Review on Ethereum Classic by Stephen Toluwani
Ethereum Classic maintains an immutable Blockchain
It might be shocking to know that Ethereum Classic is the actual Blockchain from which Ethereum was forked from. The reason for this fork was as a result of a hack that occured I'm the early days of the project of which over $50 million was stolen. This hack prompted the community to act and restore this stolen funds but a minority refused this due to the standing ideology of Immutability and fungibility pioneered by Bitcoin. With the majority at stake of this, Ethereum forked and the funds were restored by manipulating the blocks containing the stolen money. Ethereum Classic with a lesser standing continued with it's ideology and has thus so maintained the standard of the Blockchain immutable nature. With the development of the project at the hands of the community, it has thus so far helped achieved it's decentralized nature. Ethereum Classic allows the creation of Smart Contracts on its Blockchain. The technology that hosts the Ethereum Classic runs on the Mathematically
With the upholding of its Immutability philosophy, there are implications of a total decentralized authority and no governance power given to any entity to decide how the Network will be run. This means that no Ethereum Classic Account can be modified by anyone except it's owner. The project has had a fair share of its woes in the Blockchain world as it's Network has experienced a 51% attack more times than once. With the first occuring in 2019 and a recent three time attack in August alone this year, this proves that it's model is lacking in security. Due to this attacks, Ethereum Classic ran the risk of being delisted on Okex. The project is in many ways better than Ethereum but it's block time is in a matter of 13.2 seconds only. It's security features are still lacking and thus isn't quite ideal but on standing it's ground on Immutability, it maintains the true meaning of decentralization
Pros
- The Ethereum Classic project stands strong on its ideology of Immutability by refusing Network manipulation due to the hack that occured I'm the early days of the Ethereum project
- It's technology runs on the Mathematically Verified Ethereum Virtual Machine EVM
- Smart contracts can be created on its Blockchain
Cons
- Ethereum Classic has experienced a 51% attack in 2019 and thrice in August this year
- Due to its security issues, Ethereum Classic ran the risk of being delisted on exchanges like OKEX
