Ethereum Classic is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum Classic is a continuation of the original Ethereum blockchain – the classic version preserving untampered history; free from external interference and subjective tampering of transactions.
The fork occurred on July 20, 2016, at block 1,920,000 on the Ethereum network. This split resulted in two separate Ethereum-based blockchains: Ethereum (ETH) and Ethereum Classic (ETC).
The fork was the result of a disagreement among members of the Ethereum community over how to best deal with the DAO hack. The DAO was a decentralized autonomous organization built on top of the Ethereum blockchain that raised over $150 million worth of ether in May 2016.
Shortly after it launched, an attacker exploit a flaw in its code and drained almost one-third of its funds.
The hacker’s actions left theDAO’s remaining ether funds in a child DAO. To prevent the child DAO’s ether from being stolen as well, the Ethereum Foundation proposed a hard fork of the Ethereum blockchain that would refund the ether to the original DAO investors.
NOTE: WARNING: Ethereum Classic is a separate cryptocurrency that was created as a result of a split in the Ethereum blockchain. It is important to be aware of the risks associated with investing in Ethereum Classic, as there is no guarantee that it will succeed or that its value will increase. Additionally, Ethereum Classic may become subject to hard forks at any time, which can cause disruption and result in the loss of funds.
This hard fork was implemented on July 20, 2016.
However, not everyone in the Ethereum community agreed with this decision. Some members believed that this hard fork goes against the principles of decentralization and immutability that are key to cryptocurrency.
These members refused to upgrade their software and continued to use the original Ethereum blockchain, now called Ethereum Classic.
Since then, both ETH and ETC have continued to exist as separate blockchains. They both have their own communities and development teams working on different projects.
ETH is the native currency of the Ethereum network and is used to pay transaction fees and gas costs. ETC does not have its own native currency and instead uses gas to pay for transaction fees.
The main difference between ETH and ETC is their philosophy on immutability and decentralization. ETH supports immutable smart contracts and decentralized applications, while ETC focuses on preserving immutability even if it means sacrificing decentralization.
10 Related Question Answers Found
In March of 2016, the Ethereum network experienced a hard fork that resulted in the creation of Ethereum Classic (ETC). The hard fork was the result of a hack that took place on the DAO, a decentralized autonomous organization built on top of the Ethereum network. The hack resulted in the loss of over $50 million worth of Ether, and the hard fork was implemented in an effort to recover the lost funds.
Ethereum was invented in 2015 by Vitalik Buterin, a Russian-Canadian programmer. Buterin had proposed the creation of Ethereum in a white paper in 2013. The Ethereum network went live on July 30, 2015.
Ethereum push was launched on July 30, 2015. It is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is used to build decentralized applications (dapps) on its platform.
In July of 2014, Ethereum ICO took place and raised $18.4 million in Bitcoin, which was the largest ICO at that time. The Ethereum Foundation released the Ethereum white paper in November of 2013. The project was led by Vitalik Buterin, who was a co-founder of Bitcoin Magazine.
Ethereum, the world’s second-largest cryptocurrency by market capitalization, reached an all-time high on January 11, 2018, with a market cap of $132 billion. The price of ETH surged to $1,419.
79, following a major rally that began in early December 2017. The Ethereum network is a decentralized platform that runs smart contracts and enables developers to build decentralized applications (dapps).
Ethereum started its journey in 2015 when it was first introduced to the world. At that time, Ethereum was priced at $0.30. In the following years, Ethereum saw a lot of price fluctuations.
In 2013, Vitalik Buterin was working on a white paper that proposed a new platform for decentralized applications. This new platform would later become known as Ethereum. Buterin had been interested in Bitcoin since 2011, and he had been involved in the development of several other cryptocurrencies.
In 2014, a 19-year-old Russian-Canadian programmer named Vitalik Buterin created Ethereum, a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.
On December 17, 2019, CME Group, the world’s leading and most diverse derivatives marketplace, launched Ethereum futures. The new contract will be cash-settled, based on the CME CF Ether-Dollar Reference Rate (BRR), which aggregates trade data from digital currency exchanges around the world. Ethereum is the second-largest cryptocurrency by market capitalization, behind only Bitcoin.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is still in its early stages of development and is not yet ready for mass adoption. However, the potential of Ethereum is immense.
