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Development of Ethereum Classic: Look back at its role in Blockchain’s history
In a vast country cryptomen, few of them remained as much as the impact as Ethereum Classic (etc.). This decentralized cryptocurrency focused on the application, which was first introduced in 2015, has undergone many transformations over the years. In this article we dive into history, etc., we will examine its origin and importance in the blockchain community.
Genesis, etc.
Ethereum Classic was launched on April 7, 2016 as a fork from the Ethereum project, which has gained popularity for its decentralized application (DAPP) aimed at developing intelligent contracts. The decision to divide Vitalik Butin, one of the co -founders of Ethereum, was aimed at preserving and supporting the original network vision.
Initially, etc. It was designed to provide a reliable and safe platform for traditional blockchain applications. It introduced a new consensual mechanism called Evidence of Work (Pow), which used an algorithm based on difficulties in solving complex mathematical equations. This proposal has provided a certain degree of safety, allowing users to safely store their assets and without fear of the central bodies that control them.
shift from PO
In 2017, etc., he introduced a shift towards evidence of the share (POS) as its primary consensus mechanism. The aim of the change was to increase energy efficiency while maintaining the same level of safety as before. This decision was taken in response to criticism that the evidence of the work system has become too much sources demanding.
rise and decline, etc.
The success of ETC was initially caused by a strong community of developers, miners and users who appreciated its decentralized nature and determination of transparency. When more developers began to support this project, its popularity grew rapidly and attracted considerable attention to traditional investors and the main media media.
However, they also faced significant challenges in this period. The introduction of new mining algorithms in 2018 led to an increase in the hash rate, causing a sharp rise in network price. While some miners and investors took this opportunity, many others have been disappointed with the project because of its decentralization and vulnerability against central control.
Heritage etc.
Although Ethereum Classic has faced significant challenges in recent years, it remains a key part of the wider blockchain ecosystem. The decentralized nature of the ETC focused on the application has paved the way for future projects such as Polkadot and Solana to create more efficient and scalable networks.
Task etc. In the formation of the development of decentralized applications (DAPP) cannot be overestimated. Its focus on user experience, security and decentralization has provided a solid basis for projects such as OpenSeSa, which now ranks among the 10 largest DAPP platforms according to trading volume.
Conclusion
Ethereum Classic has been facing significant failures in recent years, but its heritage as a pioneering project in the blockchain community remains unwavering. His commitment of transparency, decentralization and development -focused development has inspired a number of projects that continue to pursue the limits of what is possible on blockchain.
When the blockchain country is constantly evolving, it will be interesting to see how the unique features of ETC affect the direction of new projects. Although its challenges are significant, the adaptability and durability of the project demonstrate their lasting value in the community.
Sources:
- “Ethereum Classic: Defi Project Guide from Cryptoslate
- “Development Ethereum Classic” from Cointelegraph
- “Etc.: Ascension and decline of decentralized cryptomena focused on application”
