What is Ethereum Classic?

Retrospective, idea and birth story of Ethereum Classic.
In order to understand what Ethereum Classic is, we need to go back a couple of years and remember the history of the Ethereum cryptocurrency. By the way, I recommend using the named JAXX.

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Ethereum Classic: prospects and forecasts

At the end of 2013, a young and promising native of Kolomna, Moscow region, co-author of the cryptocurrency magazine Bitcoin Magazine, presented a new vision of the next-gen crypto-platform. In July 2015, the new cryptocurrency Ethereum was released online, which was created not only as a coin, but also as a decentralized network based on blockchain, which immediately attracted cryptoinvestors and large developers.

As the service gained more and more popularity, the number of not only decent users, but also of malicious fraudsters began to increase. In 2016, a mysterious hacker found gaps in the system and took advantage of the service’s vulnerability to withdraw about $50 million from fund accounts. Such news quickly went viral and the total capitalization of the coin immediately dropped. Many people think that such a hack on Ethereum can hardly be considered hacking, as the system was not protected from such attacks from the scammers as much as possible. Users were shocked and demanded from Vitaly Buterin, the creator of Ethereum, to resolve the situation as soon as possible. Since the pressure from the users was great, Vitaly closed all the transactions after such an unpleasant incident. Only after a while it was possible to stabilize the situation on the market and regain people’s trust. To date, Ethereum is the second most popular cryptocurrency, after Bitcoin. Coins are called ether (ETH) and its capitalization is more than $480 billion.

Ethereum’s representative, Vitaly Buterin, decided not to rely solely on the Ethereum network and create a new network chain, while continuing the concept of the old one. He gathered programmers and developers around the world to create a new project in the same direction. The team’s motto was that the code is equal to the law and already in a couple of days, after the official launch of the site, the famous Poloniex exchange included the new cryptocurrency ETC in its lists — this meant that the global financial market recognized ethereum classic as the new official cryptocurrency.