Ethereum Classic was born in 2016 due to a community disagreement within the Ethereum community. The disagreement arose following the hack of The DAO, a decentralized autonomous organization (DAO) built on top of the Ethereum blockchain. The DAO was designed to act as a decentralized investment fund, with investors able to vote on which projects the fund would invest in.
In the aftermath of the hack, a group of Ethereum community members proposed a hard fork of the Ethereum blockchain to recover the stolen funds. However, another group within the community opposed the hard fork, arguing that it went against the principle of immutability and that “code is law.” This group decided to continue using the original Ethereum blockchain, now known as Ethereum Classic.
Since its inception, Ethereum Classic has gained a reputation as a blockchain that values decentralization and immutability above all else. Its supporters argue that Ethereum Classic is a more accurate representation of the original vision of Ethereum and that it is more resistant to censorship and manipulation.
Today, Ethereum Classic is an independent blockchain with its own set of users, developers, and applications. Its native cryptocurrency, ETC, can be bought and sold on cryptocurrency exchanges for USD and other fiat currencies.
Whether it is worth investing in Ethereum Classic is a decision each individual must make based on their research and personal circumstances. Therefore, it is crucial to consider the potential risks and rewards before making investment decisions.