Ethereum Classic (ETC) - cryptocurrency review
Ethereum Classic (ETC) - cryptocurrency review

Ethereum Classic (ETC)

Rank: #25

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Ethereum Classic Review

Ethereum Classic is a blockchain based distributed computing platform. What’s most interesting about Ethereum Classic, is its history. Back in May of 2016…

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Ethereum Classic (ETC) – cryptocurrency review


Ethereum Classic is a blockchain based distributed computing platform. What’s most interesting about Ethereum Classic, is its history. Back in May of 2016, an organisation called “The DAO” (decentralized autonomous organization) built on the now ‘Ethereum’ platform, launched a token sale with the idea being to invest in projects using Smart Contracts. About a month later, a paper was published which described a security vunrability in the DAO code which would make it possible for Ether to be stolen. Two months later, the risk described in this paper came true: 3.6 million Ether were stolen.

This caused a major rift in the Ethereum community: on one side, hardcore idealogues believed that the most important principle of blockchain technology was the concept of ‘immutability’: valid transactions can never be erased or forgotten. This became known by the phrase “code is law”. On that other side were members of the Ethereum community who decided that this theft should be corrected and funds returned to DAO. So they hard-forked the blockchain. The forked blockchain is what we know today as ‘Ethereum’, while the original blockchain took the new name, Ethereum Classic.

With more forks planned for the future, it becomes difficult for non-developer cryptocurrency investors to understand the differences between the blockchains, and to forecast which ones will garner the most adoption. This lack of clarity can be inferred from the chart which shows much less growth than that of it’s forked sister (excluding the fork period, of course).

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