Ethereum Classic is essentially the original Ethereum chain, and its founding figure is Vitalik Buterin, the creator of Ethereum.
In July 2016, a major hard fork occurred within the Ethereum community due to disagreements over whether to alter the blockchain to undo the effects of a large-scale hack. This incident involved The DAO, a decentralized autonomous organization that had amassed around $150 million through an initial coin offering (ICO) months earlier.
Ethereum Classic emerged as the blockchain that did not implement the fork. Developers emphasize that the project does not have an “official” team behind it, and it boasts a “global development community” that operates as a permissionless ‘do-ocracy,’ allowing anyone to contribute.
Ethereum Classic stands out due to a mix of unique characteristics:
* Proof-of-Work: ETC remains committed to the proof-of-work consensus mechanism, recognized as one of the most secure systems in existence.
* Sound Money: As a proof-of-work blockchain, ETC is akin to digital gold. The cost to produce this currency mirrors the cost of generating blocks, supported by a fixed monetary policy that caps the supply at 210,700,000 ETC.
* Programmability: With smart contract capabilities, ETC offers greater flexibility and utility compared to simpler cryptocurrency networks like Bitcoin or Litecoin.
* Full Replication: ETC achieves high security by fully replicating data across all network nodes. Unlike other smart contract blockchains that adopt “sharding,” “parachains,” or “sidechains,” which may compromise security, ETC maintains full replication.
* Composability: In ETC, composability means all applications enabled by smart contracts reside within the same ecosystem. This ensures equal security and facilitates complex interactions among them.
* Size: Being a highly substantial blockchain, particularly as the largest in its category, enhances ETC’s security. It is the largest smart contract blockchain that utilizes proof of work while having a capped monetary policy.
The combination of these distinctive features makes ETC-based dApps some of the most secure in the world.
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