Ethereum Classic (ETC) is a hard fork of the Ethereum network, following the DAO attack in 2015. The DAO was an investment initiative on Ethereum, but a security vulnerability was discovered that resulted in the theft of $50 million in Ether from The DAO’s accounts. It was decided by some members of the community that a hard fork would be a good way to restore the stolen funds back to their rightful owners.
The primary difference between Ethereum Classic and Ethereum is that the former is guided by a very strong philosophy of immutability i.e. that no data on the blockchain ought to be changed. Ethereum, on the other hand, is open to changes to the platform such as decentralization mechanism and new features.
The project most recently announced that a new team of developers, called ETC Labs Core, had joined the development on the network and would help build a dapp ecosystem on the network. The team is also putting more focus on rectifying some security issues on the network, following double spend attacks in early 2019 that resulted in the loss of $200,000.
The split into Ethereum and Ethereum Classic is often considered a pivotal moment in the space, as monumental as the birth of Bitcoin and the Mt. Gox incident. Ethereum development has largely overshadowed the development and progress of Ethereum Classic. Ethereum also has decidedly more support from established entities who have become part of the Ethereum Enterprise Alliance, which counts names such as Microsoft and JP Morgan Chase as members.
In this tag, read Ethereum Classic (ETC) news, price predictions, opinions and analyses created by users.