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Buy Ethereum Classic
Ethereum Classic
ETC
What is Ethereum Classic?
What Is Ethereum Classic (ETC)? It is a smart contract network, where developers build and run apps (called dApps, which are apps built on the blockchain rather than on the internet). The native token of this network is ETC.
Let’s break it down.
Understanding Ethereum Classic (ETC)
The origins: Ethereum Classic’s birth
Ethereum Classic was born in 2016 as a result of a significant event in the crypto world. To understand it, we need to rewind a bit.
The DAO hack
Imagine a digital organisation called The DAO (Decentralised Autonomous Organisation).
It was like a venture capital fund run by code on the Ethereum blockchain. People invested their money in The DAO, hoping for great returns. But then, disaster struck! A hacker exploited a flaw in The DAO’s smart contract and drained a massive amount of Ether (ETH).
The great divide
The Ethereum community faced a dilemma. Should they reverse the hack and return the stolen funds (like hitting the “undo” button)? Or should they stick to the principle that “Code is Law,” meaning that once a smart contract executes, its outcome is final?
The split
The community split into two camps: Majority Opinion and the Rebels.
Majority Opinion
Most people chose to reverse the hack, creating a new version of Ethereum (which we now know as Ethereum or ETH).
The Rebels
A smaller group believed in the original Ethereum vision. They stood by the unaltered history and the Proof-of-Work (PoW) consensus mechanism. This group became Ethereum Classic (ETC).
What makes Ethereum Classic unique?
Code Is Law
ETC sticks to the idea that smart contracts are like legal contracts. Once they execute, there’s no turning back. If you invest in a flawed project, you bear the consequences.
Decentralized governance
ETC’s smart contracts operate without intermediaries. No lawyers, no judges — just code. If conditions are met, the contract self-executes. If not, penalties apply.
Blockchain twins
Think of Ethereum as the older twin and Ethereum Classic as the younger one. They share DNA (the same codebase) but have different personalities. ETC retains the original Ethereum blockchain, while ETH has moved to Proof-of-Stake (PoS).
Smart contracts
What Are Smart Contracts? Imagine if contracts could execute themselves. They automatically enforce agreements when specific conditions are met.
Here are some everyday examples. Take real estate for example.
If the buyer pays the deposit by a certain date, the contract proceeds.
No lawyers are needed, the code does the job.
Smart contracts live on a distributed ledger (a fancy term for a shared database). No central authority controls them. They’re tamper-proof and transparent.
Conclusion: Ethereum Classic
Ethereum Classic is like the rebel sibling. It clings to the original Ethereum principles, even when the majority went a different way. So, next time you hear about ETC, remember, it’s the blockchain that believes in “Code is Law.”
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Frequently asked questions
What is Ethereum Classic?
Ethereum Classic (ETC) is a blockchain-based cryptocurrency platform that operates using smart contracts. It emerged in June 2016 as a result of a significant event in the crypto world.
What makes Ethereum Classic unique?
Code Is Law: ETC adheres to the idea that smart contracts are like legal contracts. Once they execute, there’s no turning back. If you invest in a flawed project, you bear the consequences.
Decentralized Governance: ETC’s smart contracts operate without intermediaries. No lawyers, no judges — just code. If conditions are met, the contract self-executes. If not, penalties apply.
Blockchain twins: Think of Ethereum as the older twin and Ethereum Classic as the younger one. They share DNA (the same codebase) but have different personalities. ETC retains the original Ethereum blockchain, while ETH has moved to Proof-of-Stake (PoS).
What are smart contracts?
Smart contracts automatically enforce agreements when specific conditions are met.
How does Ethereum Classic compare to Ethereum (ETH)?
Ethereum Classic and Ethereum (ETH) share a common origin — the original Ethereum blockchain. However, they diverged due to differing views on the DAO hack. While Ethereum embraced change, Ethereum Classic remained true to its roots.
Who created Ethereum Classic?
Ethereum Classic emerged organically from the Ethereum community. It wasn’t a planned split but rather a philosophical divergence.
What is the role of miners in Ethereum Classic?
Miners play a crucial role in securing the ETC network. They validate transactions, maintain the blockchain, and earn rewards for their efforts.
How does Proof of Work (PoW) work in Ethereum Classic?
ETC relies on PoW, where miners compete to solve complex mathematical puzzles. Successful miners add new blocks to the blockchain and receive ETC as a reward.
What is the Ethereum Classic Foundation?
The Ethereum Classic Foundation supports ETC development, education, and adoption. It aims to promote the principles of decentralisation and open-source collaboration.
What is the current Ethereum Classic price and market cap?
For real-time price information and market cap, check at the top of this page.
When was ETC started?
It was formed in July 2016 as a result of a split from the original Ethereum (ETH) network after a hack of a smart contract called The DAO. Unlike Ethereum, which shifted to a proof-of-stake (PoS) consensus mechanism, Ethereum Classic retains the unaltered history and the proof-of-work (PoW) consensus mechanism of the original Ethereum blockchain.
Who conceived ETC?
Ethereum Classic was originally known as Ethereum and was conceived by Vitalik Buterin and the Ethereum Foundation. It was launched in 2015. However, Ethereum Classic emerged as a separate entity after The DAO hack in 2016.
What is the Ethereum Classic blockchain?
This blockchain, like the Ethereum Network, supports smart contracts and decentralised apps. It maintains its own Ethereum Classic tokens.
How does Ethereum Classic facilitate smart contracts?
It allows developers to build and deploy self-executing smart contracts. These contracts operate on the blockchain without the need for external monitoring or censoring by a central authority.
What happened after The DAO hack?
The DAO hack caused a split in the Ethereum community. While some believed that The DAO’s investors should suffer the consequences of investing in a flawed project, the majority chose to roll back the blockchain, effectively creating a bailout for The DAO’s investors.
Ethereum Classic emerged as the name of the original, smaller blockchain, preserving the principle of “Code is Law” and retaining the Proof-of-Work consensus mechanism.
Are there Ethereum classic miners?
Yes. ETC relies on a network of miners to secure its blockchain and validate transactions.
Is there a price difference between Ethereum and Ethereum Classic?
Yes, there is a big difference. You can check the price of both cryptocurrencies at the top of their pages on CoinJar.
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