Ethereum Classic (ETC): An Ideological Rift in the Ethereum Blockchain

Summary

Ethereum Classic (ETC) sprang from an ideological and ethical schism in the Ethereum community, which continues to cause debate. A major hack of a third-party application running on the Ethereum (ETH) blockchain occurred in 2016, resulting in the theft of millions of dollars in ether, or ETH.

Contents

The Origin of Ethereum Classic

There are a variety of reasons why blockchains hard fork and split into distinct blockchains.

Ethereum vs. Ethereum Classic

The argument between Ethereum and Ethereum Classic boils down to a philosophical debate between two opposing viewpoints:

  1. A distributed ledger’s revised blockchain which was altered in a way that erased a successful cybertheft.
  2. A truly immutable blockchain with a permanent record of the network’s entire history, including a successful cybertheft.

Structure of Ethereum Classic

The Ethereum Classic protocol is a fork of the Ethereum protocol.

The Future of Ethereum Classic

Ethereum Classic has lately undergone multiple protocol improvements targeted at making the protocol more compatible with the Ethereum protocol, indicating a change of heart.

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