Charts price for Ethereum Classic (ETC)

Loading chart ...

Description of Ethereum Classic (ETC)

Ethereum Classic Origin

Release Date: July 30, 2015

Ethereum Classic is a hardfork of the Ethereum Blockchain. It was executed after events surrounding The DAO (Decentralized Autonomous Organization). Which was a fund used to vote on how venture capital would be allocated. The fund enjoyed extreme popularity, acquiring over 150 million USD.

Due to a design flaw, a hacker was capable of stealing close to 4 million ETH from the DAO. This lead to the hardfork that would create ETC. There was quite a bit of disgruntlement surrounding the hardfork, mostly on philosophical grounds. It’s important to note that at the time of the hardfork users received an amount of ETC at a 1:1 ration with ETH.

Ethereum Classic Functionality

ETC is a fully open sourced Blockchain which has smart contract functionality. The fork executed some adjustments to the internal prices and some opcodes of the Ethereum Virtual Machine. This was done in order for there to be a fairer distribution of payments for miner calculations.

To this day, there are many people whose opinion regarding the ETC and ETH dilemma have not settled. With some even going so far as to claim that ETC is a scam, and an obvious breach of intellectual property.

The team behind Ethereum Classic don’t really boast their developments, they prefer to keep a low profile. However, they are quite experienced, with most members having over 10 years of adequate technical and software expertise. ETC is not supported by the Ethereum Foundation.