Ethereum Classic is a smart contract platform that enables developers to build decentralized applications (dapps) on its blockchain. Ethereum Classic is identical to Ethereum except for one key difference: it does not support the hard fork that occurred on the Ethereum blockchain in 2016. This fork was implemented to bail out investors who lost money in The DAO hack. The DAO was a decentralized autonomous organization built on the Ethereum blockchain that raised over $150 million in ether (ETH) from investors.
However, an unknown attacker exploited a flaw in The DAO’s code to siphon off one-third of the funds raised. To prevent the attacker from draining any more funds, the Ethereum community decided to hard fork the Ethereum blockchain, which created two separate blockchains: Ethereum (ETH) and Ethereum Classic (ETC). .
Ethereum Classic continued on the original blockchain, while Ethereum implemented the hard fork and moved to a new blockchain. The hard fork allowed investors who lost money in The DAO hack to get their ETH back.
However, those who held ETH on the original blockchain before the hard fork did not receive their ETH back. They instead received an equal amount of ETC on the new chain.
So, what is Ethereum Classic? It is simply the original Ethereum blockchain that did not implement the hard fork following The DAO hack. Those who hold ETC believe that bailing out investors who lost money in The DAO hack goes against the principles of decentralization and immutability that are supposed to be inherent in blockchains.
What Is Ethereum Classic Cad?
Ethereum Classic Cad is simply the Canadian dollar value of Ethereum Classic (ETC). ETC is a cryptocurrency that trades on cryptocurrency exchanges.
Its price is denominated in US dollars (USD), but its value can be calculated in any currency.