What is Ethereum Classic (ETC)
Ethereum Classic (ETC) is a decentralized, open-source blockchain platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference.
ETC is a continuation of the original Ethereum blockchain - the classic version - that opposed a hard fork that occurred in 2016. While the new Ethereum (ETH) blockchain adopted the hard fork and made changes to its code, Ethereum Classic maintained the original code and principles of the Ethereum network, including the concept of immutability, or the inability to change previous transactions. ETC is considered by some to be the "pure" version of Ethereum, as it does not incorporate the changes made in the hard fork.
The History of Ethereum Classic
Ethereum was founded in 2013 by Vitalik Buterin, a Russian-Canadian programmer and co-founder of Bitcoin Magazine. The Ethereum network was launched in 2015, and it quickly gained popularity for its use of smart contracts, which allow for the automation of complex processes and agreements.
In 2016, the Ethereum network was subject to a hack in which a vulnerability in a decentralized autonomous organization (DAO) resulted in the loss of approximately $50 million worth of Ether (ETH), the cryptocurrency of the Ethereum network. In response to the hack, the Ethereum community proposed a hard fork, or a change to the Ethereum protocol, to reverse the hack and recover the stolen funds.
However, a portion of the Ethereum community opposed the hard fork, arguing that it went against the principle of immutability, or the inability to change previous transactions, which is a key tenet of blockchain technology. This group of Ethereum supporters continued to use the original Ethereum blockchain, now known as Ethereum Classic (ETC). The new Ethereum blockchain, which adopted the hard fork and made changes to its code, is the version of Ethereum that is more widely known and used today.
The Pros and Cons of Ethereum Classic
Decentralization: One of the key advantages of Ethereum Classic is its decentralized nature. The Ethereum Classic network is not controlled by any single entity, which means that it is resistant to censorship and is not subject to the influence of any single party.
Strong community: Ethereum Classic has a strong and active community of developers, users, and supporters who contribute to the development and promotion of the platform. This can help to ensure the long-term viability and success of the platform.
Ecosystem support: Ethereum Classic has a number of dApps (decentralized applications) and other projects built on top of it, which can help to increase its value and usefulness.
Limited adoption: Ethereum Classic has not gained as much mainstream adoption as Ethereum, which means that it may not be as easy to find exchanges or merchants that accept it.
Lack of upgrades: Unlike Ethereum, which has implemented a number of protocol upgrades and changes over time, Ethereum Classic has remained largely unchanged since its creation. This means that it may not have the same level of scalability and functionality as Ethereum.
Controversial history: The hard fork that created Ethereum Classic was the result of a disagreement within the Ethereum community over how to handle the hack of the DAO (Decentralized Autonomous Organization) in 2016. As a result, Ethereum Classic is seen as the "original" Ethereum by some, while others view it as a controversial and inferior version of Ethereum.
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