Ethereum Classic (ETC) is a hard fork of Ethereum (ETH) that launched in July 2016. Ethereum Classic is the original Ethereum blockchain. But after a major hacking of DAO that led to the theft of 3.6 million ETH, the Ethereum blockchain has been split in two. Post the split, we got two separate blockchains, one being Ethereum Classic, which follows the same roadmap initially set for Ethereum, and the other being Ethereum, which continues to be developed by the Ethereum Foundation under an updated roadmap.
The main function of Ethereum Classic is to be a decentralized computing platform on top of which smart contracts can be executed, enabling the development of decentralized applications (DApps). Since its launch, Ethereum Classic, the team has sought to differentiate itself from Ethereum, with the two networks’ technical roadmaps diverging further and further from each other with time. They believe that ETC is uniquely positioned as the smart contract platform of the future since it combines the technology of ETH with the philosophy of BTC.
The native token of the Ethereum Classic blockchain is ETC. Similar to Ethereum and its native unit ETH, Ethereum Classic has a maximum supply of 210,700,000 coins. Ethereum Classic users pay fees in ETC to execute smart contracts. These costs are commonly referred to as gas fees, and they are paid to miners who use advanced computers to solve “proof-of-work” problems to help validate the network. The Ethereum Classic blockchain issues new ETC to the circulating supply to reward miners for adding new transactions to the blockchain.