What is Ethereum Classic ?
Ethereum Classic is a split of the Ethereum-Cryptocurrency, which separated after a hack of the Ethereum-network.
Ethereum Classic Definition
The original Ethereum has the goal of building a network which runs the programming code of any decentralized application by using smart contracts. One application was the DAO, a decentralised venture-capital-fund which was going to fund all future applications made in the Ethereum-ecosystem. In June 2016, the DAO was hacked by a bug in the code and 50 million USD in Ether were stolen. To respond to this theft, the Ethereum community has split into two parties: the Ethereum- and EthereumClassic-supporter. The Ethereum-supporters have decided to separate from the main blockchain at a point right before the DAO-hack. So a new blockchain with the old name Ethereum (ETH) was created, where the hack never happened.
For the Ethereum Classic supporters, this human intervention on the blockchain was unethical and did not fit into their view of a decentralized system. So they stayed on the original Blockchain and called it „Ethereum Classic“.
ETC has the same functionalities and features like Ethereum. Nevertheless, all heavyweights of the Ethereum community have moved to the new Ethereum-chain and Ethereum-Classic isn’t able to access any of the updates done by them.
History – Ethereum Classic Info
Founded: 2016 by a part of the Ethereum-community
– July 2015: release of the Ethereum platform
– June 2016: An anonymous entity stole 50 million USD in Ether – Solution: “hard fork” to reappropriate the stolen funds
– October 2016: Execution of the technical “hard-fork” with code implementations
– June 2017: ETC twittered that their classic ether-website had been hacked – the internet-security got improved
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