Ethereum Classic (ETC) is a decentralized blockchain platform and cryptocurrency that emerged as a result of a contentious hard fork from the original Ethereum blockchain in 2016. Ethereum Classic upholds the principle of "Code is Law" and aims to preserve the integrity of the original Ethereum blockchain. It emerged in response to contract censorship on Ethereum, with the belief that blockchain transactions should be immutable and resistant to interference. Ethereum Classic has demonstrated resilience against censorship and has gained a following of users who value decentralization and the principles of blockchain technology.
As a cryptocurrency, Ethereum Classic operates on a proof-of-work (PoW) consensus algorithm, similar to Bitcoin. It functions as a smart contract network, allowing developers to build and deploy decentralized applications (DApps) on its platform. Ethereum Classic retains many of the features and functionalities of the original Ethereum, but it has diverged in terms of philosophy, governance, and development roadmap.
Ethereum Classic has its own native cryptocurrency, also called Ethereum Classic (ETC). Ethereum Classic has a capped supply of 210.7 million tokens, and it operates independently of Ethereum, with no plans to transition to a proof-of-stake (PoS) consensus mechanism like Ethereum's upcoming Ethereum 2.0 upgrade.
While Ethereum Classic shares a common history with Ethereum, including its founders Vitalik Buterin and Gavin Wood, it has developed its own community and distinct identity. Ethereum Classic's decentralized governance involves community consensus, and it has gained a wider fan base, including major investors.
However, concerns exist regarding Ethereum Classic's scalability compared to Ethereum, as it continues to rely on the energy-intensive PoW consensus mechanism. The project has faced challenges and philosophical disagreements within its community, but it remains an active blockchain platform with its own development roadmap and ecosystem.
