Ethereum Classic (ETC) is a decentralized blockchain platform that preserves the original Ethereum protocol following the divisive DAO hack in 2016. When the Ethereum community decided to reverse the hack through a hard fork, a portion of the community opted to maintain the original blockchain, thus creating Ethereum Classic. Ethereum Classic adheres to the principle of "code is law," signifying the immutability of the blockchain and the permanence of transactions, regardless of their nature. It supports smart contracts, decentralized applications (dApps), and has its own native cryptocurrency, ETC.

Consensus Mechanism

Ethereum Classic operates using a Proof of Work (PoW) consensus mechanism, similar to the original Ethereum blockchain before its transition to Proof of Stake (PoS) with Ethereum 2.0. In this system, miners compete to solve complex cryptographic puzzles, and the first to solve the puzzle adds a new block to the blockchain, receiving ETC as a block reward. This mechanism secures the network and validates transactions, but it has been critiqued for its energy-intensive nature.

Ethereum Classic Protocols

Ethereum Classic maintains compatibility with Ethereum's original protocols, supporting the Ethereum Virtual Machine (EVM) and allowing the deployment of smart contracts and dApps with the same solidity programming language used on Ethereum. This compatibility ensures that developers can easily port applications between Ethereum Classic and Ethereum, although the ecosystems have evolved differently over time. Despite its commitment to preserving the original Ethereum codebase, Ethereum Classic has implemented several upgrades to enhance security and functionality without compromising its foundational principles.

Use Cases

Ethereum Classic's primary use cases mirror those of Ethereum at its inception, focusing on smart contracts and dApps. It provides a platform for developers who wish to build on a network that upholds the immutability of the blockchain as a core principle. Ethereum Classic is used in various applications, including finance, governance, and identity verification, offering an alternative to users and developers who prioritize transaction irreversibility and the original Ethereum philosophy.

Despite being overshadowed by its more popular counterpart, Ethereum Classic continues to attract a community dedicated to the foundational principles of blockchain technology.