What is Ethereum Classic?
Ethereum Classic (ETC) is a decentralised platform designed for executing smart contracts. Smart contracts are self-executing applications that operate strictly as programmed, guaranteeing functionality without downtime, censorship, or the risk of fraud and third-party interference.
Background of Ethereum Classic
Ethereum Classic serves as the original Ethereum blockchain, which forked following a significant incident in 2016, known as The DAO hack. This event led to a community divide regarding how to address the vulnerabilities stemming from the hack. While the Ethereum network opted for a hard fork to reverse the hack’s effects, Ethereum Classic remained committed to the principle of immutability, preserving the unaltered history of the blockchain. This decision highlights the project’s dedication to maintaining a censorship-resistant and decentralized network.
Key Features of Ethereum Classic
- Decentralised Execution: Smart contracts on the Ethereum Classic platform are executed by a network of nodes, ensuring that no single entity has control over the processes.
- Immutable Ledger: Transactions on Ethereum Classic are permanent and cannot be altered, promoting trust and transparency within the network.
- Compatibility with Ethereum: Ethereum Classic shares similar protocols and functionalities with Ethereum, allowing developers to easily adapt existing Ethereum applications for use on the Classic platform.
- Active Community: A strong community supports Ethereum Classic, fostering continuous development and innovation within the project.
Use Cases of Ethereum Classic
Ethereum Classic is utilised for various applications, including:
- Decentralised Finance (DeFi) solutions that allow users to lend, borrow, and trade assets without an intermediary.
- Decentralised applications (DApps) that benefit from the security and transparency of the blockchain.
- Token issuance for projects seeking to launch their own digital assets.
Where to Learn More about Ethereum Classic
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