What is ethereum classic etc

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A contentious hard fork on Ethereum occurred in July , when participants disagreed over whether to revert the blockchain to cancel out the effects of a major hack. Ethereum Classic came into being as the network which did not revert the chain. As a voluntary organization, the developers of ETC do not aim to turn the network into a for-profit entity. Users pay transaction fees as with Ethereum, and miners collect them based on work done as per the proof-of-work PoW mining algorithm.

Unlike Ethereum, Ethereum Classic has no plans to convert to a proof-of-stake PoS mining algorithm, while multiple developers continue to work on future improvements such as scaling solutions. Since launch, however, changes in tokenomics have occurred, with participants voting to cap the supply of ETC in December ETC uses a PoW mining algorithm, which functions like Bitcoin — miners are rewarded with new coins for validating the blockchain in competition with each other.

The ETC block reward decreases with time, with the next drop due at block 15,,, roughly in April — from 3. The Ethereum Classic network is secured using proof-of-work, but as a minority chain, it has suffered regular attacks itself. To explore further, we start to reveal some of the ideological differences between both communities. These ideological points are important to understand because ideologies attract communities, and the community support behind most cryptocurrencies is what ultimately determines their long-term value.

Although a fork, Ethereum is now the more popular chain. These supporters were largely the group that stuck around for ETC. Soft Fork: A soft fork essentially gave holders the choice of whether to update or not. Whatever decision they chose, updated and non-updated holders could still interact. The DoS attack essentially was a manipulation of how miners are rewarded in the Ethereum ecosystem, and for this reason, the community chose to go with the Hard Fork.

Hard Fork: The main distinction between soft and hard forks is that hard forks did not allow updated and non-updated holders to interact. The community chose the Hard Fork… The way the hard fork worked is that the ETH we know today split off from the main blockchain at a particular point.

This particular point was around block 1,, — right before the DAO hack. So, how did this solve the DAO attack issue? The hard fork helped to refund everyone who had invested into the DAO, using what is referred to as a refund smart contract. Ethereum was first created as a stance against financial corruption. The immutable blockchain was meant to be free from the human tendency to corrupt. The DAO hack which had nothing to do with the integrity of the Ethereum platform split the Ethereum community because the decision to hard-fork — and essentially manipulate the blockchain — went against the original purpose of Ethereum in the first place.

Ideologists that were unshaken in their beliefs stuck with ETC, whereas others split off into Ethereum for the sake of the survival and flourishing of the community. There is a natural antagonism between the two groups for this reason. Additionally, many anti-Ethereum people jumped into the ETC camp to further cause disruption in the Ethereum community. Ethereum The biggest issues with ETH is that now that the hard fork seal has been broken, many are speculative that there could be more hard forks in the future.

Since the Ethereum community could come together to make a substantial change in the price and future of the blockchain, something hailed for its ruthless mathematical objectivity. Some people have become rightfully speculative or downright conspiracy-driven that leaders in the Ethereum community could manipulate a hard fork in the future. This risk adds some volatility to the long-term price. The above issues with ETH are only mentioned for the sake of fairness to both communities, but as a crypto enthusiast, you should be aware of all the available information.

While Ethereum ETH may be looked at as a mutation and violation of the principles of immutability behind Ethereum, it also serves as a landmark victory for the Ethereum community being able to come together and handle the worst hack in cryptocurrency history. An argument can be made that if not for the hard fork, Ethereum, the platform that allows countless innovative and spectacular Dapps to run, might not exist today.

The power of Ethereum lies in its community since it is a platform that allows others to build projects that could revolutionize virtually any industry. Ethereum Classic, however, is stained with the unfortunate history of the DAO.

The core idea behind the DAO could have made a substantial impact on the future of technology, and the core flaws in its security gave birth to a stronger platform. The sheer market cap size and the strong community behind Ethereum ETH foreshadow a bright future.