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Ethereum classic coin

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In June, 3. Members of The DAO and the Ethereum community debated what actions, if any, should occur to resolve the situation. A vote occurred and in July it was decided to implement a hard fork in the Ethereum code and to move the Ether taken in the exploit to a new smart contract through which it would be restored to the owners from whom it had been taken.

Ethereum Classic came into existence when some members of the Ethereum community rejected the hard fork on the grounds of "immutability", the principle that the blockchain cannot be changed, and decided to keep using the unforked version of Ethereum. Ethereum Classic underwent a technical hardfork to adjust the internal pricing for running various op codes on the Ethereum Virtual Machine EVM on 25 October , similar to the hard fork the ETH chain did a week earlier.

The goal was to more rationally price various compute-intensive and external reference commands to reduce the incentive for spammers who had conducted a month-long distributed denial-of-service attack on the Ethereum Classic network. A hard fork that occurred early successfully delayed the so-called "difficulty bomb", originally added to Ethereum's code in September in order to exponentially increase the difficulty of mining, or the competitive process by which new transaction blocks are added to the network.

Various critics of Ethereum Classic have denounced it as a scam [6] and a potential theft of intellectual property, with similar controversial remarks being made on behalf of the opposing camp. Ethereum Classic has retained some users of Ethereum and has also attracted others from the wider crypto-community who reject contentious forks on ideological grounds. The project, however, is not officially supported by the Ethereum Foundation.

On June 29th, the Ethereum Classic Twitter account made a public statement indicating reason to believe that the Classic Ether Wallet Website had been compromised. Information security news organization Threatpost later reported that the compromise occurred due to a social engineering attack against the CEW websites domain registrar 1 1. The Ethereum Classic Twitter account confirmed the details released via Threatpost. The Ethereum Classic team worked with CloudFlare, a company specializing in internet security services, to place a warning on the compromised domain warning users of the phishing attack.

The division of the initial Ethereum platform into Ethereum and Ethereum Classic happened after a big hacker attack on The DAO decentralized autonomous organization — the platform for venture investments on the base of Ethereum. In June , the hackers managed to find a loophole in the defense and transfer about 50 million dollars from DAO — a third part of the collected amount. As according to the terms of the smart contract, the funds could be used only 28 days after the transaction , there came a possibility to get back the stolen funds before the attackers could take them.

During the search for a solution, the blockchain community has been divided. A part of the community made a stand against this decision stating that it defies the very principles of the blockchain as a self-regulated and democratic system. However, the majority has voted for the division and so the present Ethereum platform has appeared. The part that was left on the old blockchain has created Ethereum Classic. Ethereum Classic works via blockchain with smart contracts. Smart contracts are contracts with prescribed conditions that are fulfilled automatically when these conditions are achieved.

The inner mechanism of the pricing formation of transactions, gas, is used for the prevention of spam in the network and distribution of resources proportionally to the incentive offered by the request. They set up a refund contract on the ETC network. On 29 June , the Ethereum Classic Twitter account made a public statement indicating reason to believe that the website for Classic Ether Wallet had been compromised.

The Ethereum Classic Twitter account confirmed the details released via Threatpost. The Ethereum Classic team worked with Cloudflare to place a warning on the compromised domain warning users of the phishing attack. In January , Ethereum Classic was subject to double-spending attacks. From Wikipedia, the free encyclopedia.

Open source blockchain computing platform. Main article: The DAO organization. Further information: Cryptocurrency. The Wall Street Journal Blog. News Corp. Retrieved 17 February Ethereum 'Classic' ". Retrieved 5 March Blockchain revolution : how the technology behind bitcoin is changing money, business, and the world. ISBN Financial Times.

Retrieved 19 October Bloomberg News. The New York Times. ISSN Retrieved 12 July Antonopoulos, Gavin Wood : " Ethereum timeline ". O'Reilly Media; pages. Futurism, LLC. Archived from the original on 7 August Retrieved 16 May Online article, Bloomberg. Accessed on Bloomberg HT. The Economist. Retrieved 18 June The technology behind bitcoin lets people who do not know or trust each other build a dependable ledger. This has implications far beyond the crypto currency.

Bitcoin and Cryptocurrency Technologies: a Comprehensive Introduction. Princeton: Princeton University Press. January Harvard Business Review. Harvard University. Retrieved 17 January The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Archived from the original on 24 July Retrieved 2 September Archived from the original on 3 February Retrieved 3 February Retrieved 15 May International Business Times.

Ars Technica. Les Echos in French. Proof of authority Proof of personhood Proof of space Proof of stake Proof of work. Ethereum Ethereum Classic. Auroracoin Bitconnect Coinye Dogecoin Litecoin. Bitcoin Gold Zcash. Dash Petro. BTC-e Mt. Gox QuadrigaCX. Airdrop BitLicense Blockchain game Complementary currency Crypto-anarchism Cryptocurrency bubble Cryptocurrency scams Digital currency Decentralized autonomous organization Decentralized application Distributed ledger technology law Double-spending Environmental impact Hyperledger Initial coin offering Initial exchange offering Initiative Q List of cryptocurrencies Token money Virtual currency.

Category Commons List. Categories : software Blockchains Cross-platform software Cryptocurrency projects Currencies introduced in Ethereum. Hidden categories: CS1 Turkish-language sources tr CS1 French-language sources fr Articles with short description Short description matches Wikidata Use dmy dates from July All articles lacking reliable references Articles lacking reliable references from April

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Ethereum 2.0 Merge Will Cause $ETC EXPLOSION To $1,000 - Ethereum Classic The Real Ethereum

The live Ethereum Classic price today is $ USD with a hour trading volume of $,, USD. We update our ETC to USD price in real-time. Ethereum. Ethereum Classic is an open source, blockchain-based distributed computing platform featuring smart contract functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum. A decentralized computing platform that runs smart contracts: applications that run exactly as programmed without downtime, censorship or third party.