Ethereum Classic
Crypto Overview
Background and Intended Utility
Ethereum Classic (ETC) emerged in 2016 as the original continuation of Ethereum's blockchain after the DAO hack fork. It maintains the original principle of 'code is law' and immutability of blockchain transactions. The platform aims to provide a decentralized computing platform for smart contracts and decentralized applications (dApps), similar to Ethereum but with different philosophical principles.
Current Utility and Implementation
ETC maintains proof-of-work (PoW) consensus mechanism while Ethereum moved to proof-of-stake. The platform supports smart contracts and dApp development, though with significantly less developer activity than Ethereum. Current usage primarily focuses on mining operations and speculative trading, with limited dApp development compared to its original vision.
Token Distribution and Governance
ETC has no pre-mine or ICO, with all tokens created through mining. This creates a fair distribution model without concentrated founder ownership. The development is maintained by multiple independent teams, including ETC Cooperative and IOHK, providing decentralized governance.
Development Activity
Development activity is modest but consistent, with regular protocol upgrades and maintenance. The MESS (Modified Exponential Subjective Scoring) security upgrade and other improvements demonstrate ongoing technical development, though at a slower pace than other major platforms.
Revenue Model and Use Cases
Primary revenue generation comes from mining rewards and transaction fees, which align with Islamic principles as they represent actual work and service provision. The platform focuses on maintaining a permissionless, decentralized computing platform without interest-based mechanisms.
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.