What is Ethereum Classic (ETC)? - Kakiforex.com - Financial Market Media No. 1 in the World What is Ethereum Classic (ETC)? What is Ethereum Classic (ETC)?
InstaForex

June 10, 2021

What is Ethereum Classic (ETC)?

 This time we are interested to share briefly about Ethereum Classic and how it differs from Ethereum (ETH).


History of Ethereum Classic


The existence of Ethereum Classic (ETC) was in 2016, after the Ethereum network was attacked with a DAO attack (DAO attack) and funds worth $ 50 million were stolen.


If you want to know, the DAO attack can be considered the biggest attack in the history of crypto because this is where the radical changes supported by the founders of Ethereum, Vitalik Buterin and Gavin Wood began.


Ethereum eventually went through a hard fork process in which the previous network was known as Ethereum Classic, using ETC as the native coin and the latest being retained as Ethereum (ETH). This effort is done for the purpose of returning the stolen funds to the original owners.



Ethereum Classic (ETC) vs Ethereum (ETH)


Clearly, ETH and ETC have no significant differences. For example, developers can use open-source code to build and run decentralized applications (dApps), including creating ERC-20 tokens for their applications.


Even Ethereum Classic users can use ETC to pay for transaction costs, just like any other cryptocurrency as long as it still has value.


However, what differentiates these two assets is that Ethereum Classic is quite limited in ‘joining’ updates on the Ethereum blockchain. Simply put, Ethereum Classic i.e. the previous network cannot access any updates applied on the new network, Ethereum.


And the other difference can be seen for yourself how Ethereum is more of an investor's choice than Ethereum Classic even though both support smart contracts.


If you ask, is ETC still relevant? It really depends on your understanding of how ETC can last for a long time. But, judging by its development from time to time, it can be said that ETC is still relevant.