Ethereum Classic was created as a result of the DAO Hard Fork that took place in mid-2016. When roughly $3.6 million ether was stolen from accounts in the DAO, the Ethereum community voted to commit to a hard fork, which would allow the vulnerable account funds to be transferred to a new smart contract, reinstating those funds to the owners.
Ethereum Classic community members rejected this hard fork on philosophical grounds that a blockchain should be immutable. Ethereum Classic uses the previous, unforked version of the Ethereum blockchain (therefore the name “classic”). ETH Classic is not officially supported by the Ethereum Foundation, but they retain a decently-sized community.
In episode 10 of Blockchain Token, Joe goes over Ethereum Classic, discussing its features and functionalities as a blockchain and token. Plus, he gives you some helpful resources to explore more about the interesting Ethereum Classic community and chain.
If you enjoyed this video, please give us a “Like.” And don’t forget to subscribe to our channel so you don’t miss out on any of the blockchain buzz!
Interact with us on social media and stop by our website:
In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more. Check out other Blockchain Token episodes here!