Ethereum Classic (ETC)

Ethereum Classic (ETC)

Ethereum Classic (ETC) is an open-source, decentralized, blockchain-based distributed cryptocurrency platform that runs smart contracts.


Ethereum Classic was formed in 2016 as a result of a hack of The DAO, a smart contract operating on the Ethereum blockchain. The original blockchain was split in two, with the majority of users choosing to reverse the hack and return the stolen funds. This split revealed philosophical divisions within the Ethereum community.

  • Based on the principle that "Code is Law," a small number of developers and miners believed that The DAO's investors should suffer the consequences of investing in a flawed project.
  • The majority of the Ethereum community decided to roll back the blockchain, effectively creating a bailout for The DAO's investors.

Key Takeaways

  • Ethereum Classic (ETC) is an open-source, decentralized, blockchain-based distributed cryptocurrency platform that runs smart contracts.
  • Ethereum Classic was originally known as Ethereum. It was conceived by Vitalik Buterin and the Ethereum Foundation and launched in 2015.
  • Ethereum Classic was created after The DAO hack in 2016.
  • The dispute caused a split in the Ethereum community, with the majority choosing to reverse the hack. Ethereum Classic is the name of the original, smaller blockchain.

Ethereum Classic is a blockchain-based distributed computing platform that offers smart contract functionality. It is open source and supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine.

Ethereum Classic is positioned to be the base layer smart contracts platform of the future, as other chains become compromised or captured by special interests. It is known for its commitment to preserving the principle that "Code is Law."

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Where to Buy Cryptocurrency Ethereum Classic

1. Buy Ethereum-Classic (ETC) - Ledger

You can buy Ethereum-Classic (ETC) from Ledger, a crypto exchange that allows purchases with credit or debit cards. To buy ETC, you need to create an Ethereum-Classic wallet and get it approved.

2. Coinbase

Coinbase is a popular crypto exchange where you can buy Ethereum-Classic using a credit or debit card. Create a Coinbase account, verify your ID, add a payment method, and start a trade to buy ETC.

3. Binance

Binance is another option to buy Ethereum-Classic. Create a free account on the Binance website or app, verify your identification, and choose how you want to buy ETC. Options include using a credit card, debit card, or third-party payment method.

4. Kraken

Kraken is a trusted platform to buy Ethereum-Classic. Connect a funding method, complete your purchase with as little as $10, and enjoy the world-class security offered by Kraken.

5. bitFlyer

bitFlyer is a platform where you can buy Ethereum-Classic with as little as $1. It offers a user-friendly interface for beginners.

Founders of Ethereum Classic

Ethereum Classic is a blockchain-based distributed computing platform that offers smart contract functionality.

It was originally known as Ethereum and was conceived by Vitalik Buterin and the Ethereum Foundation. Ethereum Classic maintains the original, unaltered history of the Ethereum network.

Ethereum's History

Ethereum was created by Vitalik Buterin and the Ethereum Foundation.

The mainnet was initially released via Frontier on July 30, 2015. However, due to a hack of a third-party project, The DAO, the Ethereum Foundation created a new version of the Ethereum mainnet on July 20, 2016.

The older, unaltered version of Ethereum was renamed and continued on as Ethereum Classic (ETC).

Key Facts about Ethereum Classic

  • Ethereum Classic is an open-source, decentralized blockchain-based platform.
  • Ethereum Classic runs on a modified version of Nakamoto consensus and uses a transaction-based state transition on the Ethereum Virtual Machine (EVM).
  • Ethereum Classic's native token is Ether (ETC), which is a cryptocurrency traded on digital currency exchanges.
  • Ethereum Classic provides a decentralized Turing-complete virtual machine called the Ethereum Virtual Machine (EVM) that can execute scripts using a network of public nodes.
  • Ethereum Classic uses gas, an internal transaction pricing mechanism, to mitigate spam and allocate resources on the network.

Ethereum Classic was formed after a hack in 2016 when the Ethereum community disagreed on whether to compensate the affected users. The original blockchain split in two, with Ethereum Classic remaining as the "immutable" original chain.

Since its inception, Ethereum Classic has been maintained by an active group of miners who have elected to pursue a different technical roadmap for the development of the chain.

Roadmap and Future Plans of Ethereum Classic

Roadmaps and Pathways

Ethereum Classic acknowledges the lack of a traditional roadmap and takes a decentralized approach to its development.

The project follows the Ethereum Classic Improvement Proposal (ECIP) process for discussing and vetting potential upgrades. The development strategy emphasizes a meritocratic and organic process rather than a top-down, centralized roadmap.

The slow and steady approach ensures long-term success and reduces unnecessary risks. Ethereum Classic's growth is intentional and aims to uphold the principles of decentralization and resist censorship.

Commitment to Decentralization

Ethereum Classic is committed to maintaining a decentralized blockchain platform.

The platform is maintained by a global community of developers, miners, and users who prioritize keeping Ethereum Classic open, secure, and censorship-resistant. The platform operates similarly to Ethereum but with key differences, such as the use of proof-of-work consensus and a capped supply of 210 million ETC.

Ethereum Classic has established a strong network and community of supporters, with a relatively even distribution of mining power and ownership.


Ethereum Classic faces challenges, with one of the main criticisms being the perceived lack of developer activity compared to Ethereum. However, the development team is actively working on addressing this concern.

The decentralized nature of Ethereum Classic allows for close compatibility with Ethereum, typically implementing the same upgrades to its network after a few months. The team aims to keep up with the rapid pace of innovation in the blockchain space and maintain Ethereum Classic's relevance.

Future Outlook

The future of Ethereum Classic holds potential for growth and increased interest.

Ethereum Classic closely tracks the price of Ethereum, often reaching new all-time highs before Ethereum does. Planned upgrades and events in the broader blockchain ecosystem, such as the Ethereum upgrade testing and implementation in 2024 and the Bitcoin Halving event in the same year, are expected to have a positive impact on Ethereum Classic.

The focus on decentralization and the unique combination of Ethereum technology and Bitcoin philosophy position Ethereum Classic as a base layer for smart contracts in the future.

Ethereum Classic Introduction

Ethereum Classic (ETC) is a kind of digital money also known as 'cryptocurrency.' It operates on a platform called blockchain technology which is similar to what Bitcoin uses. The unique aspect of ETC is its underlying technology - a platform that enables developers to build and deploy smart contracts and Distributed Applications to be built and run without any downtime, fraud, control, or interference from a third party.

The Genesis of Ethereum Classic

Ethereum Classic was born out of a split from the original Ethereum blockchain, due to differences in ideology and development direction among the Ethereum community. This split is known as a hard fork in the world of blockchain. After a hacking incident in 2016 where $50 million worth of funds were stolen from The DAO (a decentralized autonomous organization built on the Ethereum platform), some developers opted to reverse this transaction and restore the stolen funds, while others believed that "code is law" and the blockchain shouldn't be altered, thus Ethereum Classic was born.

How Does Ethereum Classic Differentiate From Other Cryptocurrencies?

Other than sharing the basic properties of cryptocurrencies like decentralized control, anonymity, and peer-to-peer transaction capabilities, Ethereum Classic sets itself apart in a few key ways. One of the primary differences is that it has held fast to its principle of immutability, meaning that once data has been recorded inside the blockchain, it can't be changed. This principle is central to the idea of trust in a decentralized system, and ETC has been adamant in its stance even during times of crisis.

Furthermore, Ethereum Classic can be used not only as a digital currency but also as computational fuel for running smart contracts and Distributed Applications. This gives it a unique use case that appeals to developers and active users of the decentralized web (Web 3.0). While other cryptocurrencies may also support smart contracts, Ethereum Classic's commitment to immutability and philosophical alignment with the ideas of decentralization may appeal to a certain audience.

Lastly, it's worth noting that ETC has a fixed supply limit of 210 million tokens. This is a feature shared by a few other cryptocurrencies like Bitcoin, but contrasts with Ethereum, which initially had no maximum supply limit. A fixed supply can make a cryptocurrency more resistant to inflation over time.