Ethereum Classic

Crypto terminology for Ethereum Layer 2 refers to the specialized language used to describe scalability solutions, rollups, and related technologies that enhance the Ethereum blockchain's efficiency and transaction speed.

Ethereum Classic is a blockchain platform that emerged from a split in the original Ethereum network in 2016. This split was the result of a disagreement among the community regarding the handling of a major hack that exploited a smart contract known as The DAO. When the hack occurred, a significant amount of Ether was stolen. To address the issue, many members of the Ethereum community voted to implement a hard fork, essentially rewinding the blockchain to reverse the hack’s effects. This decision led to the creation of the new Ethereum network, while those who opposed the rollback continued to support the original blockchain, which became known as Ethereum Classic.Ethereum Classic maintains the original ethos of decentralization and immutability. It preserves the state of the blockchain before the hard fork, allowing transactions to remain unaltered. The platform supports smart contracts and decentralized applications, similar to Ethereum, but is focused on maintaining the original vision, without future alterations to the blockchain’s history.

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