic Key Points
- Ethereum Classic is a decentralized, open-source blockchain-based platform that supports smart contracts.
- It was created in 2016 after a hard fork in the Ethereum network, following the controversial DAO hack.
- Ethereum Classic maintains the original transaction history of the Ethereum blockchain, refusing to reverse transactions even in case of attacks.
- It uses Proof-of-Work consensus mechanism like Bitcoin and operates under the principle of “code is law”.
- Its native cryptocurrency is ETC.
Ethereum Classic Definition
Ethereum Classic is a cryptocurrency and open-source blockchain platform that preserves the original Ethereum blockchain’s transaction history and principles. It was created after a contentious hard fork in the Ethereum network in 2016, with its advocates arguing for blockchain immutability and the concept that “code is law”.
What is Ethereum Classic?
Ethereum Classic is a distributed computing platform based on blockchain technology that supports smart contracts. It is a fork of the original Ethereum blockchain, created in 2016 following the DAO hack. The Ethereum community decided to hard fork the blockchain to reverse the DAO attack, but a subset of the community chose to continue on the original chain, leading to the creation of Ethereum Classic.
It operates under the principle of “code is law” and subscribes to the belief in absolute blockchain immutability, meaning that transactions on the blockchain, once validated, cannot be changed or reversed.
Who Created Ethereum Classic?
Ethereum Classic wasn’t created by a specific individual or group. Instead, it emerged from a faction within the Ethereum community who disagreed with the decision to hard fork the Ethereum blockchain following the DAO hack.
This group, who were committed to the principles of blockchain immutability and “code is law”, decided to continue on the original Ethereum blockchain, which then became known as Ethereum Classic.
When Was Ethereum Classic Created?
Ethereum Classic was created in July 2016. This was in response to the decision by the Ethereum community to hard fork the blockchain to reverse the effects of the DAO attack that occurred in June 2016.
Those who disagreed with this decision continued on the original chain, which became Ethereum Classic.
Where Can Ethereum Classic Be Used?
As a decentralized platform that supports smart contracts, Ethereum Classic can be used in a wide range of decentralized applications (dApps).
It’s also utilized in various sectors such as finance, supply chain, and gaming. The ETC token, Ethereum Classic’s native cryptocurrency, can be used for transactions within the Ethereum Classic network, or traded on various cryptocurrency exchanges.
Why Was Ethereum Classic Created?
Ethereum Classic was created as a result of a disagreement within the Ethereum community over how to respond to the DAO hack.
The majority of the community supported a hard fork to reverse the DAO transaction and restore the stolen funds. However, a subset of the community believed in maintaining the principle of blockchain immutability and “code is law”, and thus continued on the original chain, leading to the creation of Ethereum Classic.
How Does Ethereum Classic Work?
Ethereum Classic works using a Proof-of-Work consensus mechanism, which requires miners to solve complex mathematical problems to validate transactions and add new blocks to the blockchain.
It supports smart contracts, self-executing contracts with the terms directly written into the code, which enables the creation of a wide range of decentralized applications. Ethereum Classic operates under the principle of “code is law”, meaning that once a transaction has been validated and added to the blockchain, it cannot be reversed or altered.
