Ethereum ClassicEthereum classic is called “classic” because it was the original Ethereum project. The current Ethereum coin is in fact a hard fork of Ethereum Classic following the DAO attack.
What is Ethereum Classic?
Ethereum classic is called “classic” because it was the original Ethereum project. The current Ethereum coin is in fact a hard fork of Ethereum Classic following the DAO attack.
The D.A.O. (Decentralized Autonomous Organization), a crowdfunding platform built through a set of complex smart contracts atop of the Ethereum ecosystem. It was meant to be the platform to fund the development of Dapp on Ethereum
On 17th June 2016, someone exploited the loophole in the DAO contract and found a way to steal 60m Ethereum from DAO. Following the incident, the community was split into two camps. Supporters of Ethereum stated that the code must be altered and have the stolen coins refunded. The Ethereum classic supporters argued that the “code is law” and that what had happened already happened. In the end, there was a hard fork, Ethereum (ETH) was created as the new forked blockchain which reversed the hack, those who were against the fork stayed on the original chain as Ethereum Classic (ETC).
How does Ethereum Classic work?
ETC functionalities are similar to that of Ethereum. However, it uses proof-of-work to validate transactions and have no intention in moving to the proof-of-stake model. There is no centralized authority that makes decision in the ETC community (unlike Ethereum where major decisions are driven by the Ethereum foundation). Charles Hoskinson, co-founded and ex-CEO of the Ethereum project continues to contribute to the ETC project and communicate regularly and broadly on the roadmap.