Cryptocurrency sites are vulnerable to hacks and other online threats and this partially explains where Ethereum classic is coming from. If you are a follower of digital currency trends, you probably have heard about the “DAO hack”. If you do, you then you know what is Ethereum Classic (ETC).
Ethereum Classic split from Ethereum and their Blockchains remained identical until the 1920000th block was reached. It is after this block that the complete split and refund implemented. All balances, transactions and wallets that existed before the split are still valid for ETC users. After the split, both entities work individually.
You should be aware that Ethereum Classic features are similar to those of the original Ethereum. Each system creates smart contracts and their applications still decentralized. Systems specifications are still the same including block size, mining rewards and the average time it takes to create a bock.
The reasons for the split or Hard-fork are many with users opposed to the split arguing that code is law; the DAO terms and conditions should reign paramount. There was no need to censor of modify specific contracts and not for the entire system. They also rejected refund terming it as short sighted; equal to a bailout.
Supporters of the split argued that since code is law, the final decision should be left to a social consensus; the DAO hacker should not be let to benefit through exploiting the community. Having large amount of Ether in the hands of hackers might harm the Ether value.
These arguments led to the creation of Ethereum Classic. This was the only way smart contracts could run according to the original programing plan. There should be no third party interference. To censor the smart contracts was not part of the initial program.
After splitting, Ethereum Classic embarked on creating dedicated mining pools, added new exchanges and increased user base. It allowed users to add widgets in their website as a show of support for ETC. the new platform enabled users to calculate ETC mining profitability.
When ETC created a ‘double blockchain’ it exposed itself to more repeat attacks. It also confused users and investors slowing down growth. Hackers can easily attack ETC and Ethereum blockchains easily and cause more harm to both providers and the digital market as well.
Former users of Ethereum before the split have had their ETC accounts credited with their funds. You can receive and send ETC since you are now on a different blockchain. You do not have to do it manually, this was automatically done. ETC and ETH have becomes two different units thanks to the transfer by Poloniex.
By knowing what is Ethereum Classic, you stand a better chance of handling them as independent providers. The implementation of the Hard-fork did not affect user portfolio, only a change in platforms and the currency units. Hope this helps you choose the right platform to invest in.
@cryptotrader84 good article on ETC. Can you explain how can I secured my ETC coin on exchanges. Because many crypto exchanges are not secured. They hacked every month..
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