What is Ethereum Classic?
Ethereum Classic is an open source, peer-to-peer blockchain based platform. Ethereum Classic was created as a result of a hard fork in the original Ethereum code. It is still the original Ethereum code, like Ethereum it has it’s own altcoin known as ‘classic ether’. Classic ether is used to pay users for services and is used as the transaction within the Ethereum Classic platform.
The DAO attack and the Ethereum hard fork
Classic Ethereum is pretty much identical to Ethereum and since the hard fork has the same goals and targets as Ethereum. The original reason for the Ethereum Classic hard fork was due to a hack known as the ‘DAO attack’. Back in 2016 the Decentralized Autonomous Organization (DAO) was built on the Ethereum platform so users could invest in the development of decentralized apps. In May there was a paper released outlining a major security floor in the DAO, this was unfortunately ignored by the core developers behind the DAO. At this point the DAO had raised over $165 million and was ready to commence its’ operations. not long after in June 2016 the DAO was hacked, in which 3.6 million Ether was stolen (roughly $50 million).
The hack itself caused a big divide in the community. The simple solution was to simply revert the hack back through a hard fork. However, this went against one of the founding laws of cryptocurrency in that ‘transactions cannot be changed once recorded on the ledger’. There was eventually a hard fork in which the stolen Ether token were moved to a smart contract and returned to the original members. This was when Ethereum Classic came to fruition… due to the conflict this hard fork caused, the users and developers who were agrieved by this hard fork began using the original code in which the tokens were not returned, they began calling this Ethereum Classic. Although Ethereum Classic still remains the original Ethereum code.
Anyone holding Ethereum at the time of the hard fork did receive the same amount of Ethereum Classic (ETC) tokens
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