What is Ethereum Classic? (ETC)

Ang Beginner's Guide

Ethereum Classic (ETC) quickly emerged as an unprecedented entry in cryptocurrency history, challenging ideas about how blockchains could be launched, altered and upgraded.

That’s because, prior to Ethereum Classic’s 2016 launch, developers typically released new cryptocurrencies either by copying and modifying an existing cryptocurrency software (usually Bitcoin) or writing a new software from scratch. Ethereum Classic did neither. 

Rather, Ethereum Classic was created when a group of users of the Ethereum (ETH) blockchain elected not to upgrade to new code recommended by project developers. 

At issue was that the code would edit Ethereum’s transaction history, returning ether to individuals who had lost funds when a popular application (The DAO) was compromised.

The majority of Ethereum users would upgrade their software (a development that helped ensure this new blockchain retained the Ethereum name).

However, a minority of users continued to maintain the older Ethereum software with the record of the theft. By continuing to run this code, the users effectively created a new cryptocurrency. 

This version of the Ethereum software now lives on as Ethereum Classic.

What is Ethereum Classic?

Who created Ethereum Classic?

Mahirap sabihin nang eksakto kung sino ang lumikha ng Ethereum Classic (ETC).

Ang Developer na pinaka nauugnay sa desisyon na ipagpatuloy ang pagpapanatili ng orihinal na Ethereum ay ang hindi nagpapakilalang Arvicco na nagkredito sa mas lamaking pangkat ng mga user na may ideya .

Gayunman, dahil marami sa Ethereum Classic code ay produkto ng orihinal na Ethereum development team, ang tagapagtatag ng proyektong ito, Russian-Canadian Vitalik Buterin, at ang kaniyang mga kasamahan, ay maaaaring sabihin na responsable sa mga technical innovation ng Ethereum Classic.

Sa Ethereum, Ang layunin ni Buterin ay ang palawakin ang posibleng gamit ng mga kaso para sa cryptocurrency sa mga application na hindi naaaabot ng pera. 

Pinahihintulutan ng mga developer ng Ethereum na lumikha ng mga baging cryptocurrency at decentralized applications na tumatakbo sa itaas ng blockchain nito. Ang Ethereum Classic ay naghahangad na maipagpatuloy ang vision na ito. Subait, ang mga developer nito mula noon ay inihalal upang ituloy ito sa pamamagitan ng paggawa ng iba't-ibang mga technical decisions.

Why did Ethereum Classic fork?

Ang pinakasimpleng sagot ay ang Ethereum Classic fork na naganap sa isang pagtatalo ng ideolohiya sa mga user ng Ethereum. 

Ang isa sa mga pangunahing feature ng mga blockchain ay ang kanilang "immutability," o ang kawalan ng kakayahan ng sinumang user na baguhin ang mga transaksyon na naidagdag sa kasaysayan ng blockchain.

Nakita ng mga user ang Ethereum Classic ang code na iminungkahi ng mga developer ng Ethereum sa kalagayan ng DAO na lumalabag sa isang mahalagang garantiya ng software. Ang mga developer ng proyekto ay may kaugaliang tingnan ang code bilang isang one-time fix para sa isang beta software.

What was the DAO?

The DAO was a decentralized application meant to serve as a funding vehicle for emerging projects on Ethereum. 

Unlike traditional funding vehicles, The DAO was composed solely of code. It had no leaders, replacing corporate controls with open voting. Those that invested ether in The DAO could vote on which projects to support and contribute ETH to be distributed to those projects.

When an interested person wanted to invest in The DAO, they were able to exchange ETH for The DAO’s cryptocurrency (DAO). They could also recall their funding at any time, a feature unique to decentralized funding applications over their established industry counterparts.

The DAO attack

In June 2016, The DAO publicly recognized a security flaw that could threaten the roughly $150 million in ether it had so far collected. Despite reassurances that funds were safe, they were eventually drained from its accounts. 

The individual or group that confiscated the funds is unknown, and their motives are still a subject of debate among Ethereum and Ethereum Classic users. 

This is because the attacker exploited a bug in the code that would allow them to continuously recall their DAO tokens, allowing them to retrieve infinitely more than they originally invested. However, due to the specifics of the code, the developers had essentially enabled any user the ability to perform such an action.

This eventually resulted in the removal of roughly one-third of The DAO’s collected funds and a heated community debate about how (or if) Ethereum’s developers should respond.

How did Ethereum Classic fork?

Faced with a difficult choice, Ethereum’s developers sought to ask users how the project should proceed in light of The DAO attack. 

This meant Ethereum’s developers would eventually code an alternative software with a patch designed to revert the loss of funds. By publishing the code, Ethereum’s developers believed they were effectively asking the public to make a decision, as users could reject the patch.

Since the code directly impacted Ethereum’s transaction history, anyone who decided to continue running the old software would be left transacting on a separate blockchain. 

For a few days, it seemed like such a split would be avoided. Then, a new group of developers began maintaining the old ethereum code, a development that encouraged miners to devote computing power to secure the blockchain and collect the new cryptocurrency created.

What’s the difference between Ethereum and Ethereum Classic?

Ethereum and Ethereum Classic were initially based on the same code, but Ethereum Classic has since differentiated its technology.

Perhaps the biggest difference is the Ethereum Classic community has vowed to continue using proof-of-work mining (the system pioneered by Bitcoin) to secure its blockchain. 

As of 2020, Ethereum uses proof-of-work as well, but its developers are pursuing a roadmap that will eventually find the software switching to a different model.

Also of note is that Ethereum Classic has adopted a fixed monetary policy. The total amount of ETC that can be created is capped at 230 million ETC, meaning scarcity factors into its value.


Bakit ka gagamit ng Ethereum Classic?

Sa pamamagitan ng fixed monetary policy nito, naniniwala ang mga sumusuporta sa Ethereum Classic cryptocurrency na ang classic ether ay maaaring maglingkod bilang isang tindahan ng halaga (tulad ng bitcoin). Maaari itong maging patunay na ang interes sa mga investor, na maaaring umasa sa mga token ng ETC na nagiging mas bihira sa paglipas ng panahon. 

Ang network mismo ay maaaring, tulad ng Ethereum, na magamit upang bumuo at magpatakbo ng mga desentralisadong aplikasyon. Sa panahong ito, mayroon lamang isang maliit na bilang ng mga magagamit na mga dapp, ngunit ang bilang na iyon ay maaaring lumago. 

Dahil ang Ethereum Classic ay katugma ng Ethereum, mayroon ding kilalang mga tinig sa pamayanan na may pangitain ng isang uri ng pakikipagtulungan sa symbiotic sa pagitan ng dalawang blockchains.


Ngayon ay handa ka nang gawin ang susunod na hakbang at bumili ng ilang ETC!