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COINPEDIA.BHV: ETHEREUM CLASSIC

Ethereum Classic – Decentralized. Immutable. Unstoppable.

 

What is Ethereum Classic?

Ethereum Classic is not a new cryptocurrency but is split from an existing cryptocurrency -Ethereum. Prior to the fork, Ethereum Classic had been called Ethereum. After the fork, the new blockchain kept the name Ethereum. Both blockchains are identical in every way up until block 1920000 where the hard-fork was implemented in May 2015. After the hard-fork, the blockchains were split in two and act individually. It symbolizes the importance of a cryptocurrency being fungible and its blockchain immutable.

Why did the hard-fork happen?


A smart contract known as The DAO, the Decentralized Autonomous Organization was created on the Ethereum platform. The fund was so popular that it attracted roughly 14% of all Ether in existence at the time, raising 150 million dollars. Unfortunately, a design flaw allowed money to be stolen from the fund, so the creator of Ethereum decided to roll the blockchain back to the block before the attack happened, to return the stolen funds.

Ethereum Classic still offers the same features as Ethereum but in addition has the function to refund The DAO token holders.

The Hard-fork has been a controversial subject, that has split the Ethereum community in two. Both sides have made some valid points regarding their position on the hard-fork debate.

Users that did not support the hard fork point out that things that happen on the blockchain are immutable and they should never change regardless of what the outcome is, however users that supported the hard fork argued thehard-fork to return the funds would keep regulators and the legal system out of the debate: “our mess, we fixed it”.

 

How to buy Ethereum Classic?

As a mobile solution for storage you can use the multi-currency wallet Coinomi, and you can purchase the coin on platforms such as Poloniex, Bitfinex and Kraken.