April 18 2022
Ethereum Classic – When a Glitch Creates a Coin
Ethereum Classic was created in 2016. DAO, a Decentralized Autonomous Organization was formed on the Ethereum platform using smart contracts. Due to a flaw in the DAO’s source code, an attacker stole the funds raised in the ICO before the developers could fix the problem. But, there was no problem with the Ethereum itself.
Almost 150 million USD was at stake. The issue could attract lawsuits from different jurisdictions. At first, a soft fork is proposed so the address to where the stolen funds were moved can be blacklisted. And the ether can never be used.
Another proposal is to roll back the blocks so the attack could be reversed. But, it hurts the core principles of the decentralization.
Smart Contracts are believed by many as the law. And intervening would compromise the core concepts. This is the reason there were too many opinions fluttered around the infamous DAO attack.
After a lot of discussions, a hard fork was finalized. The consensus voted for it, and the hard fork was implemented. But, few people were reluctant and followed the old chain naming it Ethereum Classic. The corresponding token symbol is ETC.
The Ethereum Classic has since progressed in its way.
If you are a firm believer in the Ethereum platform, there is no need to budge on the Ethereum Classic.
Ethereum Classic (ETC) Wallets
EthereumClassic.Github.io provides different kinds of wallets for the available platforms. Scrutinize well if you are using a wallet that is not listed on the official website.
How to get Ethereum Classic (ETC)?
Mining is the traditional option. Otherwise, some of the famous Cryptocurrency exchanges are trading Ethereum Classic: Bitfinex, Bittrex, Poloniex, and Kraken.
Using Changelly.com, you can buy some ETC directly using a Credit card. Though, you would not get the best value for the money you pay. It includes conversion charges, transaction fees, etc.