ETC (Ethereum Classic): The legacy of original decentralization
Ethereum Classic (Ethereum Classic), and its original digital currency ETC, represent a unique part of cryptocurrency history. ETC was born from a controversial hard fork of the original Ethereum network in 2016, representing the continuity of the original blockchain before the rollback of a controversial transaction. Ethereum Classic maintains the principles of 'code is law' (Code is Law) and provides a decentralized platform for smart contracts and decentralized applications (dApps).
The story behind Ethereum Classic
Ethereum Classic emerged as a result of a major hacking incident in 2016 that targeted a decentralized autonomous organization (DAO) built on the Ethereum blockchain. This hack led to the theft of a large amount of ether (ETH) at that time.
The Ethereum community was divided on how to handle this situation:
The majority (became the 'new' Ethereum - ETH): chose to conduct a 'hard fork' (a split in the chain) to reverse the stolen transactions and return the funds to their owners. This means they changed the history of the blockchain to 'roll back' the hack.
The minority (became Ethereum Classic - ETC): rejected the idea of reversing transactions, insisting that the blockchain should be immutable and that 'code is law' - meaning that the outcome of smart contracts, even if they contain a flaw, should be considered final. These are the ones who continued to use the original blockchain, which later became known as Ethereum Classic (Ethereum Classic).
How does Ethereum Classic work? (the underlying technology)
Ethereum Classic is very similar to the original Ethereum before it transitioned to Proof-of-Stake. ETC offers:
