Ethereum is the second-largest blockchain in the world, with a market capitalization of over $192 billion. It is a popular platform for developers and users alike. Ethereum Classic, its predecessor, has recently gained interest due to the successful completion of “The Merge” in 2022. However, not everyone new to crypto is familiar with Ethereum Classic.
Ethereum Classic is a blockchain-based distributed computing platform that offers smart contract (scripting) functionality. It is open source and supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine (EVM).
In 2016, Ethereum Classic was created as a result of a hard fork on the Ethereum network. The hard fork was caused by a disagreement among the Ethereum community over whether or not to roll back the network after a hack that resulted in the loss of over $50 million worth of Ether. Those who wanted to roll back the network created Ethereum, while those who wanted to keep the network immutable created Ethereum Classic.
Ethereum Classic is a more conservative blockchain than Ethereum. It does not have as many features or as many developers as Ethereum, but it is also less likely to be hacked. Ethereum Classic is a good choice for users who want a more secure blockchain and who are not interested in the latest features.
Ethereum Classic was originally created as Ethereum, but it was forked in 2016 after a hack of the decentralized autonomous organization (DAO) resulted in the theft of $50 million worth of Ether. Ethereum Classic continued on its original chain, while Ethereum forked to a new chain and implemented a hard fork to return the stolen Ether to its rightful owners.
Ethereum Classic is a more conservative blockchain than Ethereum. It is less likely to implement changes that could impact the security of the network. This makes it a more attractive option for some users who are concerned about the security of Ethereum.
Ethereum Classic is also a more decentralized blockchain than Ethereum. It has a smaller team of developers and a more distributed community. This makes it less likely to be subject to the whims of a small group of individuals.
Overall, Ethereum Classic is a more conservative and decentralized blockchain than Ethereum. It is a good option for users who are looking for a more secure and less centralized blockchain. However, it is important to note that Ethereum Classic is still a relatively new blockchain and it is not as well-tested as Ethereum.
Ethereum Classic (ETC) is a blockchain-based, open-source, decentralized network that was launched in 2015 by Vitalik Buterin and the Ethereum Foundation. It is a canonical chain that allows developers to build and deploy smart contracts.
ETC is a fork of the Ethereum blockchain that occurred in 2016 after a hack of the decentralized autonomous organization (DAO) resulted in the theft of $50 million worth of Ether. The Ethereum network implemented a hard fork to return the stolen Ether, while ETC continued on its original chain.
ETC is a more conservative blockchain than Ethereum. It is less likely to implement changes that could impact the security of the network. This makes it a more attractive option for some users who are concerned about the security of Ethereum.
ETC is also a more decentralized blockchain than Ethereum. It has a smaller team of developers and a more distributed community. This makes it less likely to be subject to the whims of a small group of individuals.
Overall, Ethereum Classic is a more conservative and decentralized blockchain than Ethereum. It is a good option for users who are looking for a more secure and less centralized blockchain. However, it is important to note that Ethereum Classic is still a relatively new blockchain and it is not as well-tested as Ethereum.
There were concerns about the vulnerabilities in The DAO’s code even during its crowdsale. Three months after its inception, The DAO was hacked. The hack was mainly due to a flaw in the code that allowed for recursive calls. As a result, about 3.6 million ether (worth ~$50 million at the time) were drained.
A recursive call is a function that calls itself. In The DAO’s code, there was a recursive call that was supposed to stop after a certain number of iterations. However, the recursive call was not properly coded, and it could be called an unlimited number of times. This allowed the hackers to drain the DAO’s funds.
The hack of The DAO was a major event in the history of Ethereum and cryptocurrency. It highlighted the risks of decentralized finance and led to a debate about the role of immutability in blockchain technology.
