Ethereum Classic

decentralized immutable unstoppable

Why Classic?

Ethereum Classic is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.

Ethereum Classic is a continuation of the original Ethereum blockchain – the classic version preserving untampered history, free from external interference and subjective tampering of transactions.

Transaction Finality

We believe the core value proposition of any blockchain is immutability, valid transactions can never be erased or forgotten. Individuals interacting on Ethereum Classic are governed by this reality, Code is Law.

This does not necessarily mean that code replaces existing laws, or that only code is law (there are many geographical jurisdictions), but it gives users the opportunity to enter into a new blockchain-based jurisdiction where agreements are governed by code.

By entering into contracts on Ethereum Classic, you can be certain that the network remains neutral. The outcome of transactions will be dictated by code you voluntarily interact with. Unless explicitly defined by the contract code, there are no reversals, no undos, no opt-outs.

Transactions are final, applications are unstoppable.

Decentralized Governance

There are many problems that fester due to centralization and opaqueness, corruption, unaccountability, nepotism, inefficiency and stagnation. Ultimately, centralization leads to fragility, only decentralized systems can stand the test of time.

These problems can be only solved by adhering to governance systems that do not rely on a central point of failure. Just like distributed networks and the consensus protocol itself, we believe that only truly decentralized projects can survive in the long run.

Ethereum Classic manifests these values by relinquishing control by a formalized central foundation. The only hierarchy is that of transparent meritocracy and mutual reputation. No backroom deals or behind-closed-doors unilateral decision making, just free and open discourse.

Ethereum Classic Timeline: The Events that Created and Defined ETC

Ethereum Launches

Vitalik Buterin and The Ethereum Foundation create the first blockchain-based turing-complete smart contract platform

Slock.it Creates TheDAO

Slock.it construct TheDAO Ethereum Contract, a security audit is completed by Dejavu

TheDAO Crowdsale Begins

TheDAO smart contract is deployed, members of the public send it value in return for DAO tokens

Security Proposal

Slock.it announce a $1.5 Million USD proposal, paid in Ether by the crowdfund, ',to guarantee the integrity of The DAO',

Moratorium Called

On the last day of the crowdsale, DAO curator Vlad Zamfir calls for a moratorium on TheDAO, citing many game-theoretical security issues

TheDAO Crowdsale Ends

The crowdsale completes to become the world',s largest and raising an incredible $150 Million USD

Recursive Call Bug Discovered

Peter Vessenes publicly discloses the existence of a critical security vulnerability overlooked in many Solidiy contracts

',No Funds at Risk',

Stephan Tual publicly claims that TheDAO funds are safe despite the newly-discovered critical security flaw

TheDAO is Hacked

Ether is slowly and silently drained from TheDAO as the re-entry bug is applied

Panic Hits the Markets

The price of Ether is slashed in half as Griff Green announces that TheDAO has been hacked

The Countdown Beings

TheDAO',s splitting mechanism gives around a month for a solution to be found that recovers the funds, Foundation and community developers race to implement a soft fork

Robin Hood Group Announced

A group of ',white-hat', hackers secure 70% of TheDAO funds but protocol-level action is required to save the remaining 30% split by the hacker

DAO Wars: Soft Fork Vote

The Ethereum Foundation releases a ',Soft Fork', client to censor transactions coming from the hacker, mining pools vote to enable it by lowering gas limit

Soft Fork Vulnerability

Critical Denial of Service flaws are found in the Soft Fork implementation, miners quickly decide not to use it

Hard Fork Debate

Many days of intense arguing goes on in the Ethereum community about the pros and cons of implementing a Hard Fork

Hard Fork Spec Announced

The only remaining option is a controversial Hard Fork. A Specification is determined and announced by Slock.it and Ethereum Foundation members

Last Minute Carbonvote

With 12 hours notice, The Ethereum Foundation use a controversial third party ',coin vote', to determine that the Hard Fork should be turned on by default, consensus is declared and an updated client is released

DAO Bailout Hard Fork

With around 80% of nodes updating to the new client, the community nervously await the arrival of the Hard Fork activation block 1920000

',Mission Accomplished!',

The community lets out a sigh of relief as the Hard Fork code is succesfully implemented with no obvious flaws, champagne corks are popped all over the globe

Ethereum Classic is Born

With predictions of the original non-forked chain to disappear within hours, many are surprised to find that miners continue mining blocks and OTC trading of the original chain tokens gives them value

Poloniex Lists ETC

The largest Ethereum exchange lists ',ETC', – Ethereum Classic, many exchanges quickly follow suit, ETC price peaks to 1/3 of ETH',s

Community in Disarray

Flame wars begin in the once peaceful /r/Ethereum and /r/ethtrader subreddits and economically-charged vitriolic spats begin to take hold of the community as it comes to terms with the split

Ethereum Classic Community

The Ethereum Classic community begins to branch off from the forked-chain subreddits and form its own communication channels, including /r/EthereumClassic, Slack and Telegram

RHG Strikes Back

The Robin Hood Group attempts to dump a large quantity of stolen ETC on the market. Poloniex freezes the funds. Uncertainty reaches an all time high.

Classic Declares Independence

A Declaration of Independence on the ETC website is published stating ETC no longer wants to be in association with the Foundation. The document, signed by the community, highlights the Ethereum values, which they believed were violated as well as how they plan to move forward.

Classic Rebuilds

The Ethereum Classic community begins to rally behind a stabilizing ETC price by rebuilding on the Classic network, this website is created, groups are formed, new ideas begin to surface

DAO ETC unlocked

Millions of previously locked or frozen ETC become available to DAO token holders and DAO attacker. Despite predictions of doom and gloom, ETC price holds remarkably well in face of huge dumps

Attacks and Upgrades

Both Ethereums are hit with non-stop network attacks, ETC devs quickly ensure smooth and uncontentious network upgrade to patch exploited vulnerabilities

ETC Monetary Policy

Classic community starts debating ETC monetary policy and emission schedule, as a way to align interests of platform users, miners, investors and developers

Grothendieck team

A team of 7 full-time developers, committed by IOHK, starts working for Ethereum Classic

ETC Diehard Upgrade

ETC goes through a non-contentious network upgrade, resolving critical issues such as difficulty bomb and replay attacks

ETCDEV Team Announcement

A team of long-term ETC contributors and volunteers rebrands as a ETCDEV team

Monetary Policy Adopted

Ethereum Classic community adopts a fixed-cap monetary policy with a Bitcoin-like limited emission schedule

ETC Investment Fund

Grayscale circulates investment thesis for ',Ethereum (ETC) Investment Trust',, first non-bitcoin crypto fund targeted at traditional investors

To Be Continued

As Ethereum Classic community and its two independent dev teams start to focus efforts on development and applications, we look forward to ETC becoming a decentralized immutable public infrastructure of the future.

Scroll to Progress

Users

Everyone who had ether tokens prior to DAO bailout fork now has an equal amount of classic ethers (ETC) on the same address.

Blockchain technology exists to serve the people, and this can only be achieved fairly and effectively if the the network is neutral to which transactions get processed. In the long run, only applications that run this way will be truly trustless, and we need the help of everyday users to grow the network and create demand for useful ETC dApps.

Developers

Progression of technology is the fundamental motivating factor of developer adoption. Ethereum Classic represents another chance to continue the development of the original, world-changing, decentralized, Turing-complete smart contract platform.

From newbies to professionals, whether you’re a protocol, dApp, web or native developer, the Ethereum Classic community always welcomes your help implementing the original Ethereum vision.

Miners

Emergence of Ethereum Classic created a huge opportunity for miners. ETC is presently one of the most profitable tokens to mine and is attracting substantial hash power with zero switching cost.

As a miner, it’s in your best interests to support ETC. Ethereum Foundation is going to “fire” all Ethereum miners by switching to experimental PoS model. Ethereum Classic is going to maintain time-proven PoW consensus, rewarding GPU miners supporting the original Ethereum chain. Do it for profit and principles, mine Ethereum Classic today!

Investors

People who understand the core value proposition of open, neutral, immutable blockchains have an opportunity to invest in the growth of the original Ethereum vision by buying classic ether tokens (ETC).

ETC network is 100% compatible with Ethereum technology while offering additional benefits of untampered blockchain, predictable monetary policy, decentralized development and focus on building a secure and robust platform, as opposed to Ethereum’s “move fast and break things” philosophy. Please read ETC investment thesis to learn more.

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