Ethereum Classic
Crypto Overview
Overview
Ethereum Classic (ETC) is a continuation of the original Ethereum blockchain that emerged after the 2016 DAO hack and subsequent hard fork. It maintains the original, unaltered blockchain history and emphasizes principles of immutability and 'code is law.'
Intended Utility
The primary intended purpose of Ethereum Classic is to serve as a decentralized platform for smart contracts and decentralized applications (dApps), similar to Ethereum. It maintains a proof-of-work consensus mechanism and provides a platform for developers to build and deploy smart contracts.
Actual Utility and Adoption
The network currently maintains significant mining activity and security through its proof-of-work system. While development activity is lower compared to Ethereum, the platform continues to process transactions and support smart contracts. The ETC blockchain processes thousands of daily transactions and maintains a robust mining community.
Token Distribution and Founder Analysis
Ethereum Classic emerged from the original Ethereum blockchain, meaning there was no initial token sale or pre-mine. The distribution is considered fair, as tokens were allocated based on holdings at the time of the fork. There is no central foundation or group controlling a large portion of the supply.
Technology and Revenue Model
The platform operates on a proof-of-work consensus mechanism, which is permissible from an Islamic finance perspective as miners provide a valuable service securing the network. The base protocol does not involve interest-bearing mechanisms or inherently prohibited activities.
Crypto Impact
To assign a comfort level investing in Ethereum Classic from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Ethereum Classic.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.