The birth and creation of the Ethereum Classic originate from an incident and philosophical disagreement where The DAO ( Decentralized Autonomous Organization ) was hacked and result in a devastating lost. Over 6.2 million Ether (approximately 50 millions USD at that time ) was lost during the incident and the development of decentralized application was severely crippled.The irony of the situation was that a paper containing security flaws within the architecture of DAO was released before the began of its operation and the exact same flaws were exploited during the hack. After a heated debate among the DAO and Ethereum community to resolve the problems , they have decided that to protect and preserve the original Ethereum coding, ETC (Ethereum Classic) was created from the hard fork of Ethereum. However, this is not the only Ethereum fork. There are other Ethereum fork exist such as EtherZero and EtherInc.The existence of Ethereum classic is similar to Bitcoin cash( A hard fork of Bitcoin) as their value will always be tied to their respective parent coin, even if their philosophical concepts and technical details are different.
Ethereum classic like Ethereum , is an open source, p2p, computing platform which was build on the existing Ethereum platform and code. Classic Ether was offered as the crypto-coin to be used within the platform for the users to pay for various products, services and also transactions fees. The running of simultaneous blockchain of Ethereum and Ethereum classic is vastly similar to the operation model of Microsoft where it provides supports of its Windows Operating System all the way back to the original Windows. This context where multiple versions are running simultaneously is an outstanding toolkit for developers and users on the Ethereum platform to explore and expand Ethereum Foundation’s philosophies of blockchain based future.
To further study the details regarding Ethereum Classic (ETC) , a PDF of Ethereum classic (ETC) Whitepaper is included below for download.
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