Ether Classic is a cryptocurrency that was created in July 2016 as a result of a hard fork of the Ethereum blockchain. The creation of Ether Classic was caused by disagreements among members of the Ethereum community regarding the
consequences of a network hack that occurred at that time.
The hack resulted in the theft of tokens worth millions of dollars and prompted some members of the community to propose changes to the Ethereum code. This proposed change, known as the "DAO bailout," was intended to roll back the blockchain to its previous state, thereby nullifying the consequences of the hack. However, many other members of the community considered this a violation of the principles of immutability and censorship resistance that underlie blockchain technology.
As a result of the conflict, the Ethereum blockchain was split into two separate chains: Ethereum (ETH) and Ether Classic (ETC). The former continued to follow the code changes proposed after the hack, while the latter remained committed to the original principles of the Ethereum network.
The name Ether Classic is a reference to a classic internet meme: "All your base are belong to us." This meme originated from a poorly translated introductory video of the video game Zero Wing in the 1990s and has since become a popular internet meme. By using the word "classic" in its name, Ether Classic references this joke and emphasizes its commitment to the original principles of the Ethereum network.
Today, Ether Classic is the 17th largest cryptocurrency. As of February 2023, the market capitalization of Ethereum Classic is around $3 billion USD, with a total circulation of 116 million ETC coins.
Ether Classic is most commonly used as a form of investment, as a means of payment for online purchases, and for the development of decentralized applications (dApps).
Despite its modest popularity, Ether Classic has its devoted fans who value its commitment to the principles of decentralization, immutability, and censorship resistance. In their opinion, the key advantage of Ether Classic is its strict adherence to the values of the original Ethereum network, and this is the determining factor for the future of blockchain technology.
Another undeniable advantage of Ether Classic is its low transaction fee, which makes it an attractive option for developers looking to create applications on the Ethereum network.
In conclusion, Ether Classic is a cryptocurrency created as a result of a hard fork of the Ethereum blockchain. Despite its relatively small size compared to other cryptocurrencies, Ether Classic has devoted supporters who value its commitment to the principles of decentralization, immutability, and censorship resistance.
This material is not financial advice. Be careful when trading in the cryptocurrency market.