Hello fellow Steemians, today, a short preview about Ethereum Classic. Enjoy reading.

Ethereum Classic is the original fork of Ethereum that split during the DAO hack. After the DAO was hacked for $50 million, the Ethereum Classic community chose not to reverse the hack in a hard fork.

Ethereum Classic is an open software platform based on blockchain technology. Ethereum Classic is very similar to Ethereum, with features such as decentralized aplications and smart contracts. The main difference between the two begins with the DAO hack. The DAO (Decentralized Autonomous Organization) was a form of investor-directed venture capital fund built on Ethereum. Holders of the DAO token could vote on projects, and projects with the most votes would receive an investment from DAO. If the investment made money, the money would get distributed among the token holders. This was seen as a revolutionary idea at the time. The DAO raised an ICO for its fund, which attracted over $150 million worth of Ether investments, giving the DAO huge influence in the Ethereum community. However, the DAO was not properly programmed, and the smart contracts they made had vulnerabilities. On June 18, 2016, a hacker attacked the DAO smart contracts and was able to steal 3.6M Ethers, worth approximately $50 million at the time. This shocked the community and cause the price of Ether to drop from $20 to $11. After the hack, the community quickly came together to decide on a fix. The large majority agreed to hard fork the Ethereum blockchain, which would undo the hack and return the stolen Ether. However, there was minority group of people who believed the hack was due to the incompetence of the DAO developers and a reversal was against the belief that the blockchain can not be altered. The majority went on to create the Ethereum hard fork and the remaining blockchain with the DAO hack is now known as Ethereum Classic.

Source: https://blog.coinbase.com/adding-ethereum-classic-support-to-coinbase-becb9a337e9c

Value at this moment:

Source: discordapp.com

Source: BitScreener

Main Source: "Top 100 cryptocurrency" (Bill Lou & Dan Sangyoon Kim)

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📃CryptoGuide📃#14^ETC by @atimk23

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