Ethereum Classic is a decentralized blockchain platform that allows the execution of smart contracts and decentralized applications (dApps). It is essentially a continuation of the original Ethereum blockchain post a significant split in 2016. Ethereum Classic emphasizes the principle of "Code is Law," ensuring the immutability of transactions and data on the blockchain. The platform is powered by Ether (ETC), its native cryptocurrency, which is used for transactions and smart contract execution.
Ethereum Classic operates on a blockchain-based platform facilitated by the Ethereum Virtual Machine (EVM), which is Turing-complete, allowing for the creation of complex contracts and dApps. It uses a Proof of Work (PoW) consensus mechanism, where miners solve computational puzzles to validate transactions and secure the network. Ethereum Classic relies on the Ethash algorithm for mining and supports smart contracts that execute based on predefined rules coded in the contract.
Ethereum Classic can be used for a range of applications across various sectors. Key use cases include:
Ethereum Classic originated from the Ethereum platform after a significant event known as the DAO hack in 2016. Following the exploit, which resulted in substantial financial losses, the Ethereum community decided to hard fork the blockchain to reverse the theft. This resulted in two separate entities: Ethereum Classic (ETC), which continued on the original chain, and Ethereum (ETH), which adopted the changes. Since then, Ethereum Classic has upheld the principles of blockchain immutability and decentralization, with significant upgrades like the Spiral Hard Fork to ensure compatibility with evolving EVM standards.