humafinance#
ETC (Ethereum Classic): The Legacy of True Decentralization
Ethereum Classic (ETC), with its native digital currency ETC, represents 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 a contentious transaction was reversed. Ethereum Classic upholds the principles of "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 resulted in the theft of a large amount of Ether (ETH) at the time.
The Ethereum community was divided on how to handle this situation:
The majority (became the "new" Ethereum - ETH): chose to implement a hard fork to reverse the stolen transactions and return the funds to their rightful owners. This meant they altered the blockchain history to "undo" the hack.
The minority (became Ethereum Classic - ETC): rejected the idea of reversing the transactions, insisting that the blockchain should be immutable and that "Code is Law" - meaning the outcome of smart contracts, no matter the loophole, should be considered final. These are the ones who continued on the original blockchain,
