What is Ethereum Classic?

Ethereum Classic

These decentralized applications, use code known as elegant contracts so that people can exchange money, property, or anything also of value without an intermediary. ETC is the native currency of the network. The Ethereum Classic network platform enables SINGAPORE DIGITAL EXCHANGE to issue its own tokens, including NFTs. Who created Ethereum Classic? A Russian-Canadian computer programmer named Vitalik Buterin wrote the white paper based on Ethereum. Ethereum Classic came into being on July 20, 2016, when a group of developers disagreed on how the Ethereum blockchain was moving forward. What were the odds? In the beginning, there was only Ethereum. A group called The DAO (short for “Decentralized Autonomous Organization”) originally used Ethereum to create a venture capital fund. An everyday person could invest with ETH, make collective decisions about where to allocate the group’s resources, and (they hoped) share in the profits. It has raised over $100 million through token sales. But there was a weakness in the fund’s code that was soon exploited. Millions of dollars were pulled from ETH funds and investors panicked. Developers had a 28-day window to come up with an answer before hackers could cash in the tokens, which at the time represented a large portion of Ethereum’s market cap. The most popular solution was to create a hard fork to reverse the hack and give people their money back. While it received support from Buterin and other big players, it caused an outcry from purists who believed in blockchain’s principle that you don’t tamper with the ledger — the blockchain should keep theft intact. People who believed in keeping things the same stayed with the existing platform and changed the name to Ethereum Classic. Most miners, developers, and users move their energy to the forked network, which retains the name Ethereum. For more information visit our blog.