Ethereum Classic ETC

Ethereum Classic (ETC) is a smart contract blockchain that continues the original Ethereum chain following a contentious split in 2016. After a major hack of an early project called The DAO, the community divided over how to respond. The chain that kept the unaltered transaction history became Ethereum Classic, guided by the principle that the ledger should remain immutable.

How Ethereum Classic works

Ethereum Classic is a programmable blockchain that supports smart contracts and decentralized applications, much like its origins. A key distinction is that it has retained proof-of-work mining, where miners compete to add blocks and secure the network, rather than moving to proof of stake as the main Ethereum chain did. Its native asset, ETC, is used to pay for transactions and computation.

The network's guiding philosophy is immutability: the idea that the blockchain's record should not be reversed even in extraordinary circumstances. This principle is central to how the community describes Ethereum Classic.

What ETC is used for

• Transaction fees: ETC pays for computation and transfers on the network.
• Smart contracts: developers can deploy decentralized applications on the chain.
• Store of value: some holders value its fixed-supply-oriented monetary policy.
• Portfolio asset: investors hold ETC for exposure to a proof-of-work smart contract chain.

Ethereum Classic's identity rests on a single conviction: that an immutable ledger is worth preserving even at a cost. — CoinRadar Daily analysis

Risks and considerations

Ethereum Classic has historically faced security challenges, including past 51 percent attacks on proof-of-work chains with lower hash power, which is an important risk to understand. It competes with larger smart contract platforms for developers and users. Its price is volatile, regulation varies by jurisdiction, and self-custody places security and irreversibility in the user's hands.