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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW

Ethereum classic is ranked 5th on coinmarketcap.com
At the time of this recording, it’s price is $19.82 per coin
with a current circulating supply at 93 million coins
the 24 hour volume is at $740 million
and the market cap totaling $1 billion.

Blockgeeks Article: https://blockgeeks.com/guides/what-is-ethereum-classic/
Ethereum Classic Website: https://ethereumclassic.com/
ETC Monetary Policy: https://www.etcdevteam.com/blog/articles/a-joint-statement-ecip1017.html

If you didn’t already know by now, Ethereum Classic exists because a group of people believed strongly in upholding the values of an immutable blockchain, one that cannot be manipulated.
This difference in ideals was brought to light thanks to what happened when one hacker took advantage of a loophole in the code for the DAO.

I found a good article on blockgeeks.com that explains the back story of the DAO and the emergence of ethereum classic, this article also further explains soft forks and hard forks sp for those of you who need a bit more clarification on that topic be sure to check out the link for this article down in the description.
So the DAO was a complex smart contract that would pretty much enable anyone to be a venture capitalist for emerging projects that were developed on the platform. If you wanted to help determine funding for a particular project you would have to purchase DAO tokens and use them to cast your vote.
The crowdfunding for the DAO raised 150million dollars worth of ether.
Only three weeks after they raised these funds, a hacker began draining what would be a total of $50million.
Here is where the panic and controversy begins. The Ethereum Foundation had a decision to make. After a failed attempt for implenting a soft fork, which was found to have vital flaws that would open the door for denial of service attacks, they were stuck with deciding to initiate a hard fork, or essentially let the hacker get away with it. So they decided to hard fork.

Now hard forks can be scary because they can open the door for a competing cryptocurrency if a group of developers and miners decide to take on the work of maintaining the original blockchain. Which is exactly what happened in this case. Those who decided to continue the original Ethereum blockchain were individuals who believed strongly in an immutable blockchain, one where they wouldn’t just rewind it if something like a major hack occurred.

So as it stands right now, most of the big investors and lead developers decided to go with the Ethereum Foundation, leaving the team behind Ethereum Classic with a bit of an uphill battle establishing legitimacy, which is quite ironic since many will argue that Ethereum Classic stood by the original Ethereum morality that “Code is Law”

source

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35 COMMENTS

  26. I didn't know the difference between ETH and ETC, now thanks to you I prefer the classic! Are you featuring ICOs? If so onG Social ICO is happening on Monday and for what I have seen it's not a scam like the DAO. Maybe you want to look into it it's huuge 🙂

  28. They struggle to establish legitimacy because there were no well known established developers or structure especially early on, and that they haven't innovated at all beyond Ethereum. Not sure if you were active in June 2016 at the time of DAO events, but the amount of vitrol and hate that they were throwing at the Ethereum community at large on Reddit was unlike what I had ever seen before that (similar, but probably worse even than the amount of hate you would get by being a proponent of big blocks in /r/bitcoin today, or to small-block fanatics). I personally am strongly deterred from communities that have such hate-filled culture.

    In the end of the day, it's the developers behind a project, the community size, and the technology behind a cryptocurrency (among other things, but these are some of the more important ones) that makes it valuable. ethereum classic had no established developers (and last I checked it was still unclear who leads the development for it, though it sounds like Charles Hoskinson is seeking to take the helm), weak community size and growth (especially in comparison to its market cap), and literally a carbon copy of ethereum with no innovation beyond that (as of yet). That is why I am not a proponent of ethereum classic, and would take UBIQ all day if we really want an "immutable" Ethereum blockchain.

    To boot, ethereum classic has been widely and openly used as an attack on Ethereum, in very aggressive ways time and time again – the principles behind the community are not… attractive (to well-natured people at least).

    I hope I don't seem harsh, but many newcomers are unaware of ethereum classic's sordid past, I for one have not forgotten the extreme hate I saw and experienced then and which infilitrated the /r/Ethereum subreddit, and spurred me to create a new Ethereum subreddit where we could get away from the hate-filled comments and attitude that temporarily invaded the /r/Ethereum subreddit (but is obviously now long gone).

  29. Good information. Quick question: So is Ethereum (ETH) code mutable? If not, then what is the value proposition of ETC. And if it is then doesn't ETH defeats the whole purpose of blockchain? Sorry, a newbie here?

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