$ETH ___ Ethereum Classic (ETC): The Original Ethereum
Ethereum Classic (ETC) is a decentralized, open-source, and blockchain-based platform that runs smart contracts. It is most famous for its origin story, as it represents the original, unaltered history of the Ethereum blockchain.
: History of ETC
ETC's story begins with the DAO (Decentralized Autonomous Organization) hack in 2016.
* The Hack: A major vulnerability in the DAO, which was built on the Ethereum blockchain, led to the theft of millions of dollars worth of Ether (ETH).
* The Fork: The Ethereum community and developers were faced with a philosophical dilemma:
* Option 1 (The Fix): Modify the blockchain's history to reverse the hack and return the stolen funds. This group became Ethereum (ETH).
* Option 2 (Code is Law): Maintain the original blockchain, arguing that a blockchain's history should be immutable, even if it includes a regrettable hack. This group became Ethereum Classic (ETC).
* The Result: ETC is the continuation of the original Ethereum network, committed to the principle of "Code is Law," meaning the blockchain's transaction history is permanent and unchangeable.
...Key Features of ETC
* Original Ethereum Legacy: ETC is the custodian of the pre-hack Ethereum blockchain and its original philosophy.
* Smart Contracts and DApps: Like Ethereum, ETC uses the Ethereum Virtual Machine (EVM), allowing developers to build and run decentralized applications (DApps) and smart contracts.
* Proof-of-Work (PoW): ETC still uses the Proof-of-Work consensus mechanism (mining) to secure its network and validate transactions. This is a significant difference from Ethereum (ETH), which switched to a Proof-of-Stake (PoS) system (staking) in 2022.
* Capped Supply: Unlike Ethereum (ETH), ETC has an implemented maximum supply of approximately 210.7 million ETC, giving it a similar scarcity model to Bitcoin.
-- Market Snapshot (Approximate)
* Ticker: ETC
* Consensus: Proof-of-Work (PoW)
* Maximum Supply: \approx 210.7 Million ETC
* Use: Native currency for the Ethereum Classic blockchain, used to pay for transaction fees (Gas) and reward miners.
Would you like to know more about the technical differences between Ethereum (ETH) and Ethereum Classic (ETC)?
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