Ethereum Classic was born when an attacker seized a large amount of Ether in an event commonly known as the DAO Hack in 2016. This attacker seized upon flaws in Ethereum’s code at the time. Rather than allowing the person to keep the funds, the main Ethereum developers forked the chain via a hard fork. This meant transitioning the code to an entirely new ledger. However, Ethereum Classic continued as the original chain with the belief that all transactions should be final, even if it is to the detriment of some users in the ecosystem. This version of the chain was preserved by those involved in the project who believed in this ethos. This means, for example, that most development takes place on Ethereum as we know it today, while Ethereum Classic still retains the original functionality of the blockchain as it was at inception in 2015.
Blockdaemon is the Total Node Management Solution
Blockdaemon guarantees peace of mind, as you never have to worry about maintaining or upgrading your nodes ever again — we look after all of that for you. Our finger is constantly on the pulse of each blockchain we support to ensure all of our nodes remain perfectly healthy. Our extensive experience across protocols lets us expertly monitor, repair and replace nodes where protocol level errors may occur. For any protocol updates needed, we look after these in advance so you never see any disruption in service.
Ethereum Classic retains the philosophy of “Code is Law”, meaning all changes to the ledger are final and irreversible. This means that users are guaranteed that any amends to the ledger are final.
Ethereum Classic supports smart contract capabilities, meaning developers can build, deploy and execute programmable blockchain applications.
Ethereum Classic is utilized by a global network of miners, developers and users.
Frequently Asked Questions
Ethereum Classic relies on Proof of Work to achieve consensus. This is the same as what Ethereum uses today to execute transactions. However unlike Ethereum no upgrade to a Proof of Stake network is planned. Ethereum Classic will remain a Proof of Work blockchain.
On 11 December 2017, the total supply of Ether (ETC) on Ethereum Classic was hard capped at 210,700,000 ETC via the Gotham hard fork upgrade. This added a Bitcoin inspired deflationary emission schedule that is documented in Ethereum Classic Improvement Proposal (ECIP) 1017. The emission schedule, also known as 5M20, reduces the block reward by 20% every 5,000,000 blocks.
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