Ethereum Classic TechnologyĮthereum Classic runs on the mathematically verified Ethereum Virtual Machine (EVM) and is a highly efficient means for transferring value and running Internet of Things (IoT) applications. As the longest running smart contract blockchain in existence, you can have confidence that the Ethereum Classic blockchain will continue to exist as a store of value, not be swept away by some errant developers vision. Guiding Principles of Ethereum ClassicĮthereum classic is run on the principles of immutability, community, and technology.
In fact, there are three different developer teams committed to the long-term vision of Ethereum Classic.Īdded to all of this are numerous outside funding sources, and a commitment to creating a secure network anyone can use, which helps Ethereum Classic continue to grow a little more each day, each week, and each month. In addition to the network activity, Ethereum Classic also has a large number of commited developers. The activity is on-par with that of Litecoin, and is greater than what we see from Bitcoin Cash. Why Ethereum Classicĭespite being overlooked by many, Ethereum Classic consistently has some of the largest blockchain network activity. This leaves the blockchain open to fraud, and calls into question all of the distributed applications running on top of the blockchain. This allows transactions to be unquestioned, and if this is broken we have to consider that all transactions are now questionable, since a mutable blockchain means any transaction might be modified. The transactions that have been deemed valid are those which have been accepted by the network through the mathematical cryptographic protocol. Immutability means that a blockchain in unchanging and inviolable. The rollback made the $70 million in ETH stolen not as good as other ETH, and deemed worthy of censorship. In the case of Ethereum, the Ethereum Classic backers claim that by rolling back the blockchain one ETH is no longer equal to one ETH. So, one dollar is equal to any other dollar, and one Bitcoin is equal to any other Bitcoin. Most importantly though they claimed that a hardfork to restore the lost DAO funds violated two key aspects of what gives peer-to-peer cash and smart contract-based systems value: fungibility and immutability.įungibility is the feature in any money whereby one unit of the currency is equal to any other unit of the currency.
Those championing Ethereum Classic, which is the original Ethereum blockchain all the way back to the genesis block, felt that while it initially seemed right to restore the stolen funds, there was a very good reason not to do so.Īccording to the ETC Declaration of Independence, there were several grievances held against the founding members of Ethereum, most of which revolved around actions taken that were against the principles of decentralization. The group that championed the fork had as their intention to roll back the blockchain to a point prior to the hack, thus restoring the lost funds.
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The ETC network exists to preserve the principle of “ Code is Law“. That split occurred as a response to the DAO hack that saw $70 million stolen in a matter of minutes.Įthereum Classic is the continuation of the unaltered history of the original Ethereum chain. This was the original intent for smart contracts, and Ethereum Classic held to it after the June 2016 split in the Ethereum blockchain that created Ethereum Classic. Through the use of smart contracts, Ethereum Classic guarantees that there is no possibility of any censorship, manipulation, monitoring, or external interference in its governance system. Smart contracts on Ethereum Classic are used to give the benefit of a decentralized governance system.
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