Imagine two good friends building a shared toy train track and mutually agreed that the train should be kept red in colour no matter what happens. However, they came into an argument when something unexpected occurred – red trains are no longer trendy, blue is the new red.
Due to their different perceptions on train aesthetic, they decided to go their separate ways and split into two separate train tracks. This analogy can also be applied in the crypto world to explain the relationship between Ethereum (ETH) and Ethereum Classic (ETC).
Where did it originate?
ETC is a continuity of the original Ethereum blockchain and it was created from a fork when block height reached1,920,000. ETC share similar function with ETH. Application is operate in accordance with pre-defined protocol – there would be no halt, surveillance, faulty or interference by third party.
The split between ETH and ETC occurred after THE DAO incident where the project was raising fund and was unfortunately under attack in 2016 by hackers. Followers of ETC believes that the Ethereum blockchain should be immutable therefore it shouldn’t be altered even if malicious activities occurred. Yet ETH followers were of the belief that a man-made error such as a hack should be rectified as a one -off solution in order to do what is fair and logical. After the dispute, a hard fork occurred and the Ethereum network was split into two.
Basic statistics of ETC
• Issue date: 23 July 2016
• Abbreviation: ETC
• Total supply: Not Applicable
• Initial price: around $ 0.75 USD
• Record high: reached $ 22.58 USD per token in mid-June
The pros and cons of ETC
How is it used?
Similar to ETH, ETC can be used as “gas” or "fuel" on the Ethereum Classic platform, a decentralized platform that runs smart contracts.
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