Everything You Need To Know About Ethereum ClassicWhat is Ethereum Classic?
Ethereum Classic, like most other cryptocurrencies, is a platform based on decentralized blockchain technology, making it a public, open-sourced platform. It is fueled by its cryptocurrency, called Ether Classic (ETC). Much like its popular counterpart, Ethereum, it can be used to run Decentralized Apps (DApps) and perform transactions using Smart Contracts.
Ethereum Classic’s conception was a result of the flaws in the DAO (Decentralized Autonomous Organization) which was formed by the group of investors looking to use Ethereum’s Smart Contract technology. With the DAO’s rising popularity, the stakes were high, with funds locked in the DAO contract for use by the organizations. However, in June of 2016, a hacker stole about 3.6 million of the ETH present in the funds, causing a massive uproar throughout the community. The news dealt heavy damage to the then nascent cryptocurrency industry. The Ethereum team, including its founder, Vitalik Buterin, had to look for solutions.
The solution proposed was a ‘Hard Fork’ - where a radical change is introduced into the blockchain code, which makes the blocks either invalid or valid and requires the users to upgrade to the new versions should they want to continue using the blockchain. In simpler (but less accurate) terms, think of it as the entire Ethereum community going back to an older point in their blockchain where the funds had never been stolen, and then patching the DAO vulnerability to not the let hack happen again.
Thus, the code of Ethereum tokens (including the ones which were stolen) was changed, rendering the tokens stolen unusable. The original amount of tokens invested was returned to the investors via a new Smart Contract, and the code of the ETH was changed forevermore.
However, the move caused fresh controversy. Some people argued, and perhaps rightly so, that ‘Code is Law’ and that the law could not be changed to suit the interests of a few organizations. They broke away from the Ethereum community and continued using the old code of the Ethereum, renaming it Ethereum Classic. The token is being kept alive by many who believe in using the untouched version of Ethereum, and consider the untampered, completely decentralized blockchain network, along with irreversible Smart Contracts to be its strength. More on
CoinSwitch.
Value of Ethereum Classic (ETC) TodayEthereum Classic rose to 5.93% and its price for today is $11.36. Its current circulating supply is ETC 104,702,396 with a market cap of US$1,190,317,087 billion according to
CoinMarketCap.
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