Monica Vierveijzer, 5 months ago
As Ethereum is going to a lot of changes, all the time. While most changes in Ethereum are supported by the vast majority of the community, Ethereum Classic was born during troublesome times in the year 2016. What is Ethereum Classic and why is there a classic version in the first place? Today we will take a closer look at Ethereum’s little rebel sister.
In 2016, Ethereum was still a very young and ambitious project. The developers came up with an idea called “The DAO”. While “The DAO“ was a typical decentralized autonomous organisation as you know it from other examples that exist today, the idea and the concept of a DAO itself was pretty new at that time.
The DAO collected 150 million US-Dollars during a token sale. To participate in the DAO, users had to hold a share of tokens. The purpose of The DAO was to finance other DApps, much like a decentralized venture capital fund. And the token holders would allow or deny funding for other projects based on their shares of the token that they bought.
Only three months after The DAO was released, its smart contract got hacked due to a vulnerability. The community was shocked, and the developers tried to mitigate the hack with a soft fork. But the hacker had different plans, and since he stole about 60 million US-Dollar worth of cryptocurrency, he told others to reject the fork in exchange for a share of that 60 million.
The developers only saw one solution to beat the attacker and reverse his hack. The Ethereum blockchain underwent a hard fork. The result was a reset, and the network and all balances were effectively set back. All victims were reimbursed, but the community was torn because of the implications of this very fateful decision.
One part of the community stuck to the idea that all transactions are final and that a hack or loss of funds shouldn’t be a reason to turn back the hands of time. In fact, Ethereum Classic was born more over an ethical debate about whether developers have the right to hard fork a network just like that. The Ethereum Classic community simply decided not to go along with the hard fork and instead kept validating the old blockchain.
Hence the name Ethereum Classic and the ticker ETC. Needless to say, the infrastructure of Ethereum Classic is very similar to that of Ethereum.
Ethereum and Ethereum Classic are both blockchain-based distributed computing platforms, but they differ in their approach to handling a significant event in their history.
|#2 in market cap||Top 25 in market cap|
|All-time high of roughly $4000||All-time high of roughly $100|
|Uncapped total supply||
Reduces block reward by 20% every 5 million blocks
The fact that ETC simply decided to stay true to certain aspects of blockchain technology doesn’t mean there is no development. Many proponents of ETC think that Ethereum Classic is slower and more expensive points to the fact that it is meant only for the most important agreements that could possibly be settled on the blockchain. Meaning that most use cases that require fast and cheap transactions are not suitable for blockchain technology anyways.
Apr 11, 2023
Shiba Inu (SHIB) is still one of the most important meme coins in the crypto ecosystem. Dogecoin is indeed the mother of all meme coins and tokens. One could argue that SHIB is just another copy, but there is more to it. It is building its own unique DeFi ecosystem that is meant to create more value in terms of Dollars as well as user experience. This puts Shiba Inu in a special place when comparing it to other meme tokens that have no or less ambitious plans.
Apr 01, 2023
How can we trust data if we don't want to place our trust in a single authority? And how can these data be accessed by on-chain applications? Chainlink was invented to solve these problems. What Bitcoin does for money, this blockchain network wants to achieve for data.
Feb 10, 2023
Ethereum is the second biggest cryptocurrency next to Bitcoin according to its market cap. It is also the biggest smart contract in the world according to the number of live protocols, user base, and the total value locked in its DeFi applications. Such as NFTs, lending, and decentralized exchanges. Needless to say, Ethereum is one of the most important technologies in the whole crypto industry. When asking for an Ethereum price prediction, it is this status that has to be taken into account. Please note that none of the Ethereum price predictions constitute financial advice, but rather try to forecast fundamental developments with the data that is available in 2023.
Jan 30, 2023
What better use for blockchain technology than supply chains? Both are chains, right? Maybe that’s what the VeChain team thought to themselves when they launched in 2015. All jokes aside, the company has made strides in creating a platform for the currently siloed space of supply chain data for businesses.
Sign up to stay informed via our email updates