Review on Ethereum Classic by Saleh Bayramli

Ethereum Classic (ETC) is an open source, blockchain-based, decentralized computing platform and a cryptocurrency. It enables developers to create and implement smart contracts-autonomous, automatically executed code blocks that trigger certain actions based on predefined conditions. The

ETC network is permission-free, which means anyone can join and execute transactions as long as they have a supported crypto wallet. After the infamous DAO attack, it was established in 2016 due to ideological and technical differences within the Ethereum community.

Using smart contracts, a decentralized autonomous organization or DAO can be established on Ethereum. Simply put, DAO's governance and decision-making mechanisms are hard-coded and do not require human intervention, so to speak.

In 2016, the German startup Slock.it launched its DAO project on Ethereum, called "The DAO". Although the project raised more than 150 million U.S. dollars in crowdfunding, hackers used vulnerabilities in its smart contracts to steal 50 million U.S. dollars in the process. In order to restore funds, most Ethereum users, including the founders Vitalik Buterin and Gavin Wood, support radical changes to the basic blockchain protocol or hard fork. This led to the formation of a new Ethereum (ETH) chain.

However, part of society continues to oppose forks, choosing instead to defend the principle of "code is law". Claiming that the blockchain cannot be folded according to human whim, they stayed on the old chain and renamed it Ethereum Classic (ETC).

Since Ethereum Classic retained the old code of the Ethereum blockchain before the DAO attack, it is usually regarded as the "original" Ethereum cryptocurrency.

Although both Ethereum and Ethereum Classic provide smart contracts and seek the same market, Ethereum is popular as the more legitimate network of the two networks. In addition, Ethereum's ETH, as the most popular cryptocurrency in the world, is second only to Bitcoin. One of the main problems with

Ethereum Classic is the possible limitation in scalability. Typically, the network can process 15 transactions per second, but this number is much lower than payment networks like Visa, which can process more than a thousand transactions per second. Although Ethereum Classic has undergone many software updates, scalability of its payment system remains one of its biggest challenges going forward.