What is Ethereum Classic?
Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine, which can execute scripts using an international network of public nodes. After the DAO hack a majority of the Ethereum community decided that they would “hard fork” Ethereum to restore the investor’s financial loss and reputation. A hard fork is a kind of split or divergence where the community decides they will no longer follow the same protocols on the same blockchain. So a hard fork was implemented on the Ethereum blockchain at Block 192000 to refund the loss of the DAO investors. The hard fork made the hacked transaction invalid, and a new version of the blockchain was formed. A minority of users were against the hard fork, so they continued on the old blockchain and called themselves “Ethereum Classic”.
How does it work?
Ethereum Classic is also a decentralized programmable blockchain like Ethereum. And like ETH, ETC is traded on exchanges and offers the same functionality of decentralized apps and smart contracts as Ethereum (ETH). It also has the same smart contracts language called Solidity.
What does Ethereum Classic aims to solve?
Ethereum Classic aims to solve the same issues as Ethereum, which are transaction finality, decentralized governance and applications that run. It aims to run applications exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
Difference between Ethereum Classic and Ethereum
The Ethereum Classic blockchain is the same in every way as Ethereum’s up until Block 192000, where the hard fork was applied. Ethereum Classic is a continuation of the original Ethereum blockchain with a untampered history; it therefore prides itself of being free from external interference and subjective tampering of transactions.
What are the features of Ethereum Classic?
- Smart Contracts.
- Solidity programming language.
- DApps.
- Untampered transaction history.