Ethereum Classic is a decentralized platform that runs smart contracts: applications that can run exactly as programmed without any possibility of downtime, censorship, or third-party interference. Ethereum Classic consists of a cryptocurrency (ETC), a blockchain ledger, and an ecosystem of applications and services running on top of it.

In short, Ethereum Classic provides a way to manage digital assets without intermediaries such as banks and other financial institutions. ETC allows uncensorable smart contracts to be written, deployed, and executed; it enables truly unstoppable programmable money. Ethereum Classic is a continuation of the original non-forked Ethereum (ETH) chain and exists to preserve the principle that "code is law".

1. Project introduction

ETC (Ethereum Classic) is a hard fork of Ethereum after 1,920,000 blocks. Its function is very similar to that of Ethereum. ETC adheres to the concept of decentralization and supports the consensus mechanism guaranteed by the blockchain. ETC firmly believes that once the blockchain starts to operate, its development direction will not be controlled by any central team, but will be determined by the consensus of participants in the entire network and the consensus of the entire network computing power.
 
2016年7月份进行的以太坊区块链硬分叉旨在将被黑客盗窃的The DAO资金转移到一个由投资者掌控的账户，并让旧的交易记录被历史遗忘。 Most Ethereum developers participated in this reversal, as did exchanges, startups, and other members of the ecosystem. After a few days, the project returned to normal. But not everyone wants to forget about old transaction records. A small group of miners continued to use the original blockchain as a form of protest, describing the hard fork as a capital pump for the abandoned project The DAO. So Ethereum Classic (ETC) was born.

Immutable
ETC cannot be tampered with by others. This feature is the ideological creed shared by ETC and Bitcoin, Litecoin and other cryptocurrencies. Some blockchains believe in different ideological creeds (such as "governance"). These blockchains allow participants to vote on other people's account balances based on their own social and economic influence. The rich and famous in the system vote on yours. Money has the final say. And such a thing will never happen in ETC, this is the root of ETC, and historical precedents have proved that this is the case.

Efficient Transfer
ETC allows efficient transfer of value (more efficient than Bitcoin and other forms of Bitcoin), focuses on IoT applications, and runs a mathematically verified Ethereum Virtual Machine (EVM). This means that ETC is very much in line with the original vision: to be an efficient medium of exchange connecting different devices in the world.

Decentralization
Many blockchain communities have centralized leadership, meaning a small group of people at the top of the pyramid make decisions for others. The ETC community avoids this architecturally. Responsibility for development and discussion is assigned to different people. This avoids an unfair form of "government governance" that tends to affect other blockchains. The Internet of Things feature of ETC is being fully developed, and it is expected that this function will be realized in the second half of 2018.

Big Event
2015.7.30 Ethereum release
Vitalik Buterin and the Ethereum Foundation created a Turing-complete smart contract platform based on blockchain.

2016.6.17 The DAO was attacked
Due to a system loophole, the ether currency in The DAO project was stolen. Ethereum's hottest project, The DAO, raised $150 million worth of ETH. Investors send money to The DAO and receive voting tokens, and they vote democratically on how to spend The DAO funds. But just when voting was about to start, there was a loophole in The DAO's smart contract and was exploited by hackers to transfer a large amount of funds to a sub-DAO account controlled by hackers.

Block 1920000 / "Ethereum implements a hard fork"
The code due to the hard fork was successfully executed. In order to recover the stolen funds, the Ethereum team designed an unconventional state change in block 1920000, and most of the computing power on Ethereum switched to a new version that supports hard forks.

The 1920001st block/Ethereum Classic was born
It was originally predicted that the old unforked chain would disappear within a few hours, but it was found that some miners continued to maintain the old chain, and the tokens of the old chain OTC transactions also provide value to the old chain.

2016.7.23 Exchange Poloniex launched ETC transactions
The world's largest Ethereum exchange supports ETC transactions; many other exchanges quickly followed suit, and the price of ETC has reached 1/3 of the price of ETH.

2016.7.24 Ethereum Classic Community
The Ethereum Classic community has formed its own communication channels, including EthereumClassic, Slack and Telegram.

The 3000000th block/Ethereum Classic upgrade
ETC completed a non-controversial network upgrade, solving key problems such as "difficulty bomb" and "replay attack".

Adopted monetary policy on March 1, 2017
The ETC community has adopted a monetary policy similar to Bitcoin, which limits the maximum number of coins.

2017.3.1 ETC Investment Fund
Grayscale Investments wrote an investment guide for "Ethereum Classic Investment Trust", the first non-Bitcoin encryption fund targeting traditional investors.

2017.4.24 ECC was established
ECC is responsible for supervising the funds of all parties supporting ETC to ensure that these funds are effectively used in the construction of the ETC ecosystem.

2018.4.18 The official Chinese community of Ethereum Classic was officially launched.

Deduction Mechanism
On December 11, 2017, the ECIP 1017 document was released, which re-limited the issuance of ETC: when the block height reaches 5,000,000, the block reward will be reduced by 20% , and then decrease by another 20% every 5,000,000 blocks. Due to the change of ETC reward rate, the total supply is expected to be about 210 million ETC, and the maximum will not exceed 230 million ETC.

ETC will reduce production for the first time at block height 10,000,000. The block reward will be reduced by 20%. After the reduction, the block reward will be 3.2 ETC. The expected date is March 2020.

2. Comment

Ethereum Classic (Ethereum Classic) is an open source, public, distributed computing platform based on blockchain, with smart contract (script) function. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum Classic also offers a value token called "Classic Ether" that can be transferred between participants, stored in cryptocurrency wallets, and used to compensate participants for computations performed by their nodes. Classic Ether is traded on cryptocurrency exchanges with the token trading symbol ETC. Gas is an internal transaction pricing mechanism used to prevent spam on the network and allocate resources proportionally to the incentives provided by requests.

The Ethereum platform has forked into two versions: "Ethereum Classic" (ETC) and "Ethereum" (ETH). Before the fork, the token was known as Ethereum. After the fork, the new token retained the name Ethereum (ETH), while the old token was renamed Ethereum Classic (ETC). Ethereum Classic came about due to disagreements with the Ethereum Foundation over the DAO Hard Fork. It united members of the Ethereum community who rejected the hard fork on philosophical grounds. Users who owned ETH before the DAO hard fork (block 1920000) have an equal amount of ETC after the fork.

Ethereum Classic passed a technical hard fork on October 25, 2016 to adjust the internal prices of various opcodes of the Ethereum Virtual Machine (EVM), similar to the hard fork implemented by Ethereum a week earlier cross. The purpose of the hard fork is to more rationally distribute the payments for resource-intensive computations, thereby removing the favorable conditions previously used for attacks on ETH and ETC. A hard fork held in early 2017 managed to delay the "complexity bomb" added to Ethereum's code in September 2015 in an effort to exponentially increase the complexity of mining and the process of computing new network units. In late 2017, a hard fork occurred, which changed the monetary policy of unlimited emissions to a system similar to Bitcoin.

Related links:

https://ethereumclassic.org/
https://info.binance-cn.com/en/currencies/ethereum-classic
http://www.qukuaiwang.com.cn/szhb/ 2024.html#jj