Ethereum Classic is an open source distributed computing platform based on blockchain with smart contract (scripting) functionality. It supports a modified version of the Nakamoto consensus through stateful transactions based on transitions running on an Ethereum public virtual machine (EVM). Ethereum Classic maintains the original, unaltered history of the Ethereum network. 2 The Ethereum Project’s main Ethereum network was originally launched on July 30, 2015 via Frontier. However, due to a hack of a third-party project, on July 20, 2016, the Ethereum Foundation created a new version of the Ethereum mainnet with an irregular state change implemented that erased the DAO theft from the history of the Ethereum blockchain. The Ethereum Foundation has applied its trademark to the new, altered version of the Ethereum blockchain; Ethereum (ticker: ETH). The previous, unchanged version of Ethereum was renamed and continued as Ethereum Classic (Ticker: ETC). Ethereum Classic’s native ether token is a cryptocurrency traded on digital currency exchanges under the ticker symbol ETC. Ether is created as a reward for network nodes for a process known as “mining,” which validates calculations performed in the Ethereum Classic EVM. Introduced on December 11, 2017, the current ETC monetary policy pursues the same goals as Bitcoin, namely to be mechanical, algorithmic and limited. ETC can be exchanged for network transaction fees or other assets, commodities, currencies, products and services. Ethereum Classic provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), that can run scripts over an international network of public nodes. The virtual machine instruction set is Turing complete unlike others like the Bitcoin script. Gas, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
platform
token issuance
Decentralized Applications
proof of work
Internet
Ethash
software
cryptocurrency
Mining
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