Ethereum Classic (ETC) is a decentralized blockchain platform that emerged as a result of a split or "hard fork" from the original Ethereum network in 2016. It is an independent and separate blockchain that preserves the original principles of decentralization, immutability, and censorship resistance.
The split occurred following a contentious debate over a major hack that affected a decentralized autonomous organization (DAO) built on Ethereum. The Ethereum community decided to implement a hard fork to reverse the effects of the hack, creating a new version of the blockchain known as Ethereum (ETH). However, a portion of the community disagreed with the decision to alter the blockchain's history and opted to continue using the original chain, which became Ethereum Classic.
Ethereum Classic retains the original Ethereum blockchain up until the hard fork point, meaning that it includes the transactions and smart contracts that occurred before the split. It operates on similar principles to Ethereum, supporting the execution of smart contracts and decentralized applications (DApps). Smart contracts and applications developed for Ethereum can often be deployed on Ethereum Classic with some modifications. Interoperability solutions, such as cross-chain bridges, are being explored to enable greater connectivity between Ethereum and Ethereum Classic.
Ethereum Classic currently uses a Proof of Work consensus algorithm, similar to Bitcoin. PoW requires participants, known as miners, to compete to solve complex mathematical puzzles in order to validate and add blocks to the blockchain. Miners are rewarded with newly minted ETC tokens for their computational work.
Ethereum Classic utilizes the Ethereum Virtual Machine (EVM), a runtime environment that executes smart contracts. The EVM is a decentralized, sandboxed virtual machine that provides the infrastructure for running Ethereum-based applications. It enables developers to write and deploy smart contracts on the Ethereum Classic network.
While Ethereum and Ethereum Classic share similarities in terms of technology and design, they are distinct and separate blockchain networks with different development communities and visions. Ethereum Classic aims to prioritize the principles of decentralization, immutability, and security, valuing the preservation of the original blockchain's history and transactions.
Ethereum Classic follows the philosophy of preserving the core tenets of blockchain technology, such as immutability, decentralization, and censorship resistance. It emphasizes the belief that the blockchain should remain unchanged and that transactions should be irreversible, even in the face of controversial events.
ETC has a similar monetary policy to Ethereum (ETH) before its transition to Ethereum 2.0. It operates on a fixed supply model, with a maximum supply of approximately 210 million ETC.
Ethereum Classic has its own network upgrade process and roadmap, separate from Ethereum. Proposed upgrades and changes to the protocol undergo community discussions, with stakeholders considering the potential impact on the network's security, decentralization, and compatibility.
The project has its own dedicated community and development teams that are committed to maintaining and advancing the ETC ecosystem. These community members contribute to the development of the protocol, create decentralized applications (DApps), and provide support and education for users.
ETC Labs is an organization focused on supporting the development and growth of the Ethereum Classic ecosystem. It provides resources, mentorship, funding, and infrastructure for projects and startups building on Ethereum Classic.
Ethereum Classic also maintains its own cryptocurrency, known as Ether Classic (ETC), which serves as the native token for the network.
Average Transaction Fees on the Ethereum Classic Network
The average transaction fee on the Ethereum Classic networks is around 0.000066 ETC ($0.001).
ETC Token Wallets
Ethereum Classic (ETC) can be stored in various crypto wallets, including ClassicEtherWallet, MyEtherWallet, Emerald wallet, Trust Wallet, Coinbase, Ledger, Trezor, MetaMask, Bitbox, Guarda, Exodus, etc.
