What is Ethereum Classic?
Ethereum Classic (ETC) is a cryptocurrency and blockchain platform launched in 2016. It originated as a fork of the original Ethereum blockchain, created after a hack that resulted in the loss of millions of dollars.
History of Ethereum Classic
Ethereum Classic is a continuation of the original Ethereum blockchain, while Ethereum is a new blockchain that branched off from Ethereum Classic. The fork occurred in 2016 after a hacker exploited a vulnerability in the Ethereum network and stole millions of dollars worth of ETH.
Differences Between Ethereum and Ethereum Classic
Ethereum Classic and Ethereum are very similar, but there are some key differences. The most notable difference is that ETC is a hard fork, meaning that it does not accept any changes made to the Ethereum blockchain after the fork. This means that ETC does not support smart contracts or other features that have been added to Ethereum since the fork.
ETC’s Future
The future of Ethereum Classic is uncertain. The cryptocurrency has a small but dedicated community, but it faces competition from Ethereum and other cryptocurrencies. However, ETC has some advantages over other cryptocurrencies, such as its low transaction fees and its focus on security.
FAQs
Q: What is a hard fork?
A: A hard fork is a permanent change to the rules of a blockchain. It creates a new, incompatible version of the blockchain, and all nodes on the network must upgrade to the new version to continue participating.
Q: What are smart contracts?
A: Smart contracts are self-executing contracts that run on the blockchain. They can be used to automate a variety of tasks, such as transferring funds or creating new tokens.
Q: What is a decentralized application (dApp)?
A: A decentralized application is an application that runs on the blockchain. Unlike traditional applications, dApps are not controlled by a central authority and are instead operated by a network of computers.