Ethereum Classic (ETC)
Asset ID: 27
Ethereum Classic (ETC) is a decentralized, open-source cryptocurrency and computing platform that was introduced in 2016 as a continuation of the original Ethereum network. Similar to Ethereum, it supports smart contracts and enables the creation and execution of decentralized applications (DApps).
Ethereum Classic emerged after the 2016 DAO hack on Ethereum, which led to a split in the blockchain. The current Ethereum network represents the forked version, while Ethereum Classic continues to operate on the original chain where the hack occurred.
Following the exploit, the Ethereum community held a vote and decided to implement a fork to recover the stolen funds by creating a new blockchain. However, a portion of the community disagreed with this decision, choosing instead to preserve the original chain based on the principle that “Code is Law.” As a result, Ethereum Classic continued independently, maintaining the original ledger.
Although Ethereum Classic and Ethereum share many similarities, such as support for ERC-20 token creation, they differ in their development paths and compatibility. Ethereum Classic does not incorporate upgrades like the Ethereum Merge, and it continues to use the Proof-of-Work consensus mechanism, whereas Ethereum has transitioned to Proof-of-Stake.
Network: ethereum classic
Category: Other
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