About Ethereum Classic (ETC)
Ethereum Classic (ETC) is an open-source, decentralized computing platform and cryptocurrency launched as an alternative to the Ethereum network in 2016. Much like Ethereum, Ethereum Classic offers smart contract functionality and supports the deployment and use of decentralized applications (DApps).
The launch of Ethereum Classic came after the 2016 Ethereum DAO hack, which resulted in a fork of the Ethereum blockchain. The Ethereum network as it exists today is the forked chain, while Ethereum Classic is the original chain upon which the DAO hack occurred.
When the hack took place, the community raised a vote, and while it was decided by the Ethereum DAO community that the network would move over to the new forked blockchain, some wanted to maintain the original network, with the underlying belief that “Code is Law.” Had all the investors stayed on the blockchain, it would have impacted the DAO economically. However, they were able to recover their losses by transferring to a new blockchain through a bailout.
Both Ethereum Classic and Ethereum are similar in many ways. Like Ethereum, Ethereum Classic makes it possible to issue ERC-20 standard tokens. Ethereum Classic, however, is incompatible with upgrades to the Ethereum network, such as the Ethereum Merge. Another difference is that while Ethereum Classic maintains the Proof-of-Work consensus model, Ethereum moved to Proof-of-Stake. The price of ETC is updated and available in real time on Binance.
