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Ethereum Classic (ETC) is a hard fork of Ethereum (ETH) that began in July 2016. Its primary goal is to serve as a smart contract network that can host and support decentralized apps (DApps). It makes use of ETC as its native token.
Since its foundation, Ethereum Classic has worked to set itself apart from Ethereum, with the two networks' technological roadmaps gradually getting more and more distinct.
Following the theft of 3.6 million ETH as a consequence of a massive hacking attempt, Ethereum Classic set out to secure the security of the existing Ethereum blockchain.
Ethereum Classic is Ethereum's historical chain, and its actual inventors are the original Ethereum developers, Vitalik Buterin and Gavin Wood.
A contentious hard fork on Ethereum happened in July 2016, when participants disputed whether to reverse the blockchain to cancel out the impacts of a significant attack. This had an effect on The DAO, a decentralised autonomous organisation (DAO) that had raised around $150 million in an initial coin offering (ICO) a few months before.
Ethereum Classic emerged as the network that did not reverse the chain. According to the creators, the project has no "official" team, and its "global development community is a permissionless 'do-ocracy,' where anyone can participate."
The primary goal of Ethereum Classic is to keep the Ethereum blockchain as it was before the DAO hack.
The legacy network first found favour with individuals who disapproved of Ethereum's reaction, but it has subsequently attracted a larger following, including influential investors like Barry Silbert, CEO of the investment firm Grayscale.
As a voluntary organization, the ETC developers do not want to transform the network into a for-profit entity. Users pay transaction fees similar to Ethereum, and miners collect them depending on work completed using the proof-of-work (PoW) mining algorithm.
Unlike Ethereum, Ethereum Classic has no intention of switching to a proof-of-stake (PoS) mining process, while some developers are still working on potential upgrades like scaling options.
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