Ethereum Classic
ETC is the native cryptocurrency of Ethereum Classic, a blockchain project that was created in 2016 when the Ethereum blockchain split into two separate chains following a disagreement among members of its community.
Background
Ethereum Classic doesn’t have any single creator because it was born out of community conflict, though Barry Silbert, the CEO of Digital Currency Group, and Cardano creator and Ethereum co-founder Charles Hoskinson were two early driving forces behind Ethereum Classic following the initial split. Developers state that there is no “official” team attached to the project, and that its “global development community is a permissionless ‘do-ocracy,’ where anyone can participate.”
Launch
Ethereum Classic’s mainnet was initially released via Frontier on July 30, 2015.
How does it work?
Ethereum Classic is a hard fork from Ethereum. It differs from Ethereum in terms of its monetary policy, as well as in its commitment to the algorithm proof-of-work for securing its blockchain. As with Ethereum, the primary use for Ethereum Classic is executing smart contracts.
ETC has adopted a deflationary monetary policy with a hard cap on the total number of ETC that will be created.
Sources and resources
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