Description: Ethereum Classic is a version of the Ethereum blockchain that emerged as a result of a hard fork in 2016. This event occurred after a significant hack that compromised the investment fund known as the DAO (Decentralized Autonomous Organization), which had raised over $150 million in Ether. While the Ethereum community decided to reverse the malicious transaction to return funds to investors, a group of users chose to maintain the original chain, arguing that the immutability of the blockchain should be preserved. Ethereum Classic, therefore, represents a philosophy of resistance to change and adherence to the principles of decentralization and autonomy. Unlike Ethereum, which has evolved into a proof-of-stake model, Ethereum Classic continues to use the proof-of-work mechanism. This blockchain allows for the creation of smart contracts and decentralized applications (dApps), maintaining compatibility with the Ethereum ecosystem, albeit with a more conservative approach to updates and changes in its protocol.
History: Ethereum Classic originated in 2016 after the hack of the DAO, a project that raised funds to finance decentralized applications. After the attack, the Ethereum community decided to perform a hard fork to reverse the fraudulent transactions, leading to the creation of Ethereum Classic, which preserved the original chain. Since then, it has maintained its own identity and development, although it has faced challenges such as 51% attacks and competition with Ethereum.
Uses: Ethereum Classic is primarily used for the creation of smart contracts and decentralized applications (dApps). Its ecosystem allows developers to build solutions that operate without intermediaries, facilitating secure and transparent transactions. Additionally, it is used in the creation of tokens and in the implementation of decentralized finance (DeFi) projects.
Examples: An example of the use of Ethereum Classic is the decentralized finance platform ‘Classic Ether Wallet’, which allows users to manage their assets securely. Another case is the use of smart contracts for the creation of non-fungible tokens (NFTs) on the Ethereum Classic network, enabling artists and creators to monetize their digital work.
