Ethereum Classic is a continuation of an older Ethereum upgrade called ‘Homestead’. Ethereum Classic uses a Proof of Work algorithm to carry out transactions. As they state on their official website: 'ETC is the continuation of the unaltered history of the original Ethereum chain'. In July 2016, the Ethereum foundation decided to create a hard fork of the Ethereum blockchain. The group, who later came to be known as the ETC community, wanted to keep the original chain in order to maintain the immutability proposed in the initial white paper.
Ethereum Classic was created in 2016 after a hard fork of Ethereum. The Ethereum platform was hacked, with 3.6 million ETH stolen.
The maximum number of Ethereum Classic tokens is 210,700,000 ETC. By comparison, that's 10x as many as Bitcoin.
Fans of Ethereum Classic believe that a blockchain should remain "immutable", even if it was hacked.
Ethereum Classic statistics from the last 24 hours
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The beginning of Ethereum Classic is, of course, similar to that of Ethereum. Ethereum Classic is a hard fork of Ethereum after it was hacked in 2016. During the hack, also known as the DAO hack, 3.6 million Ethers were stolen. In the process, the Ethereum price dropped from $20 to $13 (different times, indeed). One of the solutions was to roll back the blockchain and patch out the security issues. This way, the hack was reversed and the problem would never happen again. Many stakeholders thought this was an outrageous idea. After all, a blockchain should be immutable, hack or not. A large part therefore decided to continue via a hard fork of the original Ethereum network. Ethereum Classic was born.
2017 saw the start of the first big bull run for many projects, and so Ethereum Classic was ready to launch. Since the hard fork, the price of one ETC was just a few dollars. Around May 2017 the price of ETC rose towards $10, $20, $30 and even $40. The 2017 high for Ethereum Classic was a price of $43.86, at that time an all-time-high for ETC. After the bull run, the price of Ethereum Classic dropped but always hovered around $5.
In 2021, the crypto landscape exploded with the bull run of 2021. Many projects skyrocketed in terms of price and cryptocurrency in general was becoming daily news. The two big names often mentioned were, of course, Bitcoin and Ethereum. The interesting story of Ethereum Classic, the original promise, also received a lot of attention. The result? During the 2021 bull run, Ethereum Classic reached an all-time-high of $176. This ATH was reached in May, but soon the ETC price also started dropping in the same month. ETC dropped towards $50. Like so many crypto, the ETC price rippled downwards, but Ethereum Classic remained quite resistant compared to other projects. Thus, Ethereum Classic always remains in the top 50 in terms of market cap.