Ethereum Classic (ETC) is a blockchain crypto platform for the development of decentralized applications based on open-source smart contracts. This is the Ethereum Decentralized Virtual Machine (EVM), which can execute programs on public network nodes.
This uses for payment the calculations performed by public nodes of the network, as well as the ability to create your digital assets (tokens) on the Ethereum Classic blockchain. The air paid for the calculations is called Gas. The gas serves not only to pay for the calculations made but also prevents DDOS attacks on the network.
Ethereum Classic emerged as a result of disagreement with the Ethereum Foundation’s “The DAO” hard fork. He brought together members of the Ethereum community who rejected DAO Hard Fork on the philosophical foundations of the Ethereum Classic Declaration of Independence. People who had on the ETH balance sheet before the DAO hard fork (1,900,000 blocks) received the same ETC after making a hard fork.
The ideology of Ethereum Classic is based on decentralized blockchains, accessible to absolutely everyone and protected from censorship. There is also the concept of Ethereum as a global computer that executes smart contracts without the ability to somehow roll back or block the results of their execution.
Ethereum Classic is a strict separation of duties and responsibilities, leaving room only for forks that eliminate real platform defects but do not correct erroneous contracts or serve the interests of any privileged groups.
Objective of the project
The main objective of the project is to ensure the preservation of the original Ethereum blockchain. The companies are striving to provide an alternative for people who strongly disagree with the rescue of the DAO and the direction of the Ethereum Foundation to pull out this project. Anyone who prefers to stay on the original chain should have this opportunity.
Here you can not do without some problems. The main one, at the moment, is the hacker’s funds, which are thawing, because Ethereum Classic admitted that there should not be any interference with the contracts, and they will remain with it.
There is a danger that the hacker will immediately begin to sell his assets and thereby the ETC rate can greatly sag. But on the other hand, he can also advance well before this. With the current course, the equivalent in fiat will be much less than that which could be in ETH and merge now all at once, to put it mildly, it would not be so reasonable. In other words, large speculative fraud on the coin will continue and it will turn out to be very difficult to predict how this will turn out.