What is a hard fork and how do you prepare for one?
Ethereum Classic (ETC) came about is a result of the Ethereum blockchain’s hard fork in 2016. It is Classic is a distributed computing platform based on a blockchain which is open-source and public. The platform features smart contract functionality and provides a turning-complete virtual machine, the Ethereum Virtual Machine (EVM). Both Ethereum and Ethereum Classic have a value token called “Ether” which is traded under to ticker symbol ETC in its Classic Ether form. The hard fork which resulted in the second Ethereum came about after the infamous DAO attacked. In 2016, a VC fund built on the ETH blockchain raised $168 million for projects using smart contracts. The VC fund was called The DAO. Later that year, roughly USD 50 million was stolen from accounts in The DAO. After a vote was conducted the following month, a hard fork in the Ethereum code was implemented in efforts to restore the lost funds. Some members of the Ether network rejected the hard fork; this was when Ethereum Classic was born. Basically, it all began from a network of individuals who approved the hard fork and continued to operate on the original blockchain. To the untrained eye, ETH and ETC seem quite similar, though there are some distinctions between the two same-name cryptocurrencies. Here are some of the more glaring differences. Firstly, ETH price is higher, and the ETC network is smaller. The ETH network is commonly used by corporations rather than ETC. The two currencies also have different hash rates. Furthermore, Ethereum Classic operates predominantly as a cryptocurrency, whereas Ethereum functions more like software. ETH is an entire network which the ETH token is used to fuel. Ethereum Classic is a relatively popular cryptocurrency, sitting among the top 20. Though it is not as popular as its predecessor, ETH, it still maintains a loyal community of investors.
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