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What is Ethereum-classic (ETC)?
Ethereum Classic is the original, unaltered version of the Ethereum network.
Following a hack of 3.6 million ETH from a third-party venture capital fund called “The DAO” in 2016, the Ethereum community opted to launch a new version of the mainnet that erased the theft from the blockchain’s history. The original, unforked version of Ethereum was renamed Ethereum Classic. Ethereum Classic now has different goals with a focus on immutability.
ETC is Ethereum Classic’s native currency, which is used to power transactions and smart contracts on its network. Users pay fees in ETC to execute smart contracts. While Ethereum plans to transition from Proof of Work to Proof of Stake, Ethereum Classic will continue mining on its own blockchain.
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