Ethereum Classic first appeared at the end of July of 2015, due to the DAO faulty drama that took place on Ethereum blockchain.
Since Ethereum had to do something that will help them solve the issue that led to the loss of millions, the team behind the second-largest currency had to release an update.
However, there was a group of holders that didn’t want to accept this update, which resulted in a hard fork.
The hard fork from Ethereum gave birth to Ethereum Classic, and that is how ETC was born.
What is Ethereum Classic and how is it different than Ethereum?
Ethereum Classic (ETC) Price Today – ETC / USD
Price 24H (%) -0.32%
What is Ethereum Classic: Everything You Need to Know about ETC
DAO or Decentralized Autonomous Organization was supposed to revolutionize the way Ethereum platform works.
DAO actually represented a single smart contract that held the purpose of acting like a vault for the funds submitted from the side of ETH community, where those funds should have been spent on projects that have been voted up.
Anyone could retreat their given funds from DAO vault, however, there was a loop that could have been easily taken advantage of, and so it was.
In case an ETH holder wanted to get his money back, he could, but, in order to take his funds back from the DAO vault, one was supposed to wait for around 72 hours before the funds are returned to his wallet.
During this period of 72 hours, the money would be in escrow ecosystem, which made the funds vulnerable. That is how someone was able to spot th9is vulnerability and rob the escrow for millions.
Ethereum Classic is Born: What Now?
Once the update was released to settle the issues that appeared with the DAO drama, a group of ETH holders wasn’t too excited about it, so they decided to set apart from the original chain of Ethereum, which brought them to a forked currency – Ethereum Classic.
For some time ETC seemed to have been forgotten, with no clear vision of the future, however, things drastically changed for Ethereum Classic in the last quarter of 2018.
Now, Ethereum Classic is ranked as the 16th largest currency and is now listed on one of the greatest exchange markets, Coinbase.
The momentum provided by the Coinbase listing, brought ETC to a point of rejuvenation, so ETC now has a clear vision of what needs to be achieved in order to drive this crypto to an increased adoption.
Ethereum Classic, just like Ethereum Classic, offers smart contract operations, hoping to attract more developers to the network, alongside with announcing that the currency will be working on machine-to-machine communication aiming at entering the Internet of Things “race.”
What is maybe the most important change that Ethereum Classic will be seeing in the following months is mentioned in the ETC roadmap for 2019.
Ethereum Classic is aiming at finding a scalability solution, referring to sharding as their protocol of choice, which should make the network faster, that way taking less time for validating transactions.
ETC will also create a Light client among other updates within their latest roadmap, so Ethereum Classic has a solid chance for becoming more than just a fork derived from Ethereum blockchain.