What is Ethereum Classic?

What​ ​is​ ​Ethereum​ ​Classic?

Ethereum Classic still offers the same features as Ethereum, such as the creation and deployment of smart contract and Decentralized applications, and has all the same specifications, such as average block time, size and reward. The main problem with the ETC is the lack of backward compatibility with the Ethereum Hard Fork. All the heavyweights of the Ethereum community have moved on to the new chain, which means that anyone who is part of the ETC won’t be able to access any of the updates done by the ETH. The perfect example is ETH’s move from Proof Of Work (PoW) To Proof of Stake (PoS). ETC won’t be able to implement that because their software simply doesn’t allow the use of updates.

Some consider ETC to be an attack against Ethereum itself. When the hard fork occurred, the community was split and vulnerable. Some people said that the anti-Ethereum camp openly supported ETC, just to cause disruption in the community. Some prominent cryptocurrency bloggers like David Seaman have reported that “Classic is an insecure orphan chain being promoted in a way that would be illegal if Ethereum were a publicly traded company, which it could eventually be.”

The​ ​Cryptocurrency

Ethereum Classic is not a new cryptocurrency, but instead a split from an existing cryptocurrency, Ethereum. Both blockchains are identical in every way up until block 1920000 where the hard-fork to refund The DAO token holders was implemented, meaning that all the balances, wallets, and transactions that happened on Ethereum until the hard-fork are still valid on the Ethereum Classic Blockchain. After the hard-fork, the blockchains were split in two and act individually.

Timeline

May 2016: The DAO built on Ethereum raises around $168 million June 2016: 3.6 million Ether (approximately $50 million USD) was taken from accounts in The DAO July 2016: It was decided to implement a hard fork in the Ethereum code, creating the split between Ethereum and Ethereum Classic