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Ethereum Classic is an open-source , public, blockchain -based distributed computing platform featuring smart contract scripting functionality. Ethereum Classic also provides a value token called "classic ether", which can be transferred between participants, stored in a cryptocurrency wallet and is used to compensate participant nodes for computations performed. The classic ether token is traded on cryptocurrency exchanges under the ticker symbol ETC.
Gas, an internal transaction pricing mechanism, is used to prevent spam on the network and allocate resources proportionally to the incentive offered by the request. The Ethereum platform has been forked into two versions: Prior to the fork, the token had been called Ethereum. It united members of the Ethereum community who rejected the hard fork on philosophical grounds.
Ethereum Classic passed a technical hard fork to adjust the internal prices for various opcodes of the Ethereum Virtual Machine EVM on October 25, , similar to the hard fork committed by Ethereum a week previously.
The purpose of the hard fork was a more rational distribution of payments for resource-intensive calculations, which led to the elimination of the favorable conditions for attacks that were previously conducted on ETH and ETC. A hard fork held in the beginning of successfully delayed the "bomb complexity" that was added to the Ethereum code in September with a view of exponentially increasing the complexity of mining and the process of calculation of new network units.
In late , a hard fork occurred which changed the monetary policy with unlimited emissions to a system similar to Bitcoin. Callisto is a side chain of Ethereum Classic.
The side chain will have its own separate cryptocurrency CLO. Members of The DAO and the Ethereum community debated what actions, if any, should occur to resolve the situation. A vote occurred and in July it was decided to implement a hard fork in the Ethereum code and to move the Ether taken in the exploit to a new smart contract through which it would be restored to the owners from whom it had been taken.
Ethereum Classic came into existence when some members of the Ethereum community rejected the hard fork on the grounds of "immutability", the principle that the blockchain cannot be changed, and decided to keep using the unforked version of Ethereum. Ethereum Classic underwent a technical hard fork to adjust the internal pricing for running various op codes on the Ethereum Virtual Machine EVM on 25 October , similar to the hard fork the ETH chain did a week earlier.
The goal was to more rationally price various compute-intensive and external reference commands to reduce the incentive for spammers who had conducted a month-long distributed denial-of-service attack on the Ethereum Classic network. Ethereum Classic has retained some users of Ethereum and has also attracted others from the wider crypto-community who reject contentious forks on ideological grounds.
The project, however, is not officially supported by the Ethereum Foundation. On June 29, the Ethereum Classic Twitter account made a public statement indicating reason to believe that the Classic Ether Wallet Website had been compromised.
From Wikipedia, the free encyclopedia. Ethereum Classic The Ethereum Classic logo. From Buzzword to Watchword in ". Retrieved 22 December The Wall Street Journal Blog. Retrieved 17 February But It's a Mess".
The New York Times. Ethereum 'Classic ' ". Retrieved 15 May Retrieved 8 March Threatpost The first stop for security news. Ethereum Ethereum Classic KodakCoin. Dogecoin Gulden Litecoin PotCoin. Dash Decred Primecoin Auroracoin. Proof-of-authority Proof-of-space Proof-of-stake Proof-of-work system.
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Retrieved from " https: Blockchains Cross-platform software Cryptocurrencies Ethereum. CS1 Dutch-language sources nl CS1 errors: Views Read Edit View history. This page was last edited on 6 May , at By using this site, you agree to the Terms of Use and Privacy Policy. The Ethereum Classic logo.
The release of the Ethereum Genesis block. First fork after being renamed "Ethereum Classic". Repriced some operations to prevent DoS attacks affecting both Ethereum and Ethereum Classic networks.
Delayed the difficulty bomb which was originally intended to force the network to move from proof-of-work to proof-of-stake and added replay protection to prevent transactions on the Ethereum network being accepted on the Ethereum Classic chain. Change unlimited token emission to a fixed-cap monetary policy similar to bitcoin with a hard cap of around Million.