A global, open-source blockchain platform for decentralized applications (DApps), Ethereum Classic is fueled by smart contracts and includes a built-in digital currency called ether classic (ETC). Without the risk of interference from a centralized authority, code can be developed on Ethereum Classic to regulate the transport of digital wealth based on programmable criteria.
The Ethereum blockchain’s original implementation, Ethereum Classic, aims to uphold the fundamental ideas of immutability and decentralization through an unaltered transaction history. The contentious hard fork of Ethereum that resulted in the protocol breaking into two separate networks, Ethereum Classic and Ethereum, was sparked by the hack of The DAO1 in June 2016. Ethereum Classic and Ethereum were almost identical in terms of technological architecture at the time of the split, but they have subsequently developed in their own special ways.
In its final form, Ethereum Classic aims to provide a decentralized, globally scalable platform for smart contracts, a digital store of value, and a payment network.
1 Michael del Castillo. “The DAO Attacked: Code Issue Leads to $60 Million Ether Theft.” CoinDesk. June 17, 2016. https://www.coindesk.com/dao-attacked-code-issue-leads-60-million-ether-theft.