Who Created Ethereum Classic
Who Created Ethereum Classic?
Ethereum Classic is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum Classic is a continuation of the original Ethereum blockchain – the classic version preserving untampered history; free from external interference and subjective tampering of transactions.
Ethereum Classic came about after a hard fork in the Ethereum network. On July 20, 2016, a hacker exploited a vulnerability in The DAO, a decentralized autonomous organization based on the Ethereum platform, and stole 3.6 million ether tokens (worth $50 million at the time).
The Ethereum community was divided on how to handle the theft. Some argued that the thief should be allowed to keep the stolen tokens, since they were acquired legally. Others argued that the stolen tokens should be returned to The DAO and that the hacker should be punished.
A hard fork was proposed as a way to resolve the dispute. On July 22, 2016, the Ethereum network split into two separate networks: Ethereum (forked at block 2,920,000) and Ethereum Classic (forked at block 3,636,000).
Ethereum Classic is the result of the Ethereum community refusing to give in to the demands of the majority. They believed that the thief should be allowed to keep the stolen tokens and that the Ethereum network should not be changed to benefit The DAO.
Ethereum Classic is a platform for running smart contracts. It is a continuation of the original Ethereum blockchain, preserving untampered history and free from external interference.
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Where did Ethereum Classic originate?
Ethereum Classic is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum Classic is a continuation of the original Ethereum blockchain – the classic version preserving untampered history; free from external interference and subjective tampering of transactions.
The original Ethereum blockchain was in fact hacked, and $50 million worth of Ethereum was stolen. The Ethereum Foundation decided to do a “hard fork”, which is a change in the code of the blockchain that creates two separate blockchains: Ethereum and Ethereum Classic.
Ethereum Classic is maintained by a group of volunteers, who are not affiliated with any company or organization.
When was Ethereum Classic created?
When Ethereum Classic was created is a bit of a complicated question. The simple answer is that it was created when the Ethereum network forked after the infamous DAO hack. However, there’s more to it than that.
Ethereum Classic began as a protest against the hard fork that was executed to return the stolen funds from the DAO. This hard fork created a new Ethereum network and blockchain, leaving the original Ethereum chain behind with the stolen funds still on it. This new chain was later renamed Ethereum.
Those who continued to support the original Ethereum chain, and disagreed with the hard fork, began calling it Ethereum Classic. This name was chosen to represent the idea that this chain was the “true” Ethereum, and that the hard fork was a betrayal of the original vision.
Since its inception, Ethereum Classic has been supported by a small but dedicated community. Its primary goal is to preserve the original Ethereum blockchain and ecosystem.
Who mines Ethereum Classic?
Mining is an important part of the Ethereum Classic network. miners are responsible for verifying transactions and adding them to the blockchain. This process is rewarded with new Ethereum Classic tokens.
Today, there are a number of mining pools that miners can join. These pools allow miners to share the rewards they earn from mining.
The largest Ethereum Classic mining pool is ETCPool. It has over 16,000 miners and accounts for over 60% of the network’s hashrate.
Other notable Ethereum Classic mining pools include Dwarfpool, ETHPool, and F2Pool.
Why did Ethereum Classic happen?
In July of 2016, a hard fork in the Ethereum network caused a division in the community, resulting in the creation of Ethereum Classic (ETC). So, why did Ethereum Classic happen?
The hard fork occurred after a hacker exploited a vulnerability in The DAO, a decentralized application built on the Ethereum network. The hacker was able to steal millions of dollars worth of ether.
In an attempt to return the stolen funds, the Ethereum community voted to hard fork the network, resulting in the creation of Ethereum Classic. However, not everyone in the community agreed with this decision, which is why we now have two separate Ethereum networks.
Ethereum Classic is essentially the original Ethereum network, before the hard fork occurred. Ethereum is the network that was created after the hard fork, and it includes the changes that were made in order to return the stolen funds.
The reason why Ethereum Classic exists is because some people in the community believe that the hard fork was unnecessary and that the blockchain should not be changed. They believe that the original Ethereum network should remain intact, regardless of what happened.
There are also some people who believe that Ethereum Classic is a more pure version of Ethereum, because it doesn’t have the changes that were made after the hard fork.
However, Ethereum Classic has been struggling to gain traction since it was created. Most people in the community have chosen to support Ethereum instead.
Does ETH Classic have a future?
There is no doubt that Ethereum Classic (ETC) has had a tumultuous year. The cryptocurrency has faced a number of challenges, including a 51% attack. Despite this, there are still many who believe that ETC has a future.
The main reason for this is that ETC is still based on the original Ethereum blockchain. This means that it has many of the same features as Ethereum, including smart contracts and dapps.
Another reason for ETC’s popularity is that it is much cheaper than Ethereum. This makes it a more attractive option for those looking to invest in cryptocurrency.
While ETC has faced a number of challenges in the past, there is no doubt that it still has a future. Those who are interested in investing in cryptocurrency should consider investing in ETC.
Why is Ethereum Classic so cheap?
Ethereum Classic (ETC) is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum Classic is a continuation of the original Ethereum blockchain – the classic version preserving untampered history; free from external interference and subjective tampering of transactions.
The Ethereum Classic price is currently $5.14, which is a significant decrease from its all-time high of $45.73. So, why is Ethereum Classic so cheap?
There are a few reasons for this. Firstly, Ethereum Classic is a relatively new cryptocurrency, having only been launched in July 2016. Secondly, it has a smaller following than Ethereum. Finally, it has suffered from some negative publicity, which has damaged its reputation.
However, Ethereum Classic has many advantages over Ethereum. Firstly, it is more decentralized, as it does not rely on miners to verify transactions. Secondly, it has a longer track record, having been in operation since July 2016. Thirdly, it is more secure, as it has not suffered from any major hacks. Finally, it is cheaper to use, as it does not require payment of gas fees.
Therefore, Ethereum Classic is a sound investment, and is likely to appreciate in value in the future.
Can Ethereum Classic reach $10000?
Yes, Ethereum Classic can reach $10000! The cryptocurrency has already seen a significant price increase in recent months, and there is every reason to believe that it will continue to rise in value. Here’s why Ethereum Classic could reach $10000 in the near future:
1. The Ethereum Classic community is growing rapidly.
The Ethereum Classic community is growing rapidly, and this is helping to drive up the price of the cryptocurrency. As the community grows, more people will become interested in Ethereum Classic, which will result in even higher prices.
2. The Ethereum Classic network is becoming more stable.
The Ethereum Classic network is becoming more stable, which is attracting more investors. The network is becoming more reliable, and this is helping to increase the price of the cryptocurrency.
3. Ethereum Classic has a bright future.
Ethereum Classic has a bright future, and there is every reason to believe that it will continue to grow in value. The cryptocurrency is still in its early stages, and there is plenty of room for growth.
4. Ethereum Classic is a good investment.
Ethereum Classic is a good investment, and it is likely to provide a good return on investment in the future. The cryptocurrency is still relatively new, so there is plenty of potential for growth.
These are just a few of the reasons why Ethereum Classic could reach $10000 in the near future. If you’re interested in investing in Ethereum Classic, now is the time to do it!
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