What is Ethereum Classic (ETC)?

Deep Dive

1. Origin & Philosophy

ETC emerged in 2016 when Ethereum split after the DAO hack, which drained $50M. While Ethereum (ETH) reversed the hack via a hard fork, ETC retained the original chain to prioritize immutability—the principle that blockchain transactions are irreversible. This decision codified ETC’s ethos: “Code Is Law” (CoinMarketCap).

2. Technology & Consensus

ETC preserves Ethereum’s original architecture, including smart contracts and the Ethereum Virtual Machine (EVM). Unlike ETH, it uses Proof-of-Work (PoW) mining, like Bitcoin, to secure its network. This choice prioritizes decentralization over scalability, as PoW requires miners to solve cryptographic puzzles, making attacks costly (Bitstamp).

3. Tokenomics & Governance

ETC’s supply is capped at 210.7M coins, with periodic “halvings” reducing block rewards by 20% every 5M blocks (~2.5 years). This contrasts with Ethereum’s uncapped supply. Governance is community-driven, with upgrades like the 2025 Olympia DAO introducing decentralized funding proposals (ETC Grants DAO).

Conclusion

Ethereum Classic is a PoW smart-contract platform prioritizing security, immutability, and predictable scarcity. While overshadowed by Ethereum’s ecosystem, its adherence to decentralization raises a critical question: Can ETC’s “Code Is Law” philosophy thrive as blockchain governance evolves?