Development of Ethereum Classic: Look back at its role in Blockchain History
In a vast cryptonic country, 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 in the Ethereum project, which has gained popularity for its decentralized application (DAPP), which aims to develop smart contracts. The decision to divide Vitalik Butin, one of the Co -coherence Ethereum, aimed to keep and support the original network.
Initially, etc. It was designed to provide a reliable and safe platform for traditional blockchain applications. It has introduced a new consensual mechanism called work evidence (POW), which used an algorithm based on difficulty solving complex mathematical equations. This proposal has provided a certain degree of safety, allowing users to keep their assets safe and without fear of central bodies that control them.
Change from PO
In 2017, etc., he introduced a change to evidence of the quota (POS) as the main consensus mechanism. The purpose of 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 many demanding sources.
grow and decline, etc.
Success, etc. was initially caused by a strong community of developers, miners and users who appreciated its decentralized nature and determining its transparency. When several developers began to support this project, its popularity has grown rapidly and has drawn considerable attention on traditional investors and main media.
However, they were also confronted with significant challenges during this period. The introduction of new mining algorithms in 2018 led to an increase in the hash rate, causing a marked increase in network price. While some miners and investors took advantage of this opportunity, many others were disappointed by the project due to 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 opened the way for future projects, such as Polkadot and Solana, to create more efficient and scalable networks.
Pregnancy etc. In the formation of the development of decentralized applications (DAPP) cannot be overestimated. Its concentration on user experience, security and decentralization has provided a solid basis for projects such as Opensesa, which is now among the 10 largest DApp platforms depending on the trading volume.
Conclusion
Ethereum Classic has faced significant failures in recent years, but his legacy as a pioneering project in the Blockchain community remains unwavering. Its commitment to transparency, decentralization and concentrated development of development inspired a series of projects that continue to follow the limits of what is possible on blockchain.
When the Blockchain Country is constantly evolving, it will be interesting to see how the unique characteristics of the etc. affect the direction of the 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
- “Ethereum Classic Development” from Co
- “Etc.: The ascension and decline of decentralized cryptoma were focused on application”