In this article, We learn about "Ethereum Classic (ETC)".Let's Go!
Ethereum Classic (ETC) is a cryptocurrency that is a continuation of the original Ethereum blockchain after the DAO attack in June 2016.
Ethereum Classic is a decentralized blockchain platform that allows anyone to build and use decentralized applications that run on blockchain technology.
As with Bitcoin, no one controls or owns Ethereum Classic - it's an open-source project built by people all over the world.
Ethereum Classic is designed to be adaptable and flexible, with the goal of making it easy to create new applications on the Ethereum Classic platform
Ethereum (ETH) was essentially a hard fork of the blockchain formed to refund the funds (approximately $50 million) that were siphoned off during the attack.
The History of Ethereum Classic
In the early days of Ethereum, a hacker managed to steal $50 million worth of ether overnight and narrowly escaped punishment.
The aftermath sparked an ideological battle that split the Ethereum community and shook the cryptocurrency community.
In the case of hardened smart contracts running the ecosystem, will the community stick to the principle that “code is law” or will they make an exception to save the fledgling community and return the stolen ether to its rightful Have rights to owners?
The debate ends with a hard fork. The result was a split in the Ethereum blockchain and nearly the entire community, leaving the original core code and a separate community.
The fork also reversed the transaction and returned the stolen funds to the original account. But those who adhere to the "code is law" spirit still retain the original core code, which is today's Ethereum Classic (ETC).
The price of Ethereum Classic is correlated with the rest of the cryptocurrency market, meaning that as the value of some larger assets rises or falls, so does the price of Ethereum Classic.
Currently, while the price of ETH and the price of ETC move independently, Ethereum Classic is trading at less than ten percent of the price of Ethereum.
Ethereum Classic assumes no hard forks happen and is supported by those who believe in the complete immutability of the blockchain.
How does Ethereum Classic (ETC) work?
Ethereum Classic works just like Ethereum (although the price of Ethereum Classic is very different from the price of Ethereum).
It’s built on proof-of-work mining and smart contracts, but it doesn’t share compatibility or updates with the Ethereum (ETH) codebase.
This means that as Ethereum (ETH) transitions from Proof-of-Work to Proof-of-Stake, these updates will not necessarily happen with ETC unless the community develops them simultaneously and independently.
ETC enthusiasts claim that there is nothing to prevent Ethereum (ETH) from implementing another hard fork if other hacks or corruption incidents occur in the future.
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