Ethereum Classic is an candid source, blockchain -based distributed computing platform featuring smart condense ( scripting ) functionality. [ 1 ] It supports a modified adaptation of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine ( EVM ). Ethereum Classic maintains the original, unaltered history of the Ethereum network. [ 2 ] The Ethereum project ‘s mainnet initially released via Frontier on 30 July 2015. however, due to a hack of a third-party project, the Ethereum Foundation created a new version of the Ethereum mainnet on 20 July 2016 with an irregular state change implemented that erased The DAO larceny from the Ethereum blockchain history. [ 2 ] The Ethereum Foundation applied their trademark to the modern, alter version of the Ethereum blockchain ; Ethereum ( code : ETH ). [ 2 ] The older, unaltered version of Ethereum was renamed and continued on as Ethereum Classic ( code : ETC ). [ 2 ]
Reading: Ethereum Classic – Wikipedia
Ethereum Classic ‘s native Ether keepsake is a cryptocurrency traded on digital currency exchanges under the currency code ETC. [ 3 ] Ether is created as a wages to network nodes for a process known as “ mine “, which validates computations performed on Ethereum Classic ‘s EVM. Implemented on 11 December 2017, the current ETC monetary policy seeks the same goals as bitcoin of being mechanical, algorithmic, and capped. ETC can be exchanged for network transaction fees or other assets, commodities, currencies, products, and services. Ethereum Classic provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine ( EVM ), which can execute scripts using an external network of public nodes. The virtual machine ‘s instruction set is Turing-complete in contrast to others like bitcoin script. Gas, an inner transaction price mechanism, is used to mitigate spam and allocate resources on the network. [ 4 ]
Milestones [edit ]
frontier [edit ]
several codenamed prototypes of the Ethereum platform were developed by the Ethereum Foundation, as partially of their proof-of-concept series, anterior to the official establish of the Frontier network. Ethereum classic followed this codebase after the DAO incidental .
|2015-07-30||1||5M20 Era 1|
|2017-12-11||5,000,001||5M20 Era 2|
|2018-05-29||5,900,000||Defuse Difficulty Bomb|
|2020-03-17||10,000,001||5M20 Era 3|
|2022-04-25||15,000,001||5M20 Era 4|
The DAO bailout [edit ]
On 20 July 2016, as a result of the exploitation of a flaw in The DAO project ‘s ache contract software, and subsequent larceny of $ 50 million deserving of Ether, [ 5 ] the Ethereum network split into two separate blockchains – the change history was named Ethereum ( ETH ) and the unaltered history was named Ethereum Classic ( ETC ). [ 2 ]
- The new chain with the altered history was branded as Ethereum (code: ETH) with the BIP-44 Coin Index 60 and EVM Chain ID 1 attributed to it by the trademark-owning Ethereum Foundation. On this new chain, the history of the theft was erased from the Ethereum blockchain.
- Some members of the Ethereum community ignored the change and continued to participate on the original Ethereum network. The non-fork chain with an unaltered history continued on as Ethereum Classic (code: ETC) with the BIP-44 Coin Index 61 and EVM Chain ID 61.
security vulnerabilities disclosed [edit ]
On 28 May 2016, a paper was released detailing security vulnerabilities with the DAO that could allow Ether to be stolen. [ 7 ] On 9 June 2016, Peter Vessenes publicly disclosed the being of a critical security vulnerability overlooked in many Solidity contracts, a recursive call tease. On 12 June 2016, Stephan Tual publicly claimed that the DAO funds were condom despite the newly-discovered critical security system flaw .
Carbon right to vote [edit ]
On 15 July 2016, a short notification on-chain vote was held on the DAO hard fork. [ 8 ] Of the 82,054,716 ETH in universe, only 4,542,416 voted, for a total voter turn out of 5.5 % of the total add on 16 July 2016 ; 3,964,516 ETH ( 87 % ) voted in privilege, 1/4 of which came from a single address, and 577,899 ETH ( 13 % ) opposed the DAO branching. [ 8 ] The expedite process of the carbon paper vote drew criticism from opponents of the DAO branching. Proponents of the pitchfork were quick to marketplace the vote as an effective consensus mechanism, pushing fore with the DAO fork four days later. [ 9 ]
Block 1,920,000 [edit ]
The first Ethereum Classic forget that was not included in the fork Ethereum chain was engine block number 1,920,000, which was generated by Ethereum Classic miners on 20 July 2016. [ 8 ] [ 10 ]
Defuse Difficulty Bomb [edit ]
A mechanism called the “ Difficulty Bomb ” was designed to push the Ethereum chain from proof-of-work consensus mechanism to proof-of-stake in the future by exponentially increasing the trouble of mining. This difficulty Bomb was added to the network on barricade 200,000 in an upgrade named “ Ice Age ”. While Ethereum Classic participants debated the merits of the Difficulty Bomb, a network upgrade called “ Die Hard ” at forget 3,000,000 delayed the effects of the mechanism. Once the network participants came to consensus on the issue, Ethereum Classic upgraded its network on block 5,900,000 to permanently defuse the Difficulty Bomb. This abandoned a future with proof-of-stake and committed the network to the proof-of-work consensus mechanism.
Read more: How to Make Money as a Coin Collector
Protocol parity bit [edit ]
In an try to modernize the Ethereum Classic protocol, respective protocol upgrades were scheduled to activate features that the Ethereum network already enabled over the past years. Atlantis, activated in September 2019, enabled the outstanding Byzantium changes, Agharta, in January 2020, brought Ethereum ‘s Constantinople patches, and Phoenix ultimately achieved protocol parity between Ethereum Classic and Ethereum with the introduction of the Istanbul protocol upgrade. Since the Phoenix protocol activated, applications are amply cross-compatible between the Ethereum Classic and Ethereum Foundation networks .
Mining algorithm [edit ]
After a series of 51 % attacks on the Ethereum Classic network in 2020, [ 11 ] a change to the underlying Ethash mine algorithm was considered by the community to prevent being a minority proof-of-work chain in the Ethash mine algorithm where Ethereum is dominating the hashrate. After evaluating versatile options such as Monero ‘s RandomX or the standardized SHA-3-256, it was finally decided to double the Ethash epoch duration from 30,000 to 60,000 in regulate to reduce the DAG size and prevent Ethash miners to well switch to Ethereum Classic. This limited Ethash is besides referred to as ETChash or Thanos upgrade .
Characteristics [edit ]
As with other cryptocurrencies, the validity of each ether is provided by a blockchain, which is a endlessly growing list of records, called “ blocks ”, which are linked and secured using cryptography. [ 12 ] [ 13 ] By purpose, the blockchain is inherently immune to change of the data. It is an open, spread daybook that records transactions between two parties efficiently and in a confirmable and permanent way. [ 14 ] Unlike Bitcoin, Ethereum Classic operates using accounts and balances in a manner called state transitions. This does not rely upon unspent transaction outputs ( UTXOs ). The express denotes the current balances of all accounts and extra data. The submit is not stored on the blockchain, it is stored in a freestanding Merkle Patricia tree. A cryptocurrency wallet stores the public and private “ keys ” or “ addresses ” which can be used to receive or spend Ether. These can be generated through BIP 39 style mnemonics for a BIP 32 “ HD wallet ”. In the Ethereum technical school stack, this is unnecessary as it does not operate in a UTXO outline. With the private key, it is possible to write in the blockchain, efficaciously making an ether transaction. To send Ether to an report, the Keccak-256 hash of the public identify of that account is needed. Ether accounts are pseudonymous in that they are not linked to individual persons, but rather to one or more specific addresses .
quintessence [edit ]
ETC is a fundamental token for operation of Ethereum Classic, which thereby provides a public distributed ledger for transactions. It is used to pay for Gas, a unit of calculation used in transactions and other state of matter transitions. Within the context of Ethereum Classic it might be called ether, but it should not be confused with ETH, which is besides called ether. It is listed under the currentness code ETC and traded on cryptocurrency exchanges, and the greek capital Xi character ( Ξ ) is by and large used for its currency symbol. It is besides used to pay for transaction fees and computational services on the Ethereum Classic network. [ 15 ]
Addresses [edit ]
Ethereum Classic addresses are composed of the prefix “ 0x ”, a coarse identifier for hexadecimal, concatenated with the rightmost 20 bytes of the Keccak-256 hash ( boastfully endian ) of the ECDSA public key ( the curve used is the alleged secp256k1, the like as bitcoin ). In hexadecimal, two digits represent a byte, meaning addresses contain 40 hexadecimal digits. An example of an Ethereum Classic address is
0xb794f5ea0ba39494ce839613fffba74279579268. contract addresses are in the same format, however, they are determined by sender and creation transaction time being. [ 16 ] User accounts are identical from contract accounts given entirely an address for each and no blockchain data. Any valid Keccak-256 hashish put into the described format is valid, even if it does not correspond to an account with a private key or a contract. This is unlike bitcoin, which uses base58check to ensure that addresses are properly typed .
monetary policy [edit ]
On 11 December 2017, the sum supply of Ether on Ethereum Classic was difficult cap at ETC 210,700,000 via the Gotham hard fork upgrade. This added a bitcoin-inspired deflationary emission schedule that is documented in Ethereum Classic Improvement Proposal ( ECIP ) 1017. The emission schedule, besides known as “ 5M20 ”, reduces the blocking reinforce by 20 % every 5,000,000 blocks. socially, this obstruct honor reduction event has taken the nickname of “ the fifthening. ”
|ETA Date||Date||5M20 era||Block||Block reward||Total era emission|
|–||30 July 2015||Era 1||1||ETC 5||ETC 25,000,000|
|December 2017||11 December 2017||Era 2||5,000,001||ETC 4||ETC 20,000,000|
|March 2020||17 March 2020||Era 3||10,000,001||ETC 3.2||ETC 16,000,000|
|April 2022||25 April 2022||Era 4||15,000,001||ETC 2.56||ETC 12,800,000|
|May 2024||–||Era 5||20,000,001||ETC 2.048||ETC 10,240,000|
Code is police [edit ]
The people who continued with Ethereum Classic advocate for blockchain immutability, and the concept that “ code is law ” [ 17 ] against the pro-fork side ( Ethereum ) which largely argued for extra-protocol intentionality, decentralized decision-making, and conflict resolution. [ 18 ]
Attacks [edit ]
TheDAO fork play back attacks [edit ]
On 20 July 2016, due to reliance on the lapp clients, the DAO fork created a replay attack where a transaction was broadcast on both the ETC and ETH networks. On 13 January 2017, the Ethereum Classic network was updated to resolve transaction replay attacks. The networks are now officially operating individually. [ 8 ]
RHG sells stolen ETC [edit ]
On 10 August 2016, the ETH advocate Robin Hood Group transferred 2.9 million stolen ETC to Poloniex in an undertake to sell ETC for ETH on the advice of Bitly SA ; 14 % was successfully converted to ETH and other currencies, 86 % was frozen by Poloniex. [ 8 ] On 30 August 2016, Poloniex returned the ETC funds to the RHG. They set up a refund narrow on the ETC network .
classical Ether Wallet website attack [edit ]
On 29 June 2017, the Ethereum Classic Twitter explanation made a public statement indicating argue to believe that the web site 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 admonitory on the compromise domain warning users of the phishing attack. [ 19 ] [ better source needed ]
51 % double spend attacks [edit ]
In January 2019, Ethereum Classic was subject to double-spending attacks. [ 20 ] [ 21 ] From July through August 2020, Ethereum Classic suffered from more 51 % attacks. [ 22 ] [ 11 ]