Best Ethereum Classic / Bitcoin Exchanges ( BTC / ETC )
Ethereum Classic (ETC) is a distributed public Blockchain network that focuses on running the programming code of any decentralized application, same as Ethereum.
Who Created the Ethereum Classic
The answer can be a bit confusing – the Ethereum community created it. After the hack in which millions of dollars worth of Ethereum were stolen, there was a vote for a procedure called hard fork. The hard fork would allow a refund of The Dao token holders which were affected by the hack. So, Ethereum Classic isn’t a new form of cryptocurrency but rather a split from the existing ones. Both blockchains are similar in one way or another up to block 1920000 which was characterized by the implementation of the hard-fork for refunding The Dao token holders. The implication of this is that all wallets, balances, and transactions that occurred on Ethereum till the hard-fork are still applicable to the Ethereum Classic (ETC) blockchain.
Ethereum Classic is created on the basis of transaction finality and decentralized governance. The cryptocurrency presents a decentralized platform that runs smart contracts. It is a continuance of the original Ethereum blockchain. The Classic version preserves untampered history that is free from individual tampering and external interference of transactions. Mine gate created the Ethereum Classic, after the community vote.
Why Was Ethereum Classic Created
The features that Ethereum Classic offers are similar to Ethereum such as decentralized applications and the criteria of deployment of the smart contract. It also shares similar application like reward, size and average block time. The primary reason why Ethereum Classic-ETC was created was to implement some of the applications that the hard fork point did not support. The topic of hard-fork has been so controversial that it made the Ethereum community split into two. Each side has its valid reasons on the hard-fork debate.
According to users that did not back the hard fork, the initial statement of the terms and conditions of the DAO should be applicable under any circumstances in the code of low. The blockchain has immutable happenings, and they should not be modified irrespective of the occurrences. There is a slippery field, and once you censor/modify for one reason/course, there isn’t so much that can keep you from doing the same in other contracts. Deciding to return the cash is a short-sighted decision, and users can reduce the ETH value by their current actions and it presents a bailout.
According to users who support the hard fork, the code of law is specific on the current statement in the present, and people must have the final say by making use of consensus. Hackers shouldn’t benefit from the exploits because it is not ethically right and this calls for the intervention of the community. The argument of the slippery field is invalid as individuals can act fairly or irrationally in each situation. It is challenging to leave a significant portion of Ether in the control of malicious actors as it may be harmful to its value. It would stop the ongoing rivalry between hackers and the exploit was huge enough to take or reverse the action.
Therefore, the Ethereum Classic was developed to allow smart contracts to operate the way they were programmed. According to the ETC community, the DAO smart contracts achieved the reasons of what they were programmed to do and there is no need to take action to censor the contract.
How Does Ethereum Classic Work
Upon the implementation of the hard-fork, users who did not agree with its operations decided not to upgrade their software. The users decided to continue to mine on the blockchain that didn’t have the implementation of the latest software. The hard-fork created incompatibility between the new and previous versions. Any user who makes a decision to remain on the original blockchain will have diverged into his own blockchain that is similar to that of Ethereum in each way until block 1920000. So, it works the same was as Ethereum, just on the different blockchain.