Ethereum Classic (ETC) Overview - Principle of "Code is Law"

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Ethereum Classic (ETC) Overview

Ethereum Classic (ETC) stands as an open-source, decentralized computing platform and cryptocurrency that emerged in 2016 as an alternative to the Ethereum network. Mirroring Ethereum’s capabilities, Ethereum Classic facilitates smart contracts and enables the deployment and utilization of decentralized applications (DApps).

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The genesis of Ethereum Classic traces back to the Ethereum DAO hack in 2016, which resulted in a fork of the Ethereum blockchain. The current Ethereum network represents the forked chain, while Ethereum Classic remains the original chain where the DAO hack occurred.

Following the hack, the Ethereum DAO community conducted a vote. While the majority favored transitioning to the new forked blockchain, some advocates of the “Code is Law” philosophy sought to preserve the original network. Opting for the fork impacted the DAO economically, prompting some investors to recover losses by migrating to a new blockchain through a bailout.

Ethereum Classic and Ethereum share numerous similarities. Both platforms support the issuance of ERC-20 standard tokens. However, Ethereum Classic is incompatible with upgrades specific to the Ethereum network, such as the Ethereum Merge. Another distinction lies in the consensus models: Ethereum Classic adheres to Proof-of-Work, while Ethereum transitioned to Proof-of-Stake. Real-time updates on the price of ETC are accessible on Binance.

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The “Code is Law” philosophy represents a static mindset that fails to adapt to changing market conditions. Ethereum Classic (ETC) has fallen victim to numerous hacks, including instances of a 51% attack.

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From a technical standpoint, in the Ethereum Classic (ETC) context, it could be humorously redefined as “Code is the Legal Norm.” :))

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Ethereum Classic serves little purpose and is essentially an earlier version of Ethereum prior to a hacking incident that necessitated a code update through a hard fork onto the Ethereum blockchain.

Many Ethereum Classic holders anticipate a significant increase in its value when ETH 2.0 is released as ETH 2.0 shifts towards Proof-of-Stake, miners will be on the lookout for a new primary coin for mining, and there is considerable speculation that Ethereum Classic could be positioned to fill that role. Yet there are still many POW coin instead of ETC.

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