what is ethereum classic

What is Ethereum Classic?

in Use Crypto by

What is Ethereum Classic?

It all started with the largest ICO in history, which was conducted by a decentralized autonomous organization (DAO). This is a venture fund based on Ethereum, which raised $ 150 million. After that, an anonymous attacker took advantage of a previously unknown vulnerability in a smart contract and withdrew $ 55 million from the fund.

To correct the problem, representatives of Ethereum held a hard fork, which divided the currency into two versions, each of which had its own blockchain. In the new version of Ethereum, the funds stolen by the attacker were returned to the owners. As a result, a group of stubborn enthusiasts decided to save and use the old version of Ethereum, which they renamed and made their own currency. This is how Ethereum Classic appeared.

what is ethereum classic

What is more important decentralization or scalability?

Ethereum platform has become a real breakthrough in the cryptocurrency industry. If before this, the blockchain and cryptocurrency were perceived only as a decentralized and anonymous method of making transactions, then thanks to the development of Vitalik Buterin the possibilities of the blockchain were significantly expanded. It was thanks to Ethereum that many projects were developed and financed, which are now successfully developing.

In the future, the platform will be transferred to the algorithm of PoS, which will improve the protection mechanism and will eliminate the possibility of a powerful hacker attack, in which 51% of the computing power of the network is retained by one communication node.

Differences between soft and hard forks

Hardfork is a radical protocol change that helps  to make any older transactions do work or the opposite way and requires all users to update their software to the level after hardfork is done. Sometimes you can hear such a thing as softfork.

It means Ethereum Classic is…

The controversial proposal caused a split, which led to the emergence of two different types of the ethereum – two variations of the same old ETH network. Ethereum, which is more popular today, includes the majority of users and leaders of the sphere (including Buterin): they accepted a modified transaction history. A minority that did not accepted the canges created the Ethereum Classic.

Ethereum Classic did not even came close to the success of The Ethtereum, but still exists and feels good. Hardfork showed to the market that ethereum is generally quite stable. Having finished the review of history, let us round the article up with short summary.

what is ethereum classic

What is more important decentralization or scalability?

Ethereum platform has become a real breakthrough in the cryptocurrency industry. If before this, the blockchain and cryptocurrency were perceived only as a decentralized and anonymous method of making transactions, then thanks to the development of Vitalik Buterin the possibilities of the blockchain were significantly expanded. It was thanks to Ethereum that many projects were developed and financed, which are now successfully developing.

In the future, the platform will be transferred to the algorithm of PoS, which will improve the protection mechanism and will eliminate the possibility of a powerful hacker attack, in which 51% of the computing power of the network is retained by one communication node.

Differences between soft and hard forks

Hardfork is a radical protocol change that helps  to make any older transactions do work or the opposite way and requires all users to update their software to the level after hardfork is done. Sometimes you can hear such a thing as softfork.

It means Ethereum Classic is…

The controversial proposal caused a split, which led to the emergence of two different types of the ethereum – two variations of the same old ETH network. Ethereum, which is more popular today, includes the majority of users and leaders of the sphere (including Buterin): they accepted a modified transaction history. A minority that did not accepted the canges created the Ethereum Classic.

Ethereum Classic did not even came close to the success of The Ethtereum, but still exists and feels good. Hardfork showed to the market that ethereum is generally quite stable. Having finished the review of history, let us round the article up with short summary.

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.