What is Ethereum Classic?

What is Ethereum Classic?
After Bitcoin, the coin that has the highest value in terms of market capitalization is Ethereum. The creator of Ethereum was amazed by Bitcoin and wanted to create a crypto coin that is better than Bitcoin. This digital coin can be utilized in many ways with upgraded features and functions. So that is the reason behind the birth of Ethereum. 

Ethereum was initially created and later published in 2015, but after a third party hacking incident, the Ethereum developing team divided into two opinions. One group of developers from the team wanted to retain the old version of Ethereum. The other group wanted to rewrite the original codes and create a better version of Ethereum. Thus, Ethereum got divided into two categories. The new alternative version is Ethereum (ETH), and the older version was renamed Ethereum Classic (ETC).

About Ethereum Classic
Ethereum Classic (ETC) is a blockchain-based, open-source, remote access data processing platform with smart contracts embedded. It is the original version of Ethereum, which was not modified after the hack in 2016. The primary purpose of the Ethereum classic is to enable smart contracts using the assistance of decentralized governance. To put it simply, it negates the necessity of any third party (such as a lawyer) during a transaction process. These smart contracts are very much similar to if and then statements. 

The smart contracts are kept within a blockchain network or distributed ledger. All the supposed agreements that are agreed between buyers and sellers are written in the codes of smart contracts, and depending on the terms of the agreement, the smart contracts will self execute those terms automatically. Since the codes are self-executing, there is no need for the developers to keep a track or monitor the contracts using any external means. A distributed ledger is the bookkeeper for all the transactions and contracts. These ledgers are maintained and kept at various locations in a decentralized manner.

The history behind Ethereum Classic (ETC)
When Ethereum started, it was initially one blockchain network, and the transactions were conducted using a single coin named Ether (ETH). But in June 2016, the blockchain network was hacked, and around USD 50 million was stolen. A split (also known as a fork) happened between the developers of this blockchain to secure the network. This split was necessary to refund the stolen money to their actual owners. After the fork, the newer version started using ETH, and the older version was renamed as Ethereum classic (ETC).

The biggest issue for Ethereum classic is its scalability. Security is also a major issue for Ethereum classic due to the reason it was already hacked before. On the other hand, ETH is performing very well and has become the second most popular crypto coin.