According to Cardano founder Charles Hoskinson, Ethereum’s initial founders had two different philosophies about the best way to develop cryptocurrencies
Some of them believed in the idea that code is law – what happens on the blockchain stays on the blockchain for better or for worse
Others however believed in mutability in the name of innovation. In other words, if something bad happens on the blockchain, steps should be taken to fix it
Ethereum Classic was created because of an event that put both of these crypto philosophies into question
👨💻The DAO Hack👨💻
The DAO was created by a Germany start up called Slock in June 2016, and within a month of launching over 150 million dollars’ worth of ETH had been deposited into the DAO smart contract
On June 17th 2016, an anonymous hacker drained 50 million dollars’ worth of ETH from the DAO smart contract, equal to about 5% of all the ETH in circulation at the time
After disagreements about how to respond to the incident, Ethereum forked on the 20th of July 2016, creating two separate blockchains
The Ethereum chain where the DAO hack never happened, and the Ethereum Classic chain where the ETH remains stolen for better or for worse
🥊Ethereum Classic vs. Ethereum🥊
Ethereum Classic is almost identical to Ethereum save for a few minor differences. Ethereum Classic is committed to immutability – what happens on the blockchain stays on the blockchain
ETC also has completely different tokenomics than ETH. This is because of a change to Ethereum Classic in December 2017, which reduces ETC block rewards by 20% every 5 million blocks
This will continue until ETC hits its maximum supply of 210 million 700 thousand, which is expected to occur sometime in 2042
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