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