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January 15, 2019 16: 30 & nbspUTC
| updated:
January 15, 2019 at 16: 30 & nbspUTC
Ethereum Classic is a block-based open source distributed computing platform with intelligent contract functionality.
It is Ethereum Classic Blockchain which offers a decentralized virtual machine complete with Turing, known as EVM (Ethereum Virtual Machine), able to execute scripts using an international network of public nodes.
Ethereum Classic has a value token called "ETC", which can be transferred between participants, stored in a cryptographic portfolio and used to compensate for participant nodes for calculations performed on the Ethereum platform.
You can also read: 5 things you should know about Blockchain
Ethereum Classic Blockchain
Put simply, Ethereum Classic Blockchain offers a unique approach to track digital assets without the need for intermediaries, such as banks and other financial institutions.
Ethereum Classic (ETC) is a smarter network or community of blockchain that brings digital resources forward. In addition to allowing people to send value to each other, the ETC token allows complex contracts that operate independently and can not be modified or censored.
Blockchain ETC, more than a blockchain
In the event that the Internet was simply a collection of interconnected computers and there were no creators or users making Web sites, it would be largely useless.
Likewise, a blockchain needs users and creators. ETC has both!
You can also read: 5 best Bitcoin mining hardware
Why Ethereum Classic?
ETC has some of the biggest network activities of any blockchain, consistently superior to that of Bitcoin Cash and neck-and-neck with Litecoin.
It has multiple development teams, all committed to the long-term vision of the ETC.
It is in the list of the top 10 in the programmer's activities. It has numerous sources of funding and continues to grow with each passing day.
Technology
By enabling highly efficient value transfers, Ethereum Classic focuses on its blockchain to transform IoT applications and run a mathematically verified EVM machine.
Now, this means that Ethereum Classic Blockchain is exceptional in what it claims to be.
Their developers are working on technology and partnerships that will allow seamless use of the ETC network wherever blockchain is required.
The community
A number of blockchain communities have centralized leadership, which means that some people at the top make decisions for everyone else.
The Ethereum Classic Community is deliberately structured to avoid it. Responsibility for development and discussion are distributed among many parts.
This prevents the form of partial governance that is susceptible to other blockchains.
immutability
ETC accounts can not be changed by anyone. This functionality is like a philosophy shared by the community with Bitcoin, Litecoin and other cryptocurrencies.
There are some blockchains that follow a different philosophy that allows participants to use their social and economic power to vote on others' balances.
You can also read: A Beginner's Guide to Litecoin
The history of Ethereum Classic Blockchain
In May 2016, a venture capital fund known as "The DAO" built on Ethereum raised nearly $ 168 million, with the intention of investing in projects through smart contracts.
In the same month, a document was released detailing security vulnerabilities with DAO that could allow Ether theft.
In June, 3.6 million Ether were taken from The DAO accounts and transferred to another account without the owners' consent.
Members of the DAO and the Ethereum community discussed the actions to be taken to resolve the situation.
Then, a vote took place, and in July 2016, it was decided to make a big blow in the Ethereum code and move the Ether token into a new intelligent contract, so it would be returned to the owners from whom it had been taken.
This is how Ethereum Classic was born, when some members of the community refused the hard gallows on the basis of immutability, which is the principle that the blockchain can not be changed, and chose to continue using the unpublished version of the # 39; Ethereum.
Ethereum Classic suffered a technical fork to keep internal prices for the execution of various codes on the EVM machine on October 25, 2016, which is similar to the rigid fork that the ETH chain has done before.
The motto was to evaluate the various commands of intensive calculation and external reference even more rationally to reduce the incentive for spammers who had conducted a DoS attack distributed over a month on the ETC network.
A difficult fork, which occurred in early 2017, successfully delayed the "difficulty bomb" and was added to the Ethereum code in September 2015, originally to increase exponentially the difficulty in the mining sector.
People who continued with Ethereum Classic support the immutability of the blockchain, and the concept that "the code is law" against the pro-fork side of Ethereum that has intentionally broadly supported extra protocol, decentralized resolution and conflict decision.
However, the project is not officially supported by the Ethereum Foundation.
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Kapil Gauhar
Kapil Gauhar is the founder of Blogger's Gyan. He is a passionate blogger, a great thinker and a creative writer. His passion for making friends with words and making people aware of the wonders of the digital world is what drives him to write as a career.
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