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What is Ethereum Classic?

What is Ethereum Classic?

Launched in July 2016, Ethereum Classic is an open-source, public, blockchain-based distributed computing platform created from a hard fork in the Ethereum blockchain. As a network of smart contracts, Ethereum Classic is also a computer system that manages assets such as ATMs and Bitcoin systems, with the ability to host and support decentralized applications. Its native token is ETC. Ethereum Classic provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. It offers applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference. Ethereum Classic has been trying to set itself apart from Ethereum. Over time, the technology roadmaps of the two networks have become increasingly different from each other. After a major hacking event led to the theft of 3.6 million ETH, Ethereum Classic first set out to preserve the integrity of the existing Ethereum blockchain.

The creation of Ethereum Classic

Ethereum Classic is the legacy of Ethereum. As such, its real creators are the original Ethereum developers — Vitalik Buterin and Gavin Wood. In 2013, Vitalik Buterin published the Ethereum whitepaper. Following its launch in 2015, Ethereum became a world-renowned blockchain with a smart contract platform underneath. In 2016, the DAO (a decentralized autonomous organization) was hit by a major hacking, which led to the theft of $50 million worth of ETH. Back then, the Ethereum community was divided into two camps. On one side of the argument, members of the community supported the recovery of ETH through a hard fork and have the crypto assets returned to the original participants of crowdfunding. These community members gave rise to today’s Ethereum. The other side believed that the blockchain cannot be tampered with, and the original Ethereum code should be preserved, which is why Ethereum Classic was born. As such, Ethereum officially went through a hard fork, which led to the creation of the Ethereum Classic.

How Ethereum Classic works?

Like Bitcoin, Ethereum Classic also uses a Proof of Work (PoW) consensus mechanism to validate transactions. On Ethereum Classic, miners are responsible to keep the network secure. They process transactions and produce blocks with their own time and hashing power. While using the network, it is important to remember that transactions must follow an order. This is achieved by miners as they solve computationally difficult puzzles, which represents a way to protect the network against malicious attacks. Ethereum Classic isn’t only designed to replace payments but creates smart contracts and apps with which users can own and transfer ownership and interact. Allowing Turing-complete programming language means developers can write automated apps that can be supervised through conditional outcomes. Like all the other blockchains, it maintains a complete record of transaction history in a shared database. Moreover, Ethereum Classic also has the record of the most current state of all the smart contracts powered by the blockchain and users’ balances, which can be transferred digitally to another user’s wallet. All of the activities can be mined through the Proof of Work process. Due to the split, Ethereum Classic will not receive the ETH 2.0 update.

How to get Ethereum Classic?

You can get Ethereum Classic through mining. Miners who find a hash that matches the target will receive ETC, with a total supply of approximately 210,000,000 ETC. Meanwhile, as a cryptocurrency backed by a huge market cap, Ethereum Classic can be freely traded on a wide range of major exchanges. Exchanges that support the ETC purchase include Binance, OKEx, and Huobi Global.