Ethereum Classic is the consequence of a hard fork of the Ethereum blockchain that happened in 2016. The decision to fork the blockchain was taken after a venture capital called The DAO, which had raised a substantial amount of funding, had a big part of their money stolen through a security vulnerability. The hack was followed by a long debate in the Ethereum community on how to proceed, where it was decided to fork the Ethereum blockchain to return the stolen funds. But not everyone agreed – some developers believed in the “immutability” of the blockchain and were against the proposed fork. They kept mining the original Ethereum blockchain, which is now known as Ethereum Classic.
The two blockchains are therefore almost identical, where the most striking difference is probably the different perception of ethics and ideology. It is important to observe that the most important players in the Ethereum community, including founder Vitalik Buterin, have passed to the new Ethereum blockchain. From a technical standpoint, the biggest issue with Ethereum Classic is the lack of backward compatibility with the Ethereum hard fork. Therefore Ethereum classic cannot access any updates made on the Ethereum network. An example is the move from PoW to PoS of Ethereum, which cannot be implemented in Ethereum Classic.
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