What is Ethereum Classic (ETC)?
Ethereum Classic —— Product of Ethereum Fork at Block 1,920,000
- Ethereum Classic is a decentralized network that supports smart contracts. It was created by Vitalik Buterin in 2013. Following the DAO hack in 2016, several members of the Ethereum community rejected the idea of a hard-fork to revert transactions (and return funds to the DAO participants), leading to the split between Ethereum and Ethereum Classic.
- Ethereum Classic (ETC) parted away from Ethereum at block 1,920,000 (July 20th 2016) to retain the original version of the network, reinforcing the blockchain’s core characteristic of immutability. Since its ICO in 2015, Ethereum has relied on Proof of Work (PoW); Ethereum Classic shares its early history with its first (common) block being mined in July 2015.
- Like Ethereum, the network is fueled by a cryptocurrency named ether (classic). It comprises an open-source, globally decentralized computing infrastructure, which executes programs called smart contracts.
- Similarly, Ethereum Classic is based on an account model to record state changes. It relies on the Ethereum Virtual Machine (EVM) with two types of addresses: externally owned addresses (EOAs) and contract addresses that are deployed on the EVM.
- As of March 2020, Ethereum Classic’s hashrate is much lower than Ethereum’s and the level of on-chain activity is also inferior to Ethereum's. With Ethereum planning to part away from Proof-of-Work, Ethereum Classic plans on persisting as the immutable Proof of Work version of Ethereum.
Ethereum Classic Key Metrics
About Ethereum Classic
Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum Classic also provides a value token called "classic ether", which can be transferred between participants, stored in a cryptocurrency wallet and is used to compensate participant nodes for computations performed. The classic ether token is traded on cryptocurrency exchanges under the ticker symbol ETC. Gas, an internal transaction pricing mechanism, is used to prevent spam on the network and allocate resources proportionally to the incentive offered by the request.
The Ethereum platform has been forked into two versions: "Ethereum Classic" (ETC) and "Ethereum" (ETH). Prior to the fork, the token had been called Ethereum. After the fork, the new tokens kept the name Ethereum (ETH), and the old tokens were renamed Ethereum Classic (ETC). Ethereum Classic appeared as a result of a disagreement with the Ethereum Foundation regarding The DAO Hard Fork. It united members of the Ethereum community who rejected the hard fork on philosophical grounds. Users that owned ETH before the DAO hard fork (block 1920000) own an equal amount of ETC after the fork.
Ethereum Classic passed a technical hard fork to adjust the internal prices for various opcodes of the Ethereum Virtual Machine (EVM) on October 25, 2016, similar to the hard fork committed by Ethereum a week previously. The purpose of the hard fork was a more rational distribution of payments for resource-intensive calculations, which led to the elimination of the favorable conditions for attacks that were previously conducted on ETH and ETC. A hard fork held at the beginning of 2017 successfully delayed the "bomb complexity" that was added to the Ethereum code in September 2015 with a view of exponentially increasing the complexity of mining and the process of calculation of new network units. In late 2017, a hard fork occurred which changed the monetary policy with unlimited emissions to a system similar to Bitcoin.
Ethereum Classic Project Team
Ethereum Classic is in fact the legacy chain of Ethereum, and its true creators are therefore the original Ethereum developers — Vitalik Buterin and Gavin Wood.
ETC Labs: ETC Labs attempts to ‘fulfill the promise of blockchain to improve people’s lives using Ethereum Classic”, with a focus on establishing partnerships and incubating start-ups.
ETC Core: ETC Core delivers infrastructure tooling and maintains both the Core-GETH client & the EVM-LLVC backend project.
ETC Cooperative: ETC Cooperative supports the growth and development of Ethereum Classic on three fronts: development, marketing, and community.
ChainSafe: ChainSafe is a team of developers working on web3 solutions and the development of an infrastructure to solve client needs.
Input Output Hong Kong (IOHK): IOHK (the main entity supporting Cardano) supports Mantis, a node client for Ethereum Classic, which allows users to manage their ETC.
Ethereum Classic Project Highlight
- Cannot be tampered with: ETC cannot be tampered with by others. This feature is the common thought creed of ETC and Bitcoin, Litecoin and other cryptocurrencies. Some blockchains believe in different ideological beliefs (such as "ruling management"). These blockchains allow participants to vote on the account balances of others based on their social and economic influence. The rich and celebrities in the system are Money has the final say. And such things will never happen in ETC. This is the foundation of ETC. Historical precedents have proved that this is indeed the case.
- Efficient transfer: ETC allows efficient value transfer (more efficient than Bitcoin and other forms of Bitcoin), focuses on IoT applications, and runs a mathematically verified Ethereum Virtual Machine (EVM). This means that ETC is very much in line with the original idea: to become an efficient exchange medium connecting different devices in the world.
- Decentralization: Many blockchain communities have a centralized leadership, which means that a small number of people at the top of the pyramid make decisions on behalf of others. The ETC community avoids this architecturally. The responsibilities for development and discussion are assigned to different people. This avoids the unfair form of "ruling management", which can easily affect other blockchains.