Ethereum Classic (ETC) is an open-source, public, blockchain-based distributed computing platform. It serves as a decentralized platform with a Turing-complete virtual machine, allowing global execution of scripts through a network of nodes.
Key Features of Ethereum Classic
- Decentralized Platform: Operates independently without central authority.
- Smart Contract Support: Enables self-executing contracts with predefined conditions.
- Classic Ether (ETC): The native cryptocurrency used for transactions and rewarding node operators.
- Gas System: Implements a fee mechanism to prioritize transactions and prevent network spam.
Core Technologies
| Technology | Description |
|---|---|
| Blockchain | Immutable ledger recording all transactions |
| EVM (Ethereum Virtual Machine) | Executes smart contracts across the network |
| Proof-of-Work (PoW) | Consensus mechanism securing the network |
The DAO Hack and Ethereum Classic's Origin
In 2016, a decentralized organization called The DAO raised over $150 million in ETH. A hacker exploited vulnerabilities, stealing 5% of ETH's circulating supply. The Ethereum community faced a critical decision:
- Pro-Fork: Advocates for reversing the hack via blockchain modification.
- Anti-Fork: Believed in preserving blockchain immutability.
After voting, 97% favored the hard fork, creating two separate chains:
- Ethereum (ETH): The new chain implementing changes.
- Ethereum Classic (ETC): The original chain maintaining immutability.
👉 Learn more about blockchain forks
Ethereum Classic vs. Ethereum
| Feature | Ethereum Classic (ETC) | Ethereum (ETH) |
|---|---|---|
| Philosophy | "Code is law" - immutable blockchain | Adaptive to community decisions |
| Supply Cap | 210 million ETC | No hard cap |
| Consensus | Proof-of-Work | Transitioned to Proof-of-Stake |
Development Milestones
| Date | Version | Significance |
|---|---|---|
| July 2015 | Frontier | Initial release |
| March 2016 | Homestead | First stable release |
| October 2016 | GasReprice | ETC becomes independent |
| December 2017 | Monetary Policy | Fixed supply implemented |
Frequently Asked Questions
What makes Ethereum Classic different?
ETC maintains the original Ethereum blockchain's principles of immutability and "code is law" philosophy, while ETH implemented changes after The DAO hack.
Is Ethereum Classic a good investment?
Like all cryptocurrencies, ETC carries risk. Its value proposition lies in its adherence to original blockchain principles and fixed supply model.
How can I acquire ETC?
👉 ETC can be purchased on major exchanges, mined, or obtained through participating in network activities.
What's ETC's relationship to Callisto?
Callisto (CLO) is a fork of Ethereum Classic focusing on additional security features and developer incentives.
Conclusion
Ethereum Classic represents the original vision of Ethereum - a truly immutable blockchain platform. While less prominent than ETH, ETC maintains a dedicated community valuing decentralization principles above all. Its fixed supply and Proof-of-Work consensus continue to attract developers and users seeking alternatives to Ethereum's evolving roadmap.