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Ethereum Classic (ETC) is a decentralized, open-source blockchain platform that emerged as a result of a contentious hard fork in the Ethereum network in 2016. The hard fork occurred in response to the infamous DAO (Decentralized Autonomous Organization) hack, where a significant amount of funds were stolen. While the majority of the Ethereum community supported a hard fork to revert the transactions and recover the stolen funds, a minority believed in maintaining the immutability of the blockchain and continued to support the original Ethereum chain, which became Ethereum Classic.
ETH Classic operates similarly to Ethereum but with a few key differences. It uses a proof-of-work (PoW) consensus mechanism, specifically the Ethash algorithm, to secure the network and validate transactions. Miners solve complex mathematical puzzles to add new blocks to the blockchain and are rewarded with ETC for their computational efforts. This decentralized approach ensures that no single entity has control over the network, promoting censorship resistance and immutability. The platform enables developers to build and deploy smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. Smart contracts on Ethereum Classic are written in Solidity, the same programming language used in Ethereum. These contracts can be used to create various decentralized applications (dApps) and execute functions such as token creation, decentralized finance (DeFi) protocols, and more. Ethereum Classic also supports fungible and non-fungible tokens (NFTs), allowing users to create and trade unique digital assets. One of the fundamental principles of Ethereum Classic is its commitment to immutability. Unlike Ethereum, which implemented a hard fork to reverse the DAO hack, Ethereum Classic maintained the original blockchain history and transactions. This commitment to immutability has its proponents who believe that the blockchain should be tamper-proof and resistant to any form of interference. However, it also means that Ethereum Classic does not benefit from the same network effects, development activity, or scalability improvements that Ethereum has achieved over time. Nonetheless, Ethereum Classic continues to exist as an alternative blockchain platform for those who value the principles of decentralization and immutability above all else.
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