When Was The Concept Of Ethereum Classic First Proposed

In this article, I will discuss when the concept of Ethereum Classic was first proposed.

Ethereum Classic emerged as a result of a pivotal moment in the Ethereum network’s history following the controversial DAO hack in 2016.

The decision to maintain the original Ethereum blockchain led to the creation of Ethereum Classic, representing a commitment to immutability and decentralization.

Introduction Ethereum Classic

Ethereum Classic can be defined as the original blockchain of the Ethereum network developed as a result of a hard fork initiated in 2016 following the DAO hack.

Unlike Ethereum (ETH), which opted to undo the effects of the hack via a fork, Ethereum Classic (ETC) remained true to the original chain history and its principles of development.

ETC advocates for a more decentralized view of things by endorsing an ethos which operates on a ‘code is law’ approach.

There is, therefore, no doubt that Ethereum Classic still survives as a distinct entity with its own community and developmental aspirations.

When Was The Concept Of Ethereum Classic First Proposed

The idea of Ethereum Classic emerged for the first time on July 20th, 2016. This date is the hard fork of the initial Ethereum blockchain that led to the establishment of Ethereum Classic (ETC)

Which was to maintain the original history of the Ethereum network in its untainted form.

The split was motivated by the situation of the DAO hack which created a controversy as to how best to handle the hack since a considerable amount of funds had been lost.

While the new Ethereum chain (ETH) authorized a hard fork, which was very non-controversial and did remove the effect of the hack, Ethereum Classic followed the original chain and held on to the principle of time aversion.

Here’s a Detailed look at When and How Ethereum Classic Was first Proposed

The Birth of Ethereum (2015)

Ethereum is a decentralized platform for smart contracts which started in 2015 and was created by Vitalik Buterin and others. Developers are able to build dApps on its blockchain.

Ethereum’s most important innovation is in its capacity for creation; smart contracts can be programmed and work without intermediaries. managed through them only using a shaker and a stick.

The DAO Incident (2016)

In 2016 The DAO, a decentralized investment fund on Ethereum, was hacked after raising millions of dollars, and over $50 million in Ether was stolen.

This resulted in a huge conflict within the Ethereum community, with most developers in favour of a hard fork to undo the hack and reimburse the investors’ money back to them.

The Ethereum Fork Debate

The choice of forking Ethereum was a dividing one. Vitalik Buterin recommended a hard fork as a solution to the DAO hack in a bid to regain the users’ trust.

However, many people did not support this sentiment. They proposed that the idea of changing the history of the blockchain goes against the entire philosophy of Ethereum, i.e. the principle of immutability and that the hack should be allowed to stand as a lesson.

Proposal of Ethereum Classic

In July 2016, a group of Ethereum developers and community members opposing the hard fork proposed continuing the original Ethereum blockchain.

This led to the creation of Ethereum Classic (ETC), which upheld the philosophy of “code is law,” prioritizing immutability even if it meant allowing the DAO hack to stand.

Ethereum Classic’s Official Launch

In July 2016, Ethereum Classic emerged as the original Ethereum blockchain, maintaining its unaltered code. The split reflected a philosophical divide: Ethereum focused on upgrades,

While Ethereum Classic adhered to immutability, believing that decentralization meant avoiding central control and intervention, even after major events like the DAO hack.

Ethereum Classic’s Legacy and Development

Ever since it was launched, Ethereum Classic has been a separate blockchain that puts emphasis on immutability.

In the early days, it was difficult to gain adoption, but it now has a solid user base that has added its own upgrades to improve security and scalability – all cooling to the original vision of Ethereum, Technically.

Ethereum Classic First Proposed Pros & Cons

Pros of Ethereum Classic (ETC)

Immutability: The principle of immutability establishes that once a transaction is recorded on the blockchain, it cannot be changed. This incites trust and transparency within the network. This also works for the Ethereum Classic because there isn’t an authority that can just say, ‘Oh, we made a mistake here, so let’s change the record to something else.’

Decentralization: ETC is still fully decentralized and you don’t have a single authority that governs the network. It’s in along with the nature of blockchain technology by the vision.

Smart Contracts: Smart contracts are supported by the ETC blockchain and that now enables the creation of decentralized applications (dApps) and automation of multiple other processes.

Lower Fees: The lower set fees of the ETC network improve its affordability as it only costs people small fractions of a dollar per transaction as compared to Ethereum (ETH).

Mining Accessibility: The proof of work method of mining utilized by this coin makes it much easier for people to directly mine ETC, much in opposition to Ethereum, which has recently emerged as a proof of stake system.

Cons of Ethereum Classic (ETC)

Security Concerns: It’s important to note that ETC is still an insecure coin mainly because it has already faced a number of 51% attacks in the past.

Lower Adoption: Ethereum Classic does suffer from low adoption by users and developers, and compared to Ethereum, this coin is quite limited in terms of the extent of growth and innovativeness.

Market Perception: The split from Ethereum and the constant attack on the coin itself have tarnished its image, and some investors are actively shying away from it.

Few Improvements or Advancements: Again, it is observed that etc. has had fewer upgrades and innovations when compared to the more popular Ethereum which may affect its long-term success

Regulatory Risks: Similar to other cryptocurrencies, ETC faces uncertainties in regulations that may affect its future.

Conclusion

Ethereum Classic was proposed in 2016 as a response to Ethereum’s hard fork following the DAO hack.

It preserved the original blockchain, symbolizing immutability and decentralization, and marked a pivotal moment in Ethereum’s history, balancing innovation with core principles.