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. In episode 10 of Blockchain Token, Joe goes over Ethereum Classic (ETC).
Ethereum Classic was born out of a dispute over whether Ethereum should fork after the hack of the DAO. It 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.
Those against the fork decided that instead of following Ethereum’s path, they would continue Ethereum’s original blockchain, resulting in two separate Ethereum currencies: Eth and Eth Classic. 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.
While most went on to mine on the forked blockchain, a few stayed behind to continue the original chain. Ethereum Classic was against Ethereum’s original fork, but has since forked on its own…
If you want to learn more about Ethereum and get some useful resources to do so, check out our Ethereum Resource Guide!
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