Introduction

Ethereum Classic (ETC) was born out of a disagreement within the Ethereum community that occurred after a controversial hard fork in 2016. The division arose due to conflicting views on how to address the consequences of the DAO hack, a significant security breach that resulted in the loss of millions of dollars' worth of Ethereum.

ETC remains faithful to the belief that "code is law," preserving the original Ethereum blockchain by not reversing the transactions related to the DAO attack. As a Proof of Work (PoW) blockchain, Ethereum Classic prioritizes immutability and upholds Ethereum's initial vision of an unchangeable digital ledger.

The fundamental philosophy of Ethereum Classic is centered around the idea of blockchain immutability, where once transactions are confirmed, they are permanent and cannot be altered. This unwavering commitment to maintaining the integrity of the blockchain underscores the importance of upholding the original vision of Ethereum, even when faced with challenges.

While Ethereum Classic shares its origins with Ethereum, it has charted its development course and operates independently. It retains the functionalities of the original Ethereum blockchain, supporting smart contracts and decentralized applications (DApps) with a focus on enhancing security and stability.

Despite its dedication to preserving the original Ethereum blockchain, Ethereum Classic has encountered security issues, including 51% attacks where malicious actors seized majority control of the network's hash rate to carry out double-spend attacks. These incidents have prompted discussions on the security of PoW blockchains, especially those with smaller network sizes and hash rates relative to larger networks.

To address security concerns, the Ethereum Classic community and developers are actively working on solutions to bolster network security and mitigate the risk of future attacks. Proposed changes include adjusting the consensus mechanism to increase the difficulty and cost of executing 51% attacks. Additionally, Ethereum Classic is undergoing continuous development efforts aimed at enhancing scalability, interoperability, and overall network utility.