Ethereum Classic Latest News
- What Ethereum Classic Traders Should Watch Heading Into The Weekend By Benzinga
- What Ethereum Classic Traders Should Watch Heading Into The Weekend - Benzinga
- Cryptocurrency Ethereum Classic Decreases More Than 4% Within 24 hours By Benzinga
- In Crypto: Shopify merchants can now accept crypto payments - Business Cloud
- Cryptocurrency Flow Decreases More Than 6% Within 24 hours - Benzinga
- Ethereum [ETH] attempting to sustain itself over $2k level thanks to... - AMBCrypto
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- Taxation of Bitcoin, Ether, Litecoin and Co.: Taxable income for cryptocurrencies - Crypto News BTC
- Hong Kong's First blockchain Based Play-to-Earn Game Guild Goes Live - CoinTrust.com
- The Luna Founder was fined $108.5 million for evading taxes in Korea - TheCryptoUpdates
- It's all decentralized until someone gets rekt - CoinGeek
- Is SC's Trend Waning? Oscillators Suggest So - CFDTrading
- Litecoin stays below a downside resistance line - Crypto News BTC
- Looking at PoW Mining Prospects from LUNA's Plunge - Digital Journal
What Is Ethereum Classic (ETC)?
Ethereum Classic (ETC) is a hard fork of Ethereum (ETH) that launched in July 2016. Its main function is as a smart contract network, with the ability to host and support decentralized applications (DApps). Its native token is ETC.
Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmap diverging further and further from each other with time.
Ethereum Classic first set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH.
Who Are the Founders of Ethereum Classic?
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.
A contentious hard fork on Ethereum occurred in July 2016, when participants disagreed over whether to revert the blockchain to cancel out the effects of a major hack. This impacted The DAO, a decentralized autonomous organization (DAO) which had raised approximately $150 million in an initial coin offering (ICO) several months earlier.
Ethereum Classic came into being as the network which did not revert the chain. Developers state that there is no “official” team attached to the project, and that its “global development community is a permissionless ‘do-ocracy,’ where anyone can participate.”
What Makes Ethereum Classic Unique?
Ethereum Classic’s main aim is to preserve the Ethereum blockchain as it originally was, without artificially countering the DAO hack.
Its appeal was first to those who disagreed with Ethereum’s response, but the legacy network has since gained a wider fan base, which include major investors such as Barry Silbert, CEO of investment firm Grayscale.
As a voluntary organization, the developers of ETC do not aim to turn the network into a for-profit entity. Users pay transaction fees as with Ethereum, and miners collect them based on work done as per the proof-of-work (PoW) mining algorithm.
Unlike Ethereum, Ethereum Classic has no plans to convert to a proof-of-stake (PoS) mining algorithm, while multiple developers continue to work on future improvements such as scaling solutions.
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