Ethereum Classic should not be confused with Ethereum. The former is a blockchain-based distributed computing platform that uses Smart Contracts fully.
Ethereum Classic Coinbase
What Ethereum Classic is really is that it is a public and open-source platform. As it borrows the Ethereum term, there are similarities although they are different altogether. Ethereum Classic offers a virtual machine which is decentralized through its EVM or Ethereum Virtual Machine.
As such, it is able to execute scripts through its public nodes residing in the international network. Like Ethereum, it uses ether, the value token. This is then used to transfer funds among its users. The Ether is then used to be traded on cryptocurrency exchanges. Where Ethereum uses the symbol ETH, Ethereum Classic uses ETC.
History of ETC
A venture capital known as The DAO raised about USD168 million in May 2016 for projects that run on smart contracts. The DAO was built based on Ethereum and it was then that the white paper was released outlining security vulnerabilities with The DAO.
A month later, some 3.6 million Ether from the accounts of The DAO was moved without the consent of the owner. This prompted members of The DAO and Ethereum community on what should be done and in a landmark decision, a hard fork was implemented in July that year.
The Ethereum Classic came about after some of the members of the Ethereum community rejected the hard fork. This is because they believe that the blockchain cannot be changed. As such, they continued to use the classic (or unforked) version of the Ethereum (thereby the name). Today, Ethereum Classic continues to be used where it claims to be:
- A smarter blockchain
- Allows complex contracts that are autonomously operated
- ETC is owned forever by the users
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