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 >>
Ethereum - Wikipedia
This article has multiple issues. Please help improve it or discuss these issues on the talk page . This article relies too much on references to primary sources . Please improve this by adding secondary or tertiary sources . Some of this article's listed sources may not be reliable . Please help this article by looking for better, more reliable sources. Unreliable citations may be challenged or deleted. The Ethereum Project's logo, first used in 2014 Ethereum 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 also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed.  "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.   Ethereum was proposed in late 2013 by Vitalik Buterin , a cryptocurrency researcher and programmer. Development was funded by an online crowdsale between July and August 2014.  The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale.  This accounts for approximately 13 percent of the total circulating supply. In 2016, as a result of the collapse of The DAO project, Ethereum was forked into two separate blockchains - the new forked version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC).    Ethereum was initially described in a white paper by Vitalik Buterin ,  a programmer involved with Bitcoin Magazine , in late 2013 with a goal of buildin Continue reading >>
What Is Ethereum Classic?
Ethereum Classic (ETC) is not a new cryptocurrency. Rather, it is one that resulted from the split of an existing cryptocurrency, Ethereum. Just like Ethereum, ETC is a secure, censor-proof, reliable, public, trustless, and decentralized platform for running applications and smart contracts. Ethereum Classic has its own token, ETC, that works as the networks fuel. Supporters of ETC tend to be purists who argue its the true Ethereum while detractors claim its a less important or inferior version of the protocol. Both blockchains were identical in every way up until block 1920000 . In 2016, a smart contract on Ethereum was hacked . This event split community opinion and resulted in one of the most significant schisms within the blockchain community to date. This division was over the practicalities of how to address the theft of funds that took place during the incident (more on this below). But ultimately it took on some deeper philosophical and ethical shades as well. To really understand ETC, how it differs from Ethereum, and why this matters, we need to retrace a little bit of its history. The Ethereum ecosystem works as a foundation for smart contracts. In a simplified sense, smart contracts are automated protocols that can carry out and enforce various transactions autonomously. The DAO was a complicated smart contract whose aim was to create a decentralized venture fund that would distribute money to various dapp development projects. The code of the DAO was designed to eliminate the need to trust humans. But in the end, humans were not so easy to remove. Understanding the DAO is not hard. If you wanted to influence the direction development took, you had to purchase DAO tokens with ETH. In order for funding to proceed, a dapp needed to get 20% of the vote from al Continue reading >>
Ethereum's Two Ethereums Explained - Coindesk
What started as an attempt to rescue investor funds in a high-profile project has resulted in a schism that has effectively split the community on the second-largest public blockchain. The split is not only psychological. Thanks to the design of public blockchain systems, it is also technical, with competing visions manifesting in two very real blockchains, or versions of the projects transaction history. As of this weekend, there are now two groups working on two competing versions of a project called ethereum , a blockchain-based platform designed to enable decentralized application development. If bitcoin envisioned how a distributed group of users could create and manage a currency, ethereum sought to allow a distributed group of users to create and manage a decentralized, uncensorable app store. (You can learn more in our latest CoinDesk Research report). However, there are now two slightly different versions of this platform available to users ethereum, the 'official' version of the blockchain maintained by its original developers, and ethereum classic, an 'alternative' blockchain maintained by a wholly new team . Both offer the same technology platforms, and according to developers, they're in agreement on a formal roadmap for steps forward. But, the small differences have created two markets, both with a combined value of roughly $1.2bn . Long the most notable ethereum project, The DAO, short for distributed autonomous organization, raised $150m in ether the cryptocurrency of the ethereum network earlier this year during a public crowdsale. Held online, anyone who had ether could participate. The idea was simple, in theory. Investors would send money to The DAO and receive voting tokens, and then those who invested (and voted) would decide democratically how Th 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 - 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 >>
What Is Ethereum Classic
This guide was created with the purpose of answering any question user may have regarding Ethereum Classic (ETC) . In order to understand why and how ETC has come into existence, it's important to understand the events that lead to its creation: The DAO hack and the hard-fork. If you haven't followed these events, click here to read a brief summary. Ethereum Classic is not a new cryptocurrency, but instead a split from an existing cryptocurrency, Ethereum. Both blockchains are identical in every way up until block 1920000 where the hard-fork to refund The DAO token holders was implemented, meaning that all the balances, wallets, and transactions that happened on Ethereum until the hard-fork are still valid on the Ethereum Classic Blockchain. After the hard-fork, the blockchains were split in two and act individually. Ethereum Classic still offers the same features as Ethereum, such as the creation and deployment of smart contract and Decentralized applications, and has all the same specifications, such as average block time, size and reward. Part 2- Why was Ethereum Classic created The Hard-fork has been a controversial subject, that has split literally split the Ethereum community in two. Both sides have made some valid points regarding their position on the hard-fork debate. Users that did not support the hard fork point out that Code is law - the original statement of The DAO terms and conditions should stand under any circumstances Things that happen on the blockchain are immutable and they should never changeregardlessof whatthe outcome is There is aslipperyslope and once you modify / censor for onecourse/reason there is not a lot to keep you from doing it for other contracts The decision to return the money is short sighted and you might reduce the value of ETH d Continue reading >>
Ethereum Classic (@eth_classic) | Twitter
This timeline is where youll spend most of your time, getting instant updates about what matters to you. Hover over the profile pic and click the Following button to unfollow any account. When you see a Tweet you love, tap the heart it lets the person who wrote it know you shared the love. The fastest way to share someone elses Tweet with your followers is with a Retweet. Tap the icon to send it instantly. Add your thoughts about any Tweet with a Reply. Find a topic youre passionate about, and jump right in. Get instant insight into what people are talking about now. Follow more accounts to get instant updates about topics you care about. See the latest conversations about any topic instantly. Continue reading >>
What Exactly Is Ethereum Classic?
After the Dao hack', the ethereum foundation decided to fork the project completely, this created a new forked officially supported chain called ethereum' but also was not able to stop the original chain now called ethereum classic. Ethereum classic is lead by a group of rebels who were unhappy with the fork as it was the opposite to the immutability that people were promised with ethereum, which had previously stated, code is law' This is the easiest to understand version of the answer I could find. I can not add anything to this, so have left in its original form. The Ethereum hard fork executed last week as a means of reimbursing investors who lost funds in the collapse of a major project has resulted in the creation of a competing currency on a blockchain replicating the platforms original consensus rules prior to the fork. Announced last week, a project called Ethereum Classic is continuing to mine a version of the blockchain in which funds were never restored to investors in The DAO. As observed here , the Ethereum Classic blockchain is now approximately 4,000 blocks behind the ethereum blockchain supported by ethereums original developers and community members. Initially dismissed due to a lack of vocal support, that narrative is now changing as digital currency exchanges and wallet providers move to extend services to those using the Ethereum Classic blockchain. The increase in institutional support has created new momentum for a project that has been active for days without support from miners, exchanges and other key components to an open blockchain ecosystem. However, earlier today , Poloniex, long the largest exchange for ethers (ETH), the digital currency native to the ethereum blockchain (sometimes referred to now as Ethereum Core or Ethereum One), added 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 >>
What Is Ethereum Classic?
If you are familiar with digital currency , there is no reason that you dont have any opinion about this matter. This is the both ideological and ethical battle between Ethereum and Ethereum Classic. It is so important to know and learn first the history of the two before drawing some conclusions on their differences. A ton of things expected to occur for us to touch base in this guess. Thus, how about we dial back the checks and look at probably the most basic focuses in not simply Ethereum history , but rather digital currency when all is said in done. The whole ecosystem of Ethereum deals with the premise of smart contracts . For the uninitiated, smart contracts are fundamentally how things complete in the Ethereum eco-framework. To place it in layman terms, smart contracts are mechanized contracts that authorize and encourage the terms of the agreement itself. The DAO otherwise known as the Decentralized Autonomous Organization was a perplexing smart contract which would alter Ethereum for eternity. It was essentially going to be a decentralized investment subsidize which would finance all future DAPPS made in the eco-framework. The way it worked was truly clear. On the off chance that you needed to have any say toward the path DAPPS that would get financed, at that point you would need to purchase DAO Tokens for a specific measure of Ether. The DAO tokens were markers that you are presently authoritatively part of the DAO framework . Anyway, how were DAPPS going to get endorsed and constructed? All things considered, right off the bat they have to get whitelisted by the guardians, who have essentially known nonentities in the Ethereum world. In the wake of getting their blessing, they will get voted on by the DAO token holders. On the off chance that the propositi Continue reading >>
Huge Plans For Ethereum Classic (etc) As 2018 Is Moving Forward
Huge Plans for Ethereum Classic (ETC) as 2018 is Moving Forward Home All Posts ...Huge Plans for Ethereum Classic (ETC) as 2018... 3 days ago By Maja Rogic 1971Views 0Comments Ranked as 16thcurrency on the global coin ranking list, Ethereum Classic (ETC) has started off this Monday by trading in the green as all currencies are trying their best to recover from the most recent market dip that went on for weeks while sinking the majority of coins and causing disruption in the price. Although ETC got back to trading in the red only a day after the initial rise, we are more interested in analyzing the plans ETC has for the rest of 2018 as their team has gone through some significant changes. What ETC has installed for the rest of the current year and how will the new team members affect the progress of Ethereum Classic as the year is slowly unraveling? The original team behind ETC has gone through some substantial changes, so now we have two additional members joining the team with the idea to improve the way Ethereum Classic is operating. Since it is a well-known fact that the world of blockchain technology and cryptocurrencies is more than fast-developing with constant progress and launching of innovations, the team behind Ethereum Classic is looking into their plans for the upcoming months of 2018. The team has seen some changes in form of additions of new team members to the already existing ETC team. One of the new members, Richard Schumann, will be working on graphics. His job would be to change and improve already existing graphics so the end users would be able to get the most out of what Ethereum Classic has to offer. With new graphics, there would be a new interface and that means that Ethereum Classic will be more oriented towards providing a user-friendly exper Continue reading >>
Ethereum Classic News
Ethereum Classic is one of two separate versions of Ethereum's Blockchain, the other being Ethereum itself. The split occurred after The DAO, a decentralized autonomous organization based on Ethereum, got hacked in June 2016, and $50 million worth of its funds were stolen. Because The DAO was crowdfunded, this event has resulted in a large number of people losing their stakes. After several weeks of heated debate, the community has decided to conduct a "hard fork" of Ethereum's Blockchain in order to "code" the stolen money back to its owners. In order to perform the hard fork, the majority of the users had to simultaneously take all the transaction records prior to the point of the hacking, and start anew from there, while discarding all transactions which have happened after that, including the hackers'. That doesn't mean that anything has happened to the previous version of the Blockchain - on the contrary, the hardfork resulted in two versions existing simultaneously: Ethereum, which is the new one, and the old one, which was renamed Ethereum Classic. 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 >>
An Introduction To Ethereum Classic
By Shobhit Seth | February 5, 2018 12:20 PM EST Ethereum Classic is an open source, decentralized, blockchain-based distributed platform that runs smart contracts and facilitates decentralized application development. This article explains the key concepts, components, working, and history of the Ethereum Classic platform. Smart contracts are autonomous digital applications thatare capable of running by themselves as per programmedinstructions, and follow the principle of Code is Law. Examples of such applications include systems that manage the working of automatic teller machines (ATM) and the bitcoin system. (For more, see AreSmart Contractsthe Best of Blockchain? ) The application code and the incorporated agreements are available across the decentralizedEthereum Classic blockchain network, and act as the self-governing rules for these smart contracts or applications. Smart contracts enable seamless execution of trusted transactions and agreements among various parties while maintaining participant anonymity on the networks global public nodes. They run without the need for any central regulator, legal framework, or external enforcement authority. They facilitate transparency, traceability, and foolproof execution of the transactions. There is no possibility of any external interference, manipulation, or censorship for the working of such applications on the Ethereum Classic network. Ethereum Classic provides a "Turing complete" virtual machine that is distributed on the blockchain network, and comes with built-in programming language capability. It gives developers flexibility to write code or develop applications that can solve any reasonable computational problem through the process of mining. To prevent the network from getting spammed and to efficiently alloca Continue reading >>