It would be possible for anyone to join and execute their crypto transactions through the ETC network. ETC network was built in 2016 due to a technical split that occurred within the Ethereum community due to the DAO attack. If you are new to the Bitcoin world, check out how to avoid taxation with Bitcoin.
Origin of Ethereum Classic
It is quite easy to make a decentralise organisation or DAO on Ethereum using smart contracts as it does not require any human intervention. Therefore, it cannot be manipulated. There was a project launched by the German start-up slock but its amount of $150 million was gone in crowdfunding, hackers knowingly left a loophole in its smart contract and stole $50 million in the whole process. After this huge loss, a step was taken by the Ethereum users and especially the founders name as Vitalik Buterin and Gavin Wood and a hard fork, to make medical changes in the blockchain base protocol. This was for the action of the new Ethereum chain.
some people were against the fork instead of supporting the Code in Law principle. According to the code in law, the blockchain cannot be incorporated by human intervention. They will be remained unchanged on the previous chain and its name was renewed as Ethereum Classic (ETC).
Before the DAO attack, the Ethereum Classic was containing old code of the Ethereum blockchain which referred to as the original Ethereum crypto.
About Ethereum Classic
An open-source blockchain-based decentralised platform is known as Ethereum. Its core function is to build and deploy smart contracts that perform actions based on pre-defined protocols. If a person using cryptocurrency through a crypto wallet can transfer and execute its transaction using the ETC network without getting permission from anyone. In 2016, a DAO attack performed in the Ethereum community because of an ideological and technical split.
Initial stage of Ethereum Classic
It was understood that it is possible to build a decentralised autonomous organization called DAO on Ethereum by using smart contracts. DAO doesn’t need human intervention due to its decision-making apparatus as it is codified. The German startup stock launched a programme called the DAO project based on Ethereum in 2016. Although the worth of the project was $150 million in crowdfunding yet hackers exploited a loophole to steal $50 million in its process. So to overcome this problem and recover their funds, founders like wood and Vitalik Buterin introduced a protocol called ETH chain means Ethereum chain.
However, some people from the community did not support the fork by choosing the ” code is law” principle that blockchain is bent on is not possible. Therefore they remained on the old chain and later that chain is known as Ethereum classic. Until DAO attacked, the Ethereum classic preserved the old code which was considered to be the original Ethereum crypto.
Ethereum Classic vs Ethereum
ETC and ETH are similar on the basic ground. For instance, developers can utilize the open source code and can also create ERC-20 tokens for their applications. Ethereum’s classic compatibility with the ETH blockchain is quite different. Any update imposed on the new chain maintained by Ethereum could not be accessed by the original chain of Ethereum classic. Ethereum Classic has importance due to its ideology and it preserves the original and unaltered Ethereum code itself. Therefore the historical record preserved in Ethereum classic is very important for the Ethereum network.
About original Ether: the original Ethereum classic is also known as Ether. It is very difficult to differentiate between both. they can be identified only by their ticket symbols. Where Ether is denoted as ETH, Ethereum classic is known as ETC. The function of Ethereum is to pay the gas prices for all transactions done using ETC. Next one is, ETC can be used by any cryptocurrency. Moreover, ETC is possible for the sale or purchase of any cryptocurrency and in the case of Ether, you have to signup up for bitflyer today.