What is Ethereum Classic?
Ethereum Classic (ETC) is a decentralized platform that allows users to create and run smart contracts or applications that are designed to function exactly as programmed, without the risk of third-party interference, downtime, censorship, or fraud. It is a splintered version of the Ethereum blockchain that was created after a hack in June 2016 resulted in the theft of millions of Ether, the primary currency used on the Ethereum network. Ethereum Classic represents the continuation of the original Ethereum blockchain after the hack, while the other version of the blockchain is now known simply as Ethereum.
The Ethereum virtual machine (EVM) is a decentralized Turing-complete virtual machine that is capable of running programs across a global network of public nodes. It is unique in that its instruction set is Turing-complete, unlike the code used by other blockchains such as Bitcoin. Gas, an internal transaction pricing system, helps to prevent spam and allocate network resources. Ethereum Classic allows developers to create and deploy smart contracts, which are self-executing code blocks that perform certain actions based on predetermined conditions. These contracts are similar to if-then statements, in that if the contract's conditions are met, the contract's resulting actions will be carried out. If the conditions are not met, the contract can either terminate or impose a penalty, depending on the terms agreed upon at the start of the contract.
Ethereum Classic is a cryptocurrency that is similar to Ethereum in many ways. It is a blockchain that enables the creation and transfer of smart contracts and applications that users can own, interact with, and transfer ownership of. Its Turing-complete programming language means that developers can create automated apps that can be controlled using conditional outcomes. Like all other blockchains, Ethereum Classic maintains a complete record of all transactions in a shared database, as well as keeping track of the current status of all smart contracts on the blockchain and user balances, which can be transferred digitally to other users' wallets. The network is powered by the mining of ERC20 tokens using the proof of work (PoW) mechanism.
One of the main benefits of Ethereum Classic is its ability to facilitate the execution of smart contracts through decentralized governance. In Ethereum Classic, lines of code outline an agreement between a buyer and seller within a smart contract, and the contract then self-executes based on the terms of the agreement. This means that a central authority is not needed to oversee or censor the contract, as the code itself controls the execution of the contract. One of the main challenges facing Ethereum Classic is its scalability, as the network is currently only able to process around 15 transactions per second, which is significantly fewer than payment networks such as Visa, which can handle thousands of transactions per second. Despite several software upgrades, scalability remains a major issue for Ethereum Classic's payment systems in the future.
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