Review on Ethereum Classic by QUAN VU VAN

Name: Ethereum Classic
Item: Ethereum Classic
Rating: 5

September 13, 2018

The Ethereum Classic cryptocurrencie is based on the original blockchain…

The Ethereum Classic cryptocurrencie is based on the original blockchain Ethereum. In June 2016, The DAO, the first smart-contract, knows a flight million. To remedy this, a hard fork was held on 20 July 2016. A hard fork is a change in the blockchain, causing the separation of blockchain in 2: the modified channel and the original channel. They say a chain is winning when the majority of the community following one of the two chains. Today, the winning chain is the modified chain (Ethereum) and the original chain continues to exist under the name of Ethereum Classic. Consequently, all ETH on an address before the hard fork are also present on the ETC channel (same address).
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Pros

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.

Cons

Let’s return to the history of the creation of Ethereum Classic. It all started with the launch of the second digital currency Ethereum by Vitalik Buterin, which became the base for the DAO cryptocurrency fund. After some time, users discovered a vulnerability in the work of DAO, which developers simply did not pay attention to, because in their opinion it did not pose a particular threat. This was their fatal delusion, which ultimately led to the collapse. Using an error in the network code, attackers stole digital coins for $50 million.