Ethereum Classic Definition
Ethereum Classic is a decentralized, open-source blockchain platform that features smart contract functionality. It is a hard fork of the original Ethereum blockchain that was created in 2016 following a disagreement in the Ethereum community after a major hacking incident, known as the DAO attack. Ethereum Classic maintains the original history of the Ethereum blockchain, unaltered by the hard fork, and operates on the principle of “code is law”.
Ethereum Classic Key Points
- Ethereum Classic is a version of the Ethereum blockchain that adheres to the original principles of the Ethereum project.
- It was created as a result of a hard fork in 2016 following the DAO attack.
- Ethereum Classic supports smart contracts and decentralized applications (dApps).
- It operates on the principle of “code is law”, meaning that transactions on the blockchain are irreversible.
- The native cryptocurrency of Ethereum Classic is ETC.
What is Ethereum Classic?
Ethereum Classic is a blockchain platform that supports smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. It is a hard fork of the original Ethereum blockchain, created in 2016 after a major hacking incident known as the DAO attack. The attack resulted in a split in the Ethereum community, with one group choosing to reverse the transactions related to the hack (resulting in the current Ethereum blockchain), and the other group choosing to maintain the original blockchain history (resulting in Ethereum Classic).
Why was Ethereum Classic created?
Ethereum Classic was created following the DAO attack in 2016, where approximately $50 million worth of Ether was stolen due to a vulnerability in the DAO’s smart contract code. In response to the attack, the Ethereum community was split into two groups. One group advocated for a hard fork to reverse the transactions related to the hack, while the other group argued that the blockchain should remain immutable, as per the original principles of the Ethereum project. This disagreement resulted in a hard fork, creating two separate blockchains – Ethereum and Ethereum Classic.
How does Ethereum Classic work?
Ethereum Classic works in a similar way to the original Ethereum blockchain. It uses a Proof-of-Work consensus mechanism, where miners compete to solve complex mathematical problems in order to add new blocks to the blockchain. Ethereum Classic also supports smart contracts and decentralized applications (dApps), allowing developers to build and deploy their own applications on the Ethereum Classic blockchain.
Who uses Ethereum Classic?
Ethereum Classic is used by a variety of individuals and organizations. This includes developers who build and deploy dApps on the Ethereum Classic blockchain, miners who secure the network and validate transactions, and investors who buy and hold ETC, the native cryptocurrency of Ethereum Classic.
When was Ethereum Classic created?
Ethereum Classic was created in July 2016, following the DAO attack.
Where can Ethereum Classic be used?
Ethereum Classic can be used anywhere that supports the Ethereum Classic blockchain. This includes various cryptocurrency exchanges, wallet services, and dApp platforms. ETC, the native cryptocurrency of Ethereum Classic, can also be used for transactions and as a store of value.
