When was ETC coins issued? One article to understand the origin of ETC coins

Ethereum Classic (ETC) emerged on July 20, 2016, as a result of a hard fork that split the Ethereum blockchain due to the controversial decision to revert the DAO hack.

Oct 16, 2024 at 10:35 am

1. Birth of Ethereum Classic (ETC)

Ethereum Classic (ETC) emerged as a result of the Ethereum hard fork on July 20, 2016. This fork occurred due to the controversial decision to revert the DAO hack, which resulted in the loss of millions of dollars.

2. Reason for the Hard Fork

The DAO (Decentralized Autonomous Organization) was a venture capital fund operating on the Ethereum blockchain. In June 2016, the DAO was hacked, leading to the theft of approximately $50 million worth of Ether. The hack raised concerns about the security and immutability of the Ethereum blockchain.

3. The Hard Fork Decision

Following the DAO hack, the Ethereum community debated whether to implement a hard fork that would revert the hack and restore the stolen funds. However, there was significant disagreement within the community, as some argued that doing so would undermine the immutability principle of blockchains.

4. Formation of Ethereum Classic

Ultimately, those who opposed the hard fork forked the Ethereum blockchain and created a new chain called Ethereum Classic. This chain continued to use the original Ethereum codebase, including the transactions from before the DAO hack.

5. Differences between ETC and ETH

The primary difference between ETC and ETH is that ETC maintains the original Ethereum blockchain, while ETH represents the forked chain that implemented the DAO hack reversal.

6. Market Performance

ETC has experienced significant price fluctuations since its inception. Initially, it traded at a premium to ETH due to its immutability, but over time, ETH has established itself as the dominant Ethereum implementation. As of August 2023, ETC is ranked 23rd among cryptocurrencies by market capitalization.