Ethereum Classic

Overview

Ethereum Classic (ETC) is a continuation of the original Ethereum blockchain that maintains the principle of 'code is law.' It emerged following the 2016 DAO hack and subsequent Ethereum hard fork, with ETC maintaining the original, unaltered blockchain.

Purpose and Utility

Ethereum Classic serves as a decentralized platform for smart contracts and decentralized applications (dApps). It maintains the original vision of providing an immutable blockchain where smart contracts run exactly as programmed without possibility of downtime, censorship, or third-party interference.

Current Usage and Adoption

The platform maintains active development and has a dedicated community. While smaller than Ethereum's ecosystem, ETC continues to function as a smart contract platform with various dApps and projects built on it. The network secures itself through proof-of-work mining, providing a way for miners to participate in network security and receive rewards.

Token Distribution and Governance

ETC has no pre-mine, no ICO, and no central authority controlling its development. The token distribution is considered fair, with coins only created through mining rewards. This aligns well with principles of transparency and fairness in Islamic finance.

Development Activity

The platform maintains regular updates through various development teams. Core development continues through multiple independent groups, demonstrating ongoing commitment to the platform's technological advancement.