Ethereum Classic is a global, open-source blockchain platform for decentralized applications (DApps), powered by smart contracts and embedded with a native digital currency, ether classic (ETC). On Ethereum Classic, code can be written to control the transmission of digital value based on programmable conditions without the possibility of interference by a central authority.

Ethereum Classic is the original version of the Ethereum blockchain, which seeks to preserve the foundational principles of decentralization and immutability through its untampered transaction history. The June 2016 hack of The DAO1 spurred the controversial hard fork of Ethereum, which resulted in the protocol splitting into two distinct networks: Ethereum Classic and Ethereum. At the time of the split, Ethereum Classic and Ethereum were nearly identical in terms of technical design, but have since evolved in their own unique ways.

In its final form, Ethereum Classic seeks to be a globally scalable payment network, smart-contract platform, and digital store of value resistant to centralized governance.

Learn more about the history and defining characteristics of Ethereum Classic in our report, which is part of the Building Blocks series:

1. Michael del Castillo. “The DAO Attacked: Code Issue Leads to $60 Million Ether Theft.” CoinDesk. June 17, 2016. https://www.coindesk.com/dao-attacked-code-issue-leads-60-million-ether-theft.