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Ethereum Classic

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Ethereum Classic is a decentralized, open-source blockchain platform that enables smart contracts. Launched in 2016, Ethereum Classic emerged from a split in the original Ethereum network following a major hack. This hack targeted The DAO, a decentralized venture fund, and resulted in the loss of millions of dollars in Ether (ETH). To mitigate the damage, the Ethereum community decided to implement a hard fork, effectively creating two distinct blockchains: Ethereum (ETH) and Ethereum Classic (ETC). While Ethereum (ETH) adopted changes to reverse the effects of the hack, Ethereum Classic chose to maintain the original blockchain, upholding the principle of immutability – the idea that the blockchain should remain unaltered.

The basic functionalities remain the same as in the original Ethereum network. It works through a Proof of Work (PoW) consensus algorithm, the same as with Bitcoin, in which miners confirm transactions and secure the network. Such is one of the most significant differences now that Ethereum moved into a Proof of Stake (PoS) model; this fundamentally tells the difference between both networks. Smart contracts on Ethereum Classic enable automated, trust-minimized transactions without going through intermediaries. This has made the platform fit for decentralized applications, from financial to supply chain management.

One of the distinguishing features of Ethereum Classic is its commitment to preserving the original philosophy of blockchain technology, often summarized by the phrase "Code is Law." This means that transactions and smart contracts executed on the blockchain are final and cannot be altered, even in the face of malicious activity or bugs. This approach appeals to purists who believe in the unchangeable nature of blockchain technology. However, it also presents challenges, such as handling security vulnerabilities and adapting to new technological advancements.

Over the years, Ethereum Classic has undergone numerous upgrades to improve its functionality and security. Despite these advancements, it has faced challenges, particularly related to security vulnerabilities. The network has been subjected to multiple 51% attacks, where malicious entities gained majority control of the network's mining power, enabling them to manipulate transactions. These incidents prompted the Ethereum Classic community to implement various security enhancements to fortify the network against such threats.

While Ethereum Classic may not have achieved the same level of mainstream adoption and recognition as Ethereum, it continues to hold an important position in the cryptocurrency landscape. Its dedication to preserving the original principles of blockchain technology attracts a niche community of developers, miners, and enthusiasts. With a capped supply of 210.7 million coins, Ethereum Classic aims to provide a secure, immutable, and decentralized platform for smart contracts and dApps, staying true to its foundational ethos of blockchain integrity.

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