About Ethereum Classic (ETC)
Ethereum Classic (ETC) is an open-source decentralized computing platform and cryptocurrency that 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 a new forked blockchain, some wanted to maintain the original network, with the underlying belief that “Code is Law”.
Remaining on the blockchain would have meant that investors weather the economic effect of the DAO, but the bailout was commenced and investors made whole, by moving to the new blockchain.
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 updates to the Ethereum network, such as the Ethereum Merge.
Ethereum Classic also maintains the Proof-of-work blockchain consensus model while Etherem moved to Proof-of-stake in the second phase of a three phase Merge which is expected to be completed sometime later in 2023. ETC price is updated and available in real time on Binance.
