Ethereum Classic is a blockchain that enables the development of decentralized applications (dapps) using smart contracts. By utilizing smart contracts, individuals can exchange money, property, or any valuable asset without the need for intermediaries. The native currency of the Ethereum Classic network is ETC. This network also allows dapps to issue their own tokens, including NFTs.

What is Ethereum Classic (ETC)?

Ethereum (ETH) and Ethereum Classic (ETC) were originally one blockchain called Ethereum until July 2016. However, a bug in the fundraising smart contract of the DAO resulted in the withdrawal of 3.6 million Ether by a hacker, amounting to $50 million at the time. The funds were locked for 28 days, providing an opportunity to recover the stolen Ether. The Ethereum Foundation decided to launch a hard fork, manually changing the code on the blockchain to retrieve the Ether. Those who opposed this hard fork stuck with the old chain, Ethereum Classic, preserving the immutable history of the blockchain.

Outstanding Features

What is the project trying to achieve?

• Enabling the development and usage of decentralized applications (apps).
• Decisions on protocol implementation in Ethereum Classic are determined through an organic, meritocratic, emergent system, rather than being centralized.
• Ethereum Classic does not follow a traditional software development roadmap but implements good features when approved by the community.

What is the unique selling point?

ECIPs

The Ethereum Classic Improvement Proposal (ECIP) process involves discussions and rigorous vetting of upgrades by the developer community. Contributions are open to anyone through drafting an ECIP that may be included in Ethereum Classic in the future.

Move Slowly & Don't Break Things

Ethereum Classic is cautious in its technological development, similar to Bitcoin (BTC). Implementing new features requires significant support or no significant opposition. Hard Forks on ETC are safe, incremental, and non-contentious to prevent a chain split and financial harm. Updates are mulled, refined, and tested over extended periods to ensure consensus is reached before implementation.

Care is taken to maintain the operation of contracts deployed as far back as 2015 and uphold the principle of Code is Law.

Inherited Innovation

Ethereum Classic remains compatible with the Ethereum Virtual Machine (EVM) and inherits innovations from other EVM chains. This includes contract systems, developer tooling, libraries, and general concepts developed for other chains. Notably, Optimistic Rollups, a Layer 2 technology enhancing scalability through off-chain transactions, indirectly increases the utility and value of ETC.

Looking Ahead

In 2022, Ethereum Classic is experiencing increased activity, with new apps and users contributing to the growth of the ecosystem. The network effects are starting to emerge, leading to wider adoption and increased utility for ETC. Content creators and influencers are also driving adoption through social media platforms.

The Merge

Ethereum mainnet chain is nearing completion of its migration, despite minor delays.