Simply Explained: Ethereum Classic (ETC)
Have you ever gone to buy Ethereum and accidentally bought Ethereum Classic? Well, you’re not alone. It’s a pretty common occurrence and many of us have made the same mistake too. So in today's piece, we’re going to break down to basics of Ethereum Classic and how it stacks up compared to Ethereum.
The origin of Ethereum Classic
In 2016, the Ethereum community was thrown into turmoil. A terrible hacking event in which 3.6 million Ether tokens were stolen caused many of Ethereum's core founders, including Vitalik Buterin to insist on a hard fork. The community was split on whether to reverse the blockchain to cancel out the hack, or to continue on the same chain the hack took place on for purity's sake.Considering today's market cap, it’s fair to say those who insisted on the hard fork made a wise decision.
The technicalities of the hard fork
To understand a hard fork, picture a fork in the road. The Ethereum community came to one and its members had to choose which route they were going to take. The path insisted upon by Vitalik Buterin is what we now know as Ethereum, Ethereum Classic is the genesis and original chain.The hard fork occurred in July 2016, due to the disagreement over whether to revert the blockchain to cancel out the effects of the aforementioned hack. The community was split. Many were unhappy with Ethereum’s response and believed it to be unpure.
Ethereum Classic is the network that did not revert the chain. Ethereum is the chain that did decide to revert the effects of the hack.
There have since been multiple developments and changes to both chains, but this was the driving factor that has shaped both chains into what they are today. Unlike Ethereum, which is operated by the team at Ethereum including founders Vitalik Buterin and Gavin Wood, Ethereum Classic is community-run, and there is no team running the project. Anyone can participate.
ETC uses a Proof of Work consensus mechanism (PoW), and unlike Ethereum, they have no intention of switching to a proof of stake consensus mechanism.
What’s next for Ethereum Classic?
As time goes by, the legacy of Ethereum Classic is becoming less focused on the hard fork of 2016 and instead on the developments of the project. Many investors and users have expressed faith in the project and there seems to be a feeling in the air that Ethereum Classic’s price will follow that of Ethereum. They are after all, very similar. However, with no plans of switching the consensus mechanism, and lower rates of adoption, it’s hard to see a future in which ETC can match the growth of ETH.For Cryptonary's transparent opinion on Ethereum Classic, go to the Ratings Guide here.
Disclaimer: NOT FINANCIAL NOR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.
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