A Break Down of Ethereum Classic

Ethereum Classic
Ethereum Classic

Ethereum Classic (ETC) LINK – is a public, open source blockchain that features smart contracts, protocols that allow for the execution of credible transactions without third parties. It offers a decentralized Turing-complete machine called, the Ethereum Virtual Machine (EVM), which handles transaction across an international network of nodes. Like Ethereum, Ethereum Classic uses a coin or token called, Ether. Ether is a digital asset or cryptocurrency that is used in digital transactions and in also used as a reward to participants in the network that provide computing power to the network.

Ethereum Classic was created during a hard fork which was required in order to respond to hacking. Hackers had stolen millions of US dollars (approximately $50 million) worth of Ethereum, and the network decided on a hard fork in order to compensate those who lost their tokens. Since some members decided to continue using the original Ethereum network, based on the rules of the original network, Ethereum Classic created its own blocks off the network.

Author: Saul DeLuzoro

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