Ethereum Classic (ETC)

From List Wiki
Jump to: navigation, search

Ethereum-classic-logo.png
Related Wiki List Type
Ethereum Forks List of All
Cryptocurrencies List of All
Cryptocurrency Exchanges List of All
Cryptocurrency Wallets List of All
Ethereum Classic (ETC) Trading Platforms List of All

Official site (website): http://www.ethereumclassic.org/ Official site (website): https://ethereumclassic.github.io Official Wiki (Wikipedia): https://en.wikipedia.org/wiki/Ethereum_Classic Reddit: https://www.reddit.com/r/EthereumClassic/ Official Facebook account (fb): https://www.facebook.com/EthereumClassicETC/ Official Twitter account: https://twitter.com/eth_classic Github: https://github.com/ethereumclassic/ Official LinkedIn account: https://www.linkedin.com/company/ethereum-classic Website (site): https://discord.gg/HW4GckH Website (site): http://webchat.freenode.net/?channels=ethereumclassic&uio=d4

Truth and facts[edit]

  • Ethereum Classic (ETC) is a cryptocurrency created as a result of hard forked of Ethereum (ETH).
  • Ethereum Classic focuses on smart contract.

Official

  • Slogan: Decentralized, immutable, unstoppable.
  • Ethereum hard forked into Ethereum and Ethereum Classic on 20 Jul 20 2016, on block 1920001, which is the DAO hard fork.

Video Playlist[edit]

Ethereum vs Ethereum Classic: What is the difference?

00:00 For this video we'll be talking about Ethereum and Ethereum Classic, what is the difference.
00:03 Because let's face it, a lot of people are complicated, it's complicated enough within the cryptocurrency space.
00:08 Might as well new people coming in understanding Bitcoin, viewing Bitcoin, and also an understanding Ethereum, then they realize it though, oh there's something called a Ethereum Classic.
00:17 And there is I would say confusion among the general populace about this.
00:20 So hopefully by now and explained to you in a very high-level simplistic way why there are two Ethereum and so what is the difference between the two.
00:27 So let's rewind back say Y year and a half ago where this whole thing started.
00:32 Okay so before there was two Ethereum, there was obviously regular Ethereum.
00:35 And basically what happened was this.
00:39 About a year or a half ago, something was created called DAO, decentralized autonomous organization.
00:45 Think of it like a crypto hedge fund or crypto venture capitalist fund online.
00:50 It raised about 150 million dollars at its peak worth of American value, I don't know how many Ethereum tokens was back in the day.
00:57 However there's a huge problem because the code itself wasn't that well built, let me put it that way okay.
01:06 So now that raised 150 million dollars of US currency in Ethereum that is and they have a virtual crypto fund.
01:13 And along came an individual, individuals, we don't know who this person a person was, and they took about 50 million dollars.
01:20 Well people call it a hack more or less of what's in a hack per se.
01:25 I always say imagine if you have a key to your house and you leave that key outside in the sidewalk, is a person hacking your house?
01:31 No you gave them the key, they open up your door, they got in.
01:33 That was kind of what happened with the DAO.
01:35 A person saw faulty door or saw an entranceway there wasn't programmed quite well, and let’s call him Dave for the sake of this video because we don't know that person.
01:46 Dave went in and it took fifty million dollars, now the community went crazy, absolutely crazy.
01:51 Think about you just invest in this thing, fifty million dollars gone.
01:55 And at that time the DAO had a huge percentage of the total supply of Ethereum.
01:59 I forget the percentage number but a massive amount of all circulating Ethereum was in this DAO, and that's like the lifeblood of the protocol or the theory protocol.
02:10 So they have to come up with a proposition what do we do with the fifty million dollars on stolen, how do we get our money back.
02:16 So these people are trying to think of different ideas, etc, etc.
02:20 They came to the conclusion finally that they need to create a fork.
02:22 They need to stop the blockchain that they have right now currently and create something fresh from scratch.
02:28 Now a lot of people were up in arms about this and a lot of people didn't like this approach, but they had a consensus, people were voting on this, and the majority voted, let’s fork Ethereum.
02:38 Now let's kind of pause for a second and talk about a fork.
02:43 Because I was confused at the beginning, and let me summarize what a fork is.
02:46 For example the blockchain and we know that the blockchain responsible for authority, that's what's really good at, that's why it eliminates middlemen.
02:51 We want a third party, that's unbiased, that's not connected to anything, that's not centralized, which is a blockchain that determines value and the determined authenticity.
03:01 So if we're looking at any blockchain when that is Ethereum blockchain, so for example that’s a blockchain.
03:07 When a fork happens meaning they actually stopped supporting the longest chain.
03:13 Miners, users, the protocol will dump that chain and go to a new chain, that's why it's called the fork.
03:19 Okay so what happened with the Ethereum fork was the longest chain through consensus, through the miners voting ,through the users go through, everybody coming together, they said to get our fifty million dollars back from the DAO and to save all the Ethereum tokens.
03:34 We have to stop supporting this long chain, so they forked it.
03:39 However a small subset of people, they didn't want to fork and so they created their own.
03:44 They create they stayed on Ethereum Classic, that’s why you have two different names, you have this Ethereum Classic which is like I say 10% or something like that, with the people who said I don't want a fork, I want to continue with the longest chain.
03:54 So if we're looking at this, so I made this quick drive for you.
03:57 So the blockchain, the longest chain is always the one with the highest authority, the one that's validating everything, the one that people look to trust.
04:08 So if we're looking the longest chain, that was appearing before the DAO.
04:11 So the DAO you had one hundred and fifty million dollars raised, then you have fifty million dollars I was hacked.
04:15 And so for them to get the money back, okay they got through the consensus, but I'd all right, we've got to stop this chain and start a new chain.
04:22 So this start a new chain and got the money back.
04:24 However a small subset of people they said screw that, I'm going to start my own.
04:30 So they started their own chain, which was the original Ethereum chain called the Ethereum classic.
04:33 Now some people say this is bad, I don't think so this is bad, I think this is a good thing, because the whole beautiful thing about blockchain is through consensus.
04:42 So if a group of people want to come together and you want to commit to a blockchain and they want to add value and if users want to add value, you can do so, it's not centralized.
04:51 So I actually think Ethereum Classic provides value towards Ethereum.
04:55 It's just a different, it's a different currency running on the same type of protocols, doing pretty much the same different things.
05:01 However there are key differences between Ethereum and Ethereum classic.
05:05 In Ethereum classic, the main leaders are kind of in the shadows, people don't talk about that, plus they're more or less I guess you can call the Maximus they want to say peer to the immutable ledger.
05:14 However Ethereum, Ethereum more or less like a software company.
05:17 They want to grow, they probably might have hard Forks in the future even with proof of stake that maybe another hard fork, your plan is go do global scaling.
05:23 Now why does Ethereum classic has value?
05:27 Spectra Tory market at the moment, like anything if you look at stocks, majority stock have value because of speculation.
05:32 If you look at Silicon Valley with the BCS it's true speculation, why are certain companies worth thousand hundreds of billions of dollars when they don't have revenue yet, speculation.
05:40 Ethereum Classic is speculation, Ethereum on other hand yes, there is a secretory market but they actually use case scenarios, you know, they just announced Ethereum online, the Alliance development of the United Nation wants to use it, smart contracts on the rise, are actually big enterprises are physically using the technology to benefit their company.
05:58 So to summarize, Ethereum classic is just the old block chain of the original Ethereum and has own currency.
06:06 And Ethereum which without the classic, just Ethereum, is the new Ethereum blockchain but part of Ethereum foundations in the Ethereum protocol.
06:14 It has most of the hashing power and has majority of the miners on that.
06:18 So there you have, it that's Ethereum versus Ethereum classic.
06:21 If you guys have any question, leave a comment below.
06:23 And like always, if you're new to the space, I'm getting out Bitcoin and Ethereum, I have a link to a coinbase account below if you need access to get a wallet, we're gonna buy some Bitcoin or Ethereum, and leave me your Bitcoin and Ethereum address below with the stipulation like always, what's the next video you want me to make and also, yeah that's it, peace.

Frequently asked questions[edit]

  • What is the difference between Ethereum and Ethereum Classic?
Ethereum Classic (ETC) is the result of hard fork of Ethereum (ETH). The original Ethereum becomes Ethereum Classic while the new Ethereum remains as Ethereum.

Reviews[edit]

References[edit]