Ethereum Classic - Wikipedia
Ethereum Classic is an open-source , public, blockchain -based distributed computing platform featuring smart contract (scripting) functionality.   It provides a decentralized Turing-complete virtual machine , the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum Classic also provides a value token called "classic ether", which can be transferred between participants, stored in a cryptocurrency wallet and is used to compensate participant nodes for computations performed. The classic ether token is traded on cryptocurrency exchanges under the ticker symbol ETC. Gas, an internal transaction pricing mechanism, is used to prevent spam on the network and allocate resources proportionally to the incentive offered by the request.     The Ethereum platform has been forked into two versions: "Ethereum Classic" (ETC) and "Ethereum" (ETH). Prior to the fork, the token had been called Ethereum. After the fork, the new tokens kept the name Ethereum (ETH), and the old tokens were renamed Ethereum Classic" (ETC). Ethereum Classic appeared as a result of disagreement with the Ethereum Foundation regarding The DAO Hard Fork. It united members of the Ethereum community who rejected the hard fork on philosophical grounds. Users that owned ETH before the DAO hard fork (block 1920000  ) owns an equal amount of ETC after the fork. Ethereum Classic passed a technical hard fork to adjust the internal prices for various opcodes of the Ethereum Virtual Machine (EVM) on October 25, 2016, similar to the hard fork committed by Ethereum a week previously. The purpose of the hard fork was a more rational distribution of payments for resource-intensive calculations, which led to the elimination of the favorable con Continue reading >>
Ethereum Classic Community
Vitalik Buterin and The Ethereum Foundation create the first blockchain-based turing-complete smart contract platform Slock.it construct TheDAO Ethereum Contract; a security audit is completed by Dejavu TheDAO smart contract is deployed; members of the public send it value in return for DAO tokens Slock.it announce a $1.5 Million USD proposal, paid in Ether by the crowdfund, 'to guarantee the integrity of The DAO' On the last day of the crowdsale, DAO curator Vlad Zamfir calls for a moratorium on TheDAO, citing many game-theoretical security issues The crowdsale completes to become the world's largest and raising an incredible $150 Million USD Peter Vessenes publicly discloses the existence of a critical security vulnerability overlooked in many Solidiy contracts Stephan Tual publicly claims that TheDAO funds are safe despite the newly-discovered critical security flaw Ether is slowly and silently drained from TheDAO as the re-entry bug is applied The price of Ether is slashed in half as Griff Green announces that TheDAO has been hacked TheDAO's splitting mechanism gives around a month for a solution to be found that recovers the funds; Foundation and community developers race to implement a soft fork A group of 'white-hat' hackers secure 70% of TheDAO funds but protocol-level action is required to save the remaining 30% split by the hacker The Ethereum Foundation releases a 'Soft Fork' client to censor transactions coming from the hacker; mining pools vote to enable it by lowering gas limit Critical Denial of Service flaws are found in the Soft Fork implementation, miners quickly decide not to use it Many days of intense arguing goes on in the Ethereum community about the pros and cons of implementing a Hard Fork The only remaining option is a controversial Hard Fork. Continue reading >>
What Is Ethereum Classic? Introduction To Etc
What is Ethereum Classic? Introduction To ETC What is Ethereum Classic? Introduction To ETC Before there was Ethereum... the "original" chain, with all that entails. What is Ethereum Classic? In fact, WHY is Ethereum Classic, might be a better question! Their stories are intertwined, as their shared name suggests. For the first 1.92 million blocks, the two have the exact same transaction history. But not long before block 1920000, a bad thing happened to Ethereum . The DAO, a decentralized organization established to promote dapps and development in Ethereum, suffered a hack due to a vulnerability in its smart contract. Over 6.2 million Ether were lost to the attackers. In todays figures, that would amount to more than $2 billion. Needless to say, the community was shocked by these events. Over 10% of the Ethereum that existed had been invested into the DAO , it having funded in record time. Its members represented some of the most renowned minds in the Ethereum community. A decision was made to hardfork with changes to the blockchain that effectively returned the funds to the DAO and repaired the flaw in its smart contract. This decision was not universally agreed upon. A lot of people made detailed arguments in favor of it while enough people also argued against it. Here are some of the reasons it was felt that to hard fork at the behest of the DAO was the wrong thing to do: The flaw which enriched the hacker was not a flaw in Ethereum, but a flaw in the DAOs own code. Therefore its not much different than a government handing out money to corporations who get robbed it probably doesnt help corporations learn from their mistakes and its not the governments job anyway. A hard fork to solve a one-off problem that isnt a side effect of the blockchain itself lessens the Continue reading >>
The Dao Refunds - The Ethereum Wiki
There are 3 main types of The DAO refunds: All The DAO token holder with a non-zero token balance are entitled to this refund. There is no time limit to this refund, but execute your refunds as soon as possible. Only The DAO token holders who purchased The DAO tokens in the last 2 weeks of the crowdfunding phase are entitled to this refund. There is no stated time limit to this refund, but execute your refunds as soon as possible. The curators can clawback the amount remaining in the contract at any time but have not announced any intentions to do so. All The DAO token holders with a non-zero token balance at block 1,919,999 on the Ethereum Classic (ETC) chain are entitled to this refund. Note that there is a time limit of Apr 15 2017 to execute your The DAO To ETC refunds Note that the time limit to withdraw your DAO to ETC refund has been extended to Jan 2018 - reference WHG withdraw contract extended Check the refunds for your accounts at . The DAO contract raised about USD 150 million worth of ethers (ETH) during the 28 day crowdfunding creation period starting Apr 30 2016. A hacker exploited a vulnerability in The DAO's code on Jun 17 2016 to drain ~ USD 50 million worth of ETH. The Ethereum blockchain was hard-forked at block 1,920,000 to transfer all ETH from The DAO contracts and it's child contracts into a curator's account. The Ethereum Classic blockchain was formed when some miners decided to keep running the old Ethereum client node program without the hard-fork code changes. The curators on the ETH chain created two contracts to provide refunds to The DAO Token Holders (DTH) via: The DAO to ETH Refund WithdrawDAO Contract The DAO to ETH ExtraBalance Refund ExtraBalDaoWithdraw Contract The Robin Hood Group and the Whitehat Group retrieved the ethers (ETC) o Continue reading >>
Beginner's Guide To Ethereum Vs. Ethereum Classic
William M. Peaster on December 12, 2017 / 1 Comment There has been a titanic explosion of new investors, and thus new money, into the cryptocurrency space over the past few days alone. The fact that the bitcoin price just surged up to $19,000 USD for a split moment before a reasonable retrace back to ~$16,000 just goes to show that the FOMO (fear of missing out) is on. And whats the first thing new investors do in the space after buying BTC? Well, they look around at the other interesting cryptocurrencies that are available. And since Ethereum (ETH) is currently the second-most dominant crypto project per market capitalization after Bitcoin, its the most common refuge for new migrants to the ecosystem looking for an interesting opportunity to learn more about. A common difficulty for newcomers to Ethereum , though? Making out the difference between Ethereum and Ethereum Classic. And to be sure, thats a valid confusion, to have for novices in the space. So to get you up to speed on ETH vs. ETC and on the way the split played out, weve got a quick crypto history lesson for you. 6 The Politics Of The Split Are Still Touchy Per Wikipedias excellent description, Ethereum isan open-source, public, blockchain-based distributed computingplatform featuring smart contract(scripting) functionality . After a prodigious team consolidated around Ethereum creator Vitalik Buterin, the ETH blockchain was first launched in 2015. Ethereum, or the Ethereum Virtual Machine, was built as a decentralized computer network atop which software developers could program any platform or dapp (decentralized app). This network is fueled by ether, or ETH as traders commonly call the current number two cryptocurrency. In this sense, ether is very much akin to programmable money. And ETH, then, is a bi Continue reading >>
Ethereum Classic Vs Ethereum: Whats The Difference?
A first look at any crypto market spreadsheet will show two different types of Ethereum, one being Ethereum (ETH) and the other being Ethereum Classic (ETC). The two cryptocurrencies not only share the same name, but also share an interesting story that is one of the most pivotal events in all cryptocurrency history. The battle between Ethereum and Ethereum Classic is one of ethics and ideologies. Before there were the two different Ethereums we see now, there was only one Ethereum. Since then, $50 million was stolen by an unknown hacker or hackers, and this resulted in two distinct camps of people in the cryptocurrency world being formed. Heres how Ethereum as we now know it came to be, and how it compares to Ethereum Classic. In broad strokes, both Ethereum and Ethereum Classic are platforms on which various applications can be built. A smart contract is a contractual state that is stored in the blockchain, and it executes when certain conditions are met. They are controlled and enforced by the blockchain, which serves as an objective and unbiased third party to the transaction. These smart contracts essentially run the entire ecosystem of Ethereum. Since these contracts are automated and enforced, transactions and applications that run on the Ethereum platform have become very appealing to all sorts of different applications. These applications, referred to as DAPPs (decentralized apps) have a wide variety of functionalities and purposes, all using the Ethereum platform to function. To get an idea for the myriad of different DAPPs out there, take a look at the State of the Dapps . The most pivotal moment in the Ethereum vs. Ethereum Classic split has to do with an organization known as the Decentralized Autonomous Organization, or the DAO. The DAO was essentially a Continue reading >>
Ethereum Classic (etc) At $75 By Q1, As New Excitement Coming Next Month
Ethereum Classic (ETC) At $75 By Q1, As New Excitement Coming Next Month For crypto enthusiasts who have stayed a while in the crypto space, the conflict between Ethereum and its native cryptocurrency Ethereum Classic (ETC) is by no means a new phenomenon. Although the two coins are practically related, they share a couple of differences that make each of them unique. From the DAO attack that led to the hard fork that saw the advent of Ethereum (also known as the new Ethereum) those who refused to move to the new platform might have been frowned upon but not anymore as experts predict a spike in ECLs price. For the uninitiated, Ethereum Classic is actually the original Ethereum Blockchain. Although it was abandoned by a majority of the Ethereum community after the DAO attack of 2016, it still retains the original immutable Blockchain code of Ethereum. Basically, at the time of the introduction of Ethereum, the crypto space was all about enabling financial freedom and eliminating corruption. As a result, the Blockchain was made immutable in an effort to protect it against human whims. But events after the DAO attack that saw about 50 million worth of Ethereums DAO tokens get stolen put a rift in the community with some supporting a hard fork to solve the vulnerabilities in the Blockchain while others resolving to stick with the original Blockchain. The DAO tokens have since been recovered, however, the rift between the two communities has grown wider over the years. Ethereum classic (ETC) is touted as the decentralized immutable and unstoppable alternative to Ethereum. Simply put, it is a continuation of the original Ethereum Blockchain that preserves the unhampered principles of Ethereum which are run on programmed smart contracts with zero downtime fraud, third party Continue reading >>
Ethereum Vs Ethereum Classic: Which Do I Choose?
Ethereum vs Ethereum Classic: Which Do I Choose? October 20, 20171:09 pmPublished by Daniel Keen Hey there Wirex community! Im Daniel, a new member of the Wirex team, and my first order of research was to look into these two cryptocurrencies and see what I could learn. Ethereum is a well-known currency in the crypto-sphere. Second only to Bitcoin in Market cap. Because of this, Ethereum is often looked to as the heir to the cryptocurrency throne. It has some awesome features, including smart contracts and fast block completion times. But there is also a lesser-known sibling of Ethereum: Ethereum Classic. In fact, long ago (well, long ago for the cryptocurrency market), these two coins were one and the same. But which one is best? Which one should you buy? Well for you to make your decision, you must first know a little bit of Ethereum history The DAO (distributed anonymous organisation) was a capital venture fund of sorts. It allowed anyone with ether (The currency used in the Ethereum network) to buy DAO tokens. With these, you could vote on what the DAO would spend the funds on. If you wanted out of the DAO, you could leave. your tokens would be converted back into ether and put into another smart contract. But there was a loophole that hackers found and exploited. Long story short , It resulted in $50 million of ether stolen from the fund. The community was in a frenzy and split down the middle on what to do. Due to the terms of the smart contract, there was a period of 28 days where no funds could be extracted by the hacker. A vote was then held by the DAO over what to do. The vote caused a divide within the community. Some wanted to reverse the hack, which would bring the ether back to the DAO and away from the hacker. But to a vocal minority, this was sacrilege. Continue reading >>
Why Is Ethereum Classic Etc Going Down?
Ever since the hard fork after the attack on the DAO, Ethereum has been the better option of the Ethereum versions of crypto coins. Despite the fact that Ethereum Classic ETC is the original version of Ethereum, investors and traders opted to shift to the newer version, Ethereum ETH, leaving the Ethereum Classic struggling to try and pay its users the stolen funds. The Ethereum ecosystem is based on smart contracts. This means that users are required to use automated contracts that ensure that the terms of all the contracts are facilitated and enforced. As part of their smart contract project, the Ethereum ecosystem decided to introduce the Decentralized Autonomous Organization (DAO). The DAO was a revolutionizing factor for the Ethereum Ecosystem since it targeted future DAPPs with a =n aim of decentralizing all venture capital funds. The DAO required that any prospective user should buy DAO Tokens using Ether so as to get into the DAO system. As a DAO token holder, the user would then get an opportunity to vote for the DAPPs once they were whitelisted and stamped. A 20% approval of the DAPPs meant that they would be funded to start. The ease of use and transparency involved in the DAO system got the attention of most crypto investors and many leaped in to have a share of the system. Within no time, the DAO had over one hundred and fifty dollars of Ether. However, there was a little problem in the process of releasing the DAO once the user felt its time to get out. It was required that once the user released the DAO Tokens and exchanged them back for Ether, the user had to hold on for about 28 days before using the Ether again. This provided a chance for hackers to get in and get in with a thud. That is when one of the hackers got access to the DAO system and went awa Continue reading >>
The Difference Between Ethereum Classic (etc) And Ethereum (eth)
The difference between Ethereum Classic (ETC) and Ethereum (ETH) Torsten Hartmann January 12, 2018 680 no comments In the recent time there have been so many new investors into the cryptocurrency world. It shows that the fear of missing out is on. But any beginner, after entering the digital currency market, will ask a question: What is the difference between Ethereum Classic and Ethereum?. Besides the name, two cryptocurrencies share a very interesting story that is of utmost importance in the history of digital currencies. The battle between Ethereum and Ethereum Classic is both an ethical and ideological one. There used to be only Ethereum and since then $50 million was stolen by an unknown hacker or group of hackers which resulted in two different groups of people being formed in the world of cryptocurrencies. We will show you the history of Ethereum and how it came to be as we know it today and how it differentiates from Ethereum Classic. Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. Ethereum blockchain was first launched in 2015, after a prodigious team consolidated around Ethereum creator Vitalik Buterin. Ethereum was developed as decentralized computer network where software developers could program any platform or DAPP (decentralized app). The entire ecosystem of Ethereum works on the basis of smart contracts. The smart contract represents an automated contract that is stored in the blockchain and it executes when given criteria are met. Smart contracts are enforced and controlled by the blockchain that has a role of unbiased and objective third party to the transaction. Due to the fact that smart contracts are automated and enforced, transactions and applications that ar Continue reading >>
The Dao Ethereum Classic Refund Effort Has Been Extended
The DAO Ethereum Classic Refund Effort Has Been Extended Apr 14, 2017 at 21:32 UTC|UpdatedApr 14, 2017 at 21:46 UTC UPDATE (14th April 21:50 BST): This article has been updated to reflect that the ETC refund effort has been extended to January 2018. More than $4m worth of classic ether remains in a DAO refund smart contract that has been extended to next January. Some background: last summer, a project called The DAO raised more than a hundred million dollars worth of ether the cryptocurrency underlying the ethereum network as part of a bid to create a smart contract-based funding vehicle for ethereum-related projects. Yet a flaw in the code was exploited , allowing an attacker to effectively walk away with tens of millions worth of ether effectively scuttling the project in the process. It also sparked an effort to secure some of those funds on behalf of DAO investors, a process that wasn't without controversy. Ultimately, the driveto unwind the effects of the DAO collapse resulted in two distinct ethereum-derived blockchains: ethereum and ethereum classic . In the end, contracts were set up allowing users to exchange their DAO tokens for both ether and classic ether. Community members have been pushing for users to withdraw their funds, but as noted above, just over 1.5m classic ethers worth just over $4m at press time haven'tbeen accessed . Yet a plan to transfer the remaining funds to the group that originally secured them has drawn its share of critics. Some have taken to social media to argue that the money represents stolen property that should be returned to their respective owners, or should at least be left untouched within a defunct smart contract. Notably, the other major DAO-related withdrawal contract , for the exchange of DAO tokens for ETH, contains mor Continue reading >>
Ethereum Classic Vs Ethereum: A Step-by-step Guide | Finder.com
Born out of a hack and a philosophical disagreement in the Ethereum community, Ethereum Classic has become one of the top cryptocurrencies on the market. Starting life as Ethereum, Ethereum Classic (and its value token, ETC) is the result of a long debate over how cryptocurrencies should handle disagreements within the community and data hacks. That does not mean its in any way a lesser entity than Ethereum. On the contrary, the community behind Ethereum Classic aims to make Ethereum Classic the best cryptocurrency on the market. Ethereum Classic is an open-source, peer-to-peer, computing platform based on blockchain technology and the original Ethereum code. Just like Ethereum, it provides a value token, or altcoin, called classic ether which is used to pay users for products and services, and as a transaction fee when using decentralized apps and smart contracts. The story behind The DAO attack and subsequent hard fork decentralized autonomous organizationbuilt on the Ethereum platform. It was meant to allow users to invest in the development of decentralized apps to run on the Ethereum blockchain. By May 2016, The DAO had accumulated over $150 million, and was ready to begin its operations. Then a paper was released detailing a security flaw in the DAO architecture. Developers of The DAO ignored the concerns raised and moved forward with their operations. In June 2016, The DAO was hacked using the same security flaws outlined in the paper and approximately $50 million were stolen. This hack and the debate that followed it caused a schism in the Ethereum community. On one hand, Ethereum developers could revert the hack back, returning all Ether coins to their respective owners. On the other hand, the very core philosophy of cryptocurrency is that the transactions can Continue reading >>
Ethereum Classic | Beginners Guide
Ethereum Classic is the original Ethereum blockchain and allows for the implementation of decentralized applications and smart contracts. The project was born out of an unwavering belief in core principles. It symbolizes the importance of a cryptocurrency being fungible and its blockchain immutable. The Ethereum and Ethereum Classic blockchains were identical all the way up to block 1920000. But then the infamous DAO changed a blockchain and cryptocurrency forever. A smart contract known as The DAO, the Decentralized Autonomous Organization was created on the Ethereum platform. The DAO was essentially a venture capital fund where investors would vote on how to allocate capital. The fund was so popular that it attracted roughly 14% of all Ether in existence at the time, raising 150 million dollars. The advantage and disadvantage of a smart contract is the autonomous execution. In this case, the smart contract had a design flaw that allowed someone to steal over 3.6 million Ether from The DAO. Vitalik Buterin, creator of Ethereum, and the majority of the community wanted to perform a hard fork that would roll the blockchain back to block 1920000 to before the hack so that funds could be returned. You can read more about the controversy and the decision to hard fork Ethereum here . After the hard fork to return peoples funds, the original Ethereum blockchain remained and is now known as Ethereum Classic or ETC. The community that continued to mine and support the original blockchain believe there should be no outside influence on what was supposed to be an immutable blockchain. Ethereum Classic has since blazed its own trail in the cryptocurrency world. In the long run, the Ethereum Classic community hopes there is value in taking the principled approach that code is law. Continue reading >>
The Dao, The Hack, The Soft Fork And The Hard Fork
The DAO, The Hack, The Soft Fork and The Hard Fork We'll try to briefly cover: how and why The DAO was created, how The DAO was exploited, how the soft fork failed miserably, and why everyone was relievedit did so, and how the hard fork lead to a split community and the creation of Ethereum Classic . Part 1 - The DAO - Venture fund evolution The Decentralized Autonomous Organization (known as The DAO)wasmeant to operate like a venture capital fund for the crypto anddecentralizedspace. The lack of a centralized authority reduced costs and in theory provides morecontroland accessto the investors. At the beginning of May 2016, a few members of theEthereum community announced the inception of The DAO , which was also known as Genesis DAO.It was built as a smart contracton the Ethereumblockchain. Thecodingframework was developed open sourceby the Slock.it team butitwas deployed under "The DAO" name by members of the Ethereum community. The DAO had a creation period during which anyone was allowed to send Ether to a special wallet address in exchange for DAO tokens on a 1-100 scale. The creation period was an unforeseen success as it managed to gather 12.7 Ether (worth around $150M at the time), making it thebiggest crowdfund ever. At some point, when Ether was trading at $20, the total Ether from The DAO was worth over $250 million. The DAO wasa complex Smart Contract with many featuresand it should have allowed companiesto make proposals for funding. Once a proposal waswhite-listedbyone of the curators , the DAO token holders (aka DAO investors)would then need to vote on the proposal. If the proposal got a 20% quorum the requested funds would bereleasedintothewhite-listedcontractor's wallet address.Theteam of curators that couldwhite-listaddresses was put in place in order Continue reading >>
Ethereum Classic (etc): How It Happened And Why?
Ethereum Classic (ETC): How It Happened and Why? Ethereum Classic (ETC): How It Happened and Why? We all know about Ethereum an active community with a decentralized platform that runs on blockchain technology and operates with smart contracts to make transactions easy and straightforward within a safe and secure environment. If you are familiar with Ethereum, then you also must be familiar with the hacker attack that took away 50$ dollars from Ethereum. Needless to say that this occasion caused much controversy with some people even blaming Ethereum itself, which later caused doubts over whether or not Ethereum is safe enough. That is how Ethereum Classic appeared. But there is a lot to it in between that we want to tell you about, so sit back, buckle up and get ready for a ride. One of Ethereums creators said that blaming Ethereum for the hack attack would be like blaming the internet for having a website crashing. Of course, no sane internet user could say that, so all Ethereum users and investors were interested in finding out who is to blame if not Ethereum itself because every time something bad happens, we naturally want to know what caused the problem in the first place. Now, to provide the answer to that question, we first need to explain what exactly happened. In June 2016, someone decided to take advantage of a loop found in DAO now watch closely because DAO is our primary cause of distress here. So, the person who decided to take advantage of the loop in DAO took away the third of DAOs funds, which resulted in DAO losing 50 million dollars. Now, to be able to understand how that happened, you first need to know what DAO is. Ethereum, as you know, works on smart contracts, which is what moves Ethereum in the first place. All things done through this decentra Continue reading >>