Ethereum Classic: everything you need to know about ETC
Axel has been immersing himself in the world of crypto and blockchain for quite some time, which he then translates into understandable articles.
Ethereum Classic facts
Proof of Work
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What is Ethereum Classic?
Ethereum Classic (ETC) is an open-source, decentralized blockchain platform that executes smart contracts and enables the creation of decentralized applications (dApps). It emerged as a result of a split within the Ethereum community following a hack in 2016 and continues to build upon the original Ethereum blockchain. ETC has its own separate community and supports its ecosystem of developers and users.
Features of Ethereum Classic
Ethereum Classic is an open-source, decentralized blockchain platform that is suitable for smart contracts and decentralized applications (dApps). It originated from a split within the Ethereum community following a hack in 2016 and continues to build upon the original Ethereum blockchain. ETC has its own separate community and supports its ecosystem of developers and users.
Ethereum Classic places a strong emphasis on decentralization and immutability, meaning that the blockchain's data remains unaltered. It believes in preserving the original blockchain and does not make changes to it.
How does Ethereum Classic work?
Ethereum Classic operates based on a decentralized network of nodes. These nodes synchronize the blockchain and validate the authenticity of transactions. The network uses a Proof of Work (PoW) consensus to validate and add new blocks to the blockchain. This means that miners work on solving complex computational problems to create new blocks and prove their work. Once added, transactions cannot be modified or removed, ensuring the immutability of the blockchain.
On ETC, developers can write smart contracts that automatically execute when certain conditions are met. This enables the creation of decentralized applications such as Decentralized Autonomous Organizations (DAOs) and stablecoins.
Ethereum Classic (ETC) is an open-source platform, allowing anyone to view, enhance, and customize the code and technology behind the platform. This extends the platform's reach and enables innovative work on the future of blockchain technology.
How did Ethereum Classic originate?
Ethereum Classic emerged in 2016 following a dispute within the Ethereum community over how to address the DAO hack. The DAO (Decentralized Autonomous Organization) was a decentralized investment fund built on the Ethereum platform. In June 2016, the DAO was hacked, resulting in the misappropriation of a portion of the funds.
Some members of the Ethereum community advocated for a hard fork of the blockchain, which would alter the blockchain to refund the misappropriated funds. Others argued in favor of preserving the original blockchain without modifications. Ultimately, this dispute led to a hard fork of the Ethereum blockchain, with the original blockchain remaining intact and the new blockchain being known as Ethereum (ETH). The original blockchain became Ethereum Classic (ETC).
Since then, Ethereum Classic has evolved as a separate blockchain with its own community and ecosystems, regarded as a decentralized, immutable, and open-source platform for the development of decentralized applications.
The ETC token
Similar to ETH on Ethereum, ETC is used as "gas" on the network to pay for transactions on the blockchain network. In contrast to Ethereum, the ETC token has a limited maximum supply of 210.7 million ETC, approximately ten times that of Bitcoin (BTC), which uses the same Proof of Work (PoW) consensus.
The Technology Behind ETC
Ethereum Classic is a decentralized network of nodes that synchronize and validate the blockchain. It utilizes the Proof of Work consensus algorithm, where miners perform complex calculations to create new blocks and prove their work. Once added, transactions are immutable, ensuring the blockchain's tamper resistance.
Ethereum Classic also supports smart contracts, code that automatically executes under specific conditions. This allows developers to easily build decentralized applications like DAOs and stablecoins.
Ethereum Classic is open-source, enabling developers to customize the code and technology, fostering innovation in blockchain technology. The platform uses the Solidity programming language, specifically designed for smart contracts on Ethereum.
The Ethereum Classic ecosystem
The Ethereum Classic (ETC) ecosystem is a collection of developers, users, businesses, and services organized around the Ethereum Classic blockchain platform. The ecosystem aims to create a decentralized infrastructure for the development and execution of smart contracts and decentralized applications (DApps).
The Ethereum Classic ecosystem includes:
- Developers: A group of developers building software and applications on the Ethereum Classic platform, including smart contracts, decentralized exchanges, wallets, and other applications.
- Users: Individuals and organizations using the applications and services built on the Ethereum Classic platform.
- Businesses: Companies offering products and services based on the Ethereum Classic platform, such as exchanges, wallets, and cloud services.
- Community Initiatives: Community initiatives and projects focused on promoting and improving the Ethereum Classic ecosystem.
The entire Ethereum Classic ecosystem collaborates to develop and enhance the platform while creating a healthy and growing decentralized infrastructure. The ecosystem is open-source, allowing all members to participate and contribute to the platform's development.
Benefits of Ethereum Classic
Ethereum Classic offers several unique advantages that distinguish it from other blockchains:
- Low transaction costs.
- Fully decentralized: No central authority can control or govern the blockchain.
- The platform facilitates the development of various types of DApps and smart contracts.
- Strong community focus, contributing to greater adoption and innovation.
- Open-source: ETC is open-source, allowing developers to view, modify, and enhance the code. This contributes to greater transparency and strengthens the platform's security and stability.
Drawbacks of Ethereum Classic
Ethereum Classic also has some disadvantages to consider:
- Smaller community with less activity and liquidity.
- Limited compatibility: ETC does not always integrate well with other blockchain platforms and DApps, making it more challenging to interoperate with other systems.
- Weak governance due to strong decentralization.
Who is the founder of Ethereum Classic?
There is no individual founder of Ethereum Classic. The platform originated as a hard fork of the Ethereum blockchain network, which was originally founded by Vitalik Buterin. ETC emerged as a result of a conflict within the Ethereum community, with some members believing in the immutable preservation of the blockchain, leading to the creation of Ethereum Classic.
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