Ethereum Classic News
Ethereum Classic is a blockchain-based smart contract platform for powering decentralized applications, or DApps.
This blockchain and its native cryptocurrency, ETC, are the result of a split in the Ethereum network following the infamous DAO hack of July 2016, in which an attacker compromised 3.6 million Ether (ETH) — one of the largest hacks in history — creating a rift in the Ethereum community on how to respond: accept the hack had happened and fully commit to the ethos of censorship-resistance and immutability, or gauge community sentiment informally and save the funds through a hard fork. Supporters of the first option maintained the legacy chain and transaction record after the fork, resulting in Ethereum Classic.
While the network is cross-compatible with Ethereum applications, with shared architecture and programming language support, the network later adapted a completely new monetary policy and design roadmap from its progenitor. In March 2017, Ethereum Classic adopted a fixed supply cap and ETC issuance rate more similar to Bitcoin than Ethereum. The network has also committed to proof-of-work consensus in contrast to Ethereum’s long-planned transition to proof-of-stake.