Ethereum Classic: 2021 Review

Ethereum Classic is a distributed cryptocurrency platform that runs smart contracts and is open-source, decentralized, and blockchain-based. It enables programmers to create and deploy smart contracts, self-executing code blocks that perform specific tasks in response to predetermined criteria.

The ETC network is permissionless, which means that anyone with a suitable crypto wallet can join and execute transactions. In 2016, Ethereum Classic was created as a result of a network hack. The original Ethereum blockchain was split into two parts, with Ethereum Classic being the older of the two and Ethereum being the newer.

The Birth of Ethereum Classic (ETC)

The origins of the Ethereum network may be traced back to 2013, when Vitalik Buterin’s idea for a new programming language failed to gain popularity in the Bitcoin ecosystem. Instead, Buterin argued that Bitcoin should develop a new programming language that would allow tasks to be automated and apps to be built on top of the blockchain.

He chose to use a crowdsale to raise funding because there was little interest in his proposal. As a result, one of the most prominent crypto fundraising attempts occurred in July 2014, gathering 25,000 BTC, with a market valuation of $17 million at that time.

The platform would enable decentralized smart contracts, which are effectively written-in-code agreements between two parties. Once the agreement’s criteria are met, the contract is immediately processed via the blockchain. Smart contracts are fascinating to many firms because of the immutability of blockchain and its open-source capabilities.

Slock.it, a German business, created “The DAO,” a DAO initiative on Ethereum, in 2016. While the project earned over $150 million through crowdfunding, hackers took advantage of a flaw in its smart contract and stole $50 million. As a result, most Ethereum users, including creators Vitalik Buterin and Gavin Wood, favored a hard fork, or a significant modification in the blockchain’s underlying protocol, to recover the assets. As a result, the new Ethereum (ETH) chain was created.

However, certain community members were opposed to the fork, preferring to follow the philosophy of “Code is Law.” Therefore, they stayed on the previous chain and called it Ethereum Classic, claiming that blockchains cannot be altered to human whims (ETC).

Ethereum Classic is commonly referred to as the “original” Ethereum currency because it preserves the existing code of the Ethereum blockchain as it was prior to the DAO breach.

What’s the difference between Ethereum Classic and Ethereum?

ETC and ETH are identical in terms of basic functionality. Developers, for example, can utilize the open-source code to create and run decentralized applications (dApps). For such applications, they can also issue ERC-20 tokens.

The key distinguishing feature of Ethereum Classic is its incompatibility with ETH blockchain updates. A hard fork is a backward-incompatible modification by definition. Together with its users (nodes), the new chain is totally shut off from the old chain by applying a new set of rules. As a result, the original chain (Ethereum Classic) cannot access any new chain upgrades (Ethereum).

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Conclusion

This Blockchain project’s future is unclear, and it appears to be less promising than Ethereum’s. Many developers have lost faith in the network due to a series of 51 percent assaults, and analysts have indicated that ETC needs to switch to a PoS consensus method to avoid future hacks.

Ethereum Classic, like other cryptocurrencies, will most likely aspire to be a digital store of value, meaning it can be saved and exchanged while maintaining its worth. A crypto’s digital store of value includes its purchasing power, which may be swiftly converted to cash or used to purchase another asset, just like money.

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