Presentation and definition of the Ethereum Classic Cryptocurrency (ETC)

The birth of Ethereum Classic

Ethereum Classic was born in 2016 following the piracy of a smart contract on the Ethereum network which caused the misappropriation of more than 10% of ETH tokens then in circulation. The team of developers wanted to set up a fork to cancel the piracy and give back the funds to the holders but this initiative was not supported by the entire network. In fact, going back on past transactions, even fraudulent ones, would totally call into question the unchanging character of the blockchain. The result is a schism in the Ethereum blockchain that has split into two versions. The new Ethereum Classic protocol is the piracy version and it always contains all blocks of past transactions.

How Ethereum Classic works

The Ethereum Classic uses tokens called Ether Classic that have the same characteristics as Ether Ethereum network. Both networks rely on the same basic operation: the creation of applications and the execution of "smart contracts" in the blockchain, via a fully decentralized open-source system. Although the Ethereum Classic network has a much smaller market capitalization than its precursor, it has still managed to win in the world of cryptocurrencies and has reached more than $ 1.5 billion in market value.

The limit of tokens ETC

Unlike Ethereum, Ethereum Classic has set a limit on ETC tokens. The distribution of chips will end when 210 million of them are already in circulation.