Ethereum Classic (ETC) is an open-source, blockchain-based smart contract network with the ability to host and support decentralized applications (DApps).
In 2016, following the intrusion of a third-party project that exploited a flaw in DAO project smart contract software that led to the theft of millions of dollars worth of Ether, the Ethereum Foundation decided to create a new version of Ethereum mainnet with an irregular change to delete DAO theft from Ethereum history. The system was forked into two networks: Ethereum Classic and Ethereum. Ethereum Classic remained the older and unaltered version of the Ethereum blockchain with the old tokens renamed (ETC), while the new tokens kept the name Ethereum (ETH).
The current Ethereum Classic (ETC) monetary policy seeks the same goals as Bitcoin of being mechanical, algorithmic, and capped. The network operates with the Proof of Work (PoW) protocol, using the algorithm Ethash with blocks created every 15 seconds.
Ethereum Classic has a fixed monetary policy that aims to serve as a store of value like bitcoin. Therefore, the total amount of ETC that can be generated is limited to 210,700,000 ETC and there is a reward reduction of 20% per 5,000,000 blocks.
A new block is released every 15 seconds.
Proof of Work
Users pay transaction fees and miners collect them alongside with the block reward based on work done as per the proof-of-work (PoW) mining algorithm. Specifically, the consensus requires miners to solve a mathematical problem using computing power to validate new blocks.
Ethereum Virtual Machine
Ethereum Classic features an execution engine optimized for smart contract processing known as the Ethereum Virtual Machine or EVM.
Ethash is an Ethereum mining Proof-of-Work algorithm designed to be ASIC-resistant through memory hardness and easily verifiable.
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