Ethereum Classic (ETC)Ethereum Classic (ETC) 2016 6 DAO Like Bitcoin, no one controls or owns Ethereum Classic - it is an open source project built by people around the world. The design of Ethereum Classic is adaptive and flexible, and its goal is to make it easy to create new applications on the Ethereum Classic platform
Ethereum Classic (ETC)
Ethereum Classic (ETC) 2016 6 DAO
Like Bitcoin, no one controls or owns Ethereum Classic - it is an open source project built by people around the world. The design of Ethereum Classic is adaptive and flexible, and its goal is to make it easy to create new applications on the Ethereum Classic platform.
Ethereum (ETH) is essentially a hard fork of the blockchain, which is formed to return the funds withdrawn during the attack (about 50 million dollars).
History of Ethereum Classic
In the early days of Ethereum, a hacker successfully stole 50 million dollars worth of Ether coins overnight and almost escaped punishment. Its consequences triggered an ideological debate, led to the division of the Ethereum community, and shocked the Cryptocurrency community.
Will the community adhere to the principle of "code is the law" for strengthening smart contracts in the operating ecosystem, or will it make an exception to save the newly established community and return the stolen Ethereum to its legitimate owner?
The debate ended with a hard fork. As a result, the Ethereum blockchain split, and almost the entire community split with it, leaving behind the original core code and independent community.
The fork also reversed the transaction and returned the stolen funds to the original account. However, those who adhere to the spirit of "code is the law" still retain the original core code, which is today called Ethereum Classic (ETC).
The price of Ethereum Classic is related to other parts of the Cryptocurrency market, which means that as the value of some larger assets rises or falls, the price of Ethereum Classic will also rise or fall.
At present, although the price of ETH and the price of ETC change independently, the transaction price of Ethereum Classic is less than 10% of the price of Ethereum.
Ethereum Classic assumes that there is no hard bifurcation, and is supported by those who believe that the blockchain is completely immutable.
How does Ethereum Classic (ETC) work?
Ethereum Classic works like Ethereum (although the price of Ethereum Classic is quite different from that of Ethereum). It is based on Proof of work mining and smart contracts, but it does not share compatibility or updates with Ethereum Codebase.
This means that with the transition of Ethereum (ETH) from Proof of work to proof of equity, these updates will not necessarily occur with ETC unless the community develops them simultaneously and independently.
ETC enthusiasts claim that if other hacker or corruption events occur in the future, nothing can prevent Ethereum from implementing another hard fork.
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