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Ethereum Classic is a decentralized smart contract blockchain that originated from a fork of Ethereum after the DAO hack in 2016. By rejecting the fork, ETC continues the original “code is law” vision of an unalterable transaction history.
This in-depth guide will explore Ethereum Classic’s origins, technology, ecosystem growth, tokenomics, challenges, roadmap and conclude with key takeaways on its vision. Let’s dive in!
Ethereum Classic emerged in 2016 after the Ethereum community’s controversial response to the DAO hack which exploited flaws in the DAO smart contract code to syphon Ether. Here is an overview timeline of events:
- April 2016 — The DAO project launches as a crowdfunded decentralized venture capital fund issuing DAO tokens.
- June 2016 — A hacker finds an exploit allowing draining of 3.6 million ETH from The DAO contract into a child DAO.
- July 2016 — After contentious debates, Ethereum completes a hard fork reverting the DAO hack transactions.
- July 2016 — A minority rejects the hard fork on principle of “code immutability” and continues the original chain now called Ethereum Classic with ETC tokens.
- 2017 — Support is added for Ethereum’s various upgrades over time like EVM bytecode standardization while retaining original vision.
- 2021 — ETC’s supply cap is removed to enable an unbound monetary policy determined by consensus.
Ethereum Classic’s origins lie in an ideological commitment to true immutability by a minority who rejected centralized tampering of Ethereum’s transaction history. Next let’s examine ETC’s philosophy.
Certain key philosophical principles define Ethereum Classic’s purpose in reaction to the DAO fork decision:
Transaction Immutability
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