Review on Ethereum Classic by Ceren Taskiran
What is Ethereum Classic doing in general?
Welcome to this guide about Ethereum Classic, one of the important cryptocurrencies! You probably read a few things about Ethereum, and then when you come across it, "Ethereum okay, what is Ethereum Classic?" You have asked yourself.
Smart contracts are used on the Ethereum platform
. Decentralized Autonomous Organization, or dao for short, was a fairly complex smart contract. It also had a very impressive purpose. The idea was to fund the development of decentralized applications that will be built on the Ethereum network in the future.
dao hack has happened before and it becomes a sad situation in terms of security. As part of programming the dao, the developers were careful enough to create an exit option. If you were trapped, they might not escape. What if the community voted yes to projects you don't want to be part of?
That's why the way out of the dao was created. It was called Split Function. In this way, investors could get back the Ether they donated. Users could also create a Child dao using the "Split Function". If more than one dao member joined you, you could accept other ideas for dapps, and fund their development.
Ethereum Classic original version. There are no changes made to issue a refund due to the dao attack.
In this part of our review, we'll look at its advantages and disadvantages.
Most of the original developers are working on this project. They follow their original route.
It has a higher hash rate than ETC. So there are more transaction verifying miners on the network, so it's more secure.
The blockchain is supposed to be completely immutable. Changing it even once to save people's money means it could theoretically be done again. Maybe not a community-driven change next time.
Pros
- It has the support of the Enterprise Ethereum Alliance.
- It has a higher hash rate than ETC.
- Most of the original developers are working on this project.
Cons
- broke one of the main rules of blockchain
New products
Comments (1)
November 07, 2020
I have been following ETC for a while and an investment opportunity has arisen for me. Currently, ETC is accompanying the upward price movement initiated by Btc. I think it is a project that will come to much better places. Also thanks for your extensive review.
