The blockchain code is t018985
a brief history of etheric Classics (etc)
etheric classics began with an unfortunate event
in May 2016, the decentralized autonomous organization (DAO) held a token sale with the goal of establishing a blockchain based venture capital to fund future decentralized applications (dapps) in the Ethereum ecosystem
basically, Dao is a complex smart contract that operates in a decentralized way - computer code that automatically performs tasks between multiple parties when conditions are met
despite its ambitious goals and successful token sales, Dao's code has a major vulnerability that allows attackers to steal eth from decentralized organizations
the attacker took advantage of this vulnerability in June 2016, triggering the infamous Dao hacking event, and maliciously stole eth worth about US $50 million
there is no doubt that Dao hacking has shocked Ethereum community and made eth price drop from $20 to $13
after the Dao hacking, the Ethereum community has to choose from three options
< UL >do nothing and try to bear the consequences of the attack
start soft bifurcation to recover funds
deploy a hard fork to recover the lost eth
both soft and hard bifurcations are significant network upgrades. However, soft fork allows users who are not upgraded to communicate with upgraded users, while hard fork is not backward compatible with previous versions
as developers realize that deploying soft forks will expose the network to distributed denial of service (DDoS) attacks, Ethereum community decides to initiate hard forks to recover the funds lost in Dao hacking attacks
although this scheme is supported by most people, a small number of people in Ethereum community oppose it. They think that "code is the law" and blockchain network should be unchangeable
the failure of both sides to reach an agreement on the solution eventually led to the fragmentation of Ethereum blockchain
those who tried to recover the lost eth chose the hard fork and opened the Ethereum (ETH) blockchain as we know it today, while another group stayed on the original Ethereum classic (etc) chain
what problems does ethereal classic solve
Ethernet classic (etc) is a blockchain platform that allows developers to deploy smart contracts and dapps
although this function is the same as Ethereum (ETH), etc blockchain has two main differences
first of all, Ethereum classic community opposes tampering with distributed ledger and supports the view that "blockchain network cannot and should not be modified"
secondly, although there is no rigid upper limit on the total supply of eth, it is allowed to create 230 million etc at most by adopting the monetary policy of constant supply
as a bonus item, ethereal classic launched Atlantis hard bifurcation last year to increase the interaction with Ethereum and improve the privacy protection of transactions through ZK snarks
the trading platforms recommended by ethereal classic etc are: Fire coin, okex, AAX, etc strong>
Public chain, also known as "public chain", refers to the blockchain that anyone in the world can enter the system at any time to read data, send confirmatory transactions and compete for bookkeeping. The public chain is generally considered to be "completely decentralized", because no indivial or institution can control or tamper with the reading and writing of data in it. In terms of application, blockchain public chain mainly includes bitcoin, Ethereum, super ledger, most counterfeit currencies and smart contracts. The ancestor of blockchain public chain is bitcoin blockchain, which has the following characteristics:
1, open source code
upload the code to GitHub, and everyone can get complete blockchain data by downloading, Accept the test of the public
2, complete decentralization
anyone can become a node, each node is open, everyone can participate in the calculation of the blockchain, any node is not permanent, but phased, and any center is not mandatory for nodes. Anyone can read and send transactions, and transactions can be effectively confirmed on the blockchain. Anyone can participate in the consensus process. The consensus process determines whether a block can be added to the blockchain and the exact current state. Everyone can get financial reward from it, which is proportional to their contribution to the consensus process. These public chains are generally considered to be "completely decentralized"
3. Developing decentralized applications
through this public chain, developers can easily develop centralized applications. Public chain can protect the rights and interests of users from the influence of program developers
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