Everything you need to know about Ethereum Classic, a distributed computing platform and operating system featuring smart contract functionality.
Learn more: https://crushcrypto.com/ethereum-classic-analysis/
Community whitepaper: https://coss.io/documents/white-papers/ethereum-classic.pdf
Technical documentation: https://ethereum-classic-guide.readthedocs.io/en/latest
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What is Ethereum Classic?
After the DAO hack, there were three options for the Ethereum blockchain: do nothing, implement a soft fork, or implement a hard fork.
Each choice had its pros and cons, although the Ethereum Foundation ending up deciding to do a hard fork to return funds lost in the hack to an account available to the original investors of the DAO, and most of the community agreed with this choice.
Considering most of the community agreed with the hard fork, the new version of the chain was remained to be named Ethereum. Those opposed to the hard fork decided to remain on the old chain and coined the name Ethereum Classic.
ETC is the native token of the Ethereum Classic blockchain – it is used as gas that incentivizes the network miners through fees from transactions and smart contracts.
Up until block 1,920,000, ETH and ETC were the same currency, meaning all transactions before that block are shared between each network. The hard fork diverted ETH tokens into a new blockchain and the ETC ticker was created for the separate blockchain.
Unlike Ethereum, ETC switched to a fixed token supply system in late 2017, with a hard cap around 210 million ETC to ever be created.
- Ethereum Classic is one of the more decentralized blockchains, with multiple development teams working on the protocol (ETCDEV, IOHK, and Ethereum Commonwealth), software for running a node, block explorers, wallets, etc.
- Ethereum Classic benefits from inheriting the Ethereum codebase – the Ethereum Virtual Machine enables developers to create and test smart contracts that power decentralized applications.
- Immutability – Ethereum Classic has shown that it values the “code is law” rule, meaning there is true immutability on the network and no transactions will ever be reversed.
- Ethereum Classic is not bound to a governing entity like the Ethereum Foundation, and there is not one person with significant influence over the protocol. This is good from a decentralization standpoint. For Ethereum, the foundation plays a huge part in the future of the network, and people like Vitalik Buterin are viewed as critical to its success.
- Ethereum Classic has a relatively small community as compared to Ethereum and some other smart contract platforms. As a result, the development activity for Ethereum Classic is far less active than Ethereum.
- Judging from the relative hash power compared to Ethereum, Ethereum Classic has a relatively low number of nodes and miners when compared to Ethereum. As a result, the network is more susceptible to 51% attacks and other attack vectors.
- There are very few dApps running on Ethereum Classic.
- The network is slow and faces the same scalability issue that Ethereum is facing. In the roadmap, the team will be exploring sharding and sidechain as a scaling option. However, no concrete work has been done yet as far as we know.
- The immutability feature is both good and bad; transactions will never be reversed on Ethereum Classic but bad actors like the DAO hacker will get to keep their stolen funds.
The information in this video is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments are volatile and high risk in nature. Don't invest more than what you can afford to lose. Crush Crypto makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this video or any sites linked to or from this video.