Ethereum Classic (ETC) Wallet

Ethereum Classic (ETC) Definition

Ethereum Classic (ETC) is an open-source, decentralized, blockchain-based computing platform designed for self-executing smart contracts. Smart contracts are simply programs that run as programmed on a blockchain when predetermined conditions are met, and there is no possibility of censorship or third-party interference. The agreement between a buyer and seller is written in lines of code within the smart contract.

The DAO hack

The DAO (decentralized autonomous organization) was launched in 2016 on Ethereum. After raising $150 mln USD worth of ETH, The DAO was hacked due to vulnerabilities in its code. The Ethereum community decided to hard-fork the blockchain to restore the stolen funds. However, not all parties agreed with this decision, which lead to the network split into two distinct blockchains each with its own cryptocurrency: Ethereum continuing under the guidance of Vitalik Buterin and Ethereum Classic remaining as the “immutable” original chain.

Ethereum and Ethereum Classic

Ethereum Classic features Ethereum Virtual Machine (EVM) as an execution engine optimized for smart contract processing. Unlike Ethereum, Ethereum Classic is committed to remaining on a Proof of Work (PoW) consensus system, because it believes that it provides better decentralization and security. Ethereum Classic offers a more defined monetary policy and inflation schedule than Ethereum, while Ethereum has gained popularity as the more legitimate of the two networks.