decentralized immutable unstoppable
Ethereum Classic is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
Ethereum Classic is a continuation of the original Ethereum blockchain - the classic version preserving untampered history; free from external interference and subjective tampering of transactions.
Declaration of Independence
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We believe the core value proposition of any blockchain is immutability; valid transactions can never be erased or forgotten. Individuals interacting on Ethereum Classic are governed by this reality; Code is Law.
This does not necessarily mean that code replaces existing laws, or that only code is law (there are many geographical jurisdictions), but it gives users the opportunity to enter into a new blockchain-based jurisdiction where agreements are governed by code.
By entering into contracts on Ethereum Classic, you can be certain that the network remains neutral. The outcome of transactions will be dictated by code you voluntarily interact with. Unless explicitly defined by the contract code, there are no reversals, no undos, no opt-outs.
Transactions are final; applications are unstoppable.
There are many problems that fester due to centralization and opaqueness; corruption, unaccountability, nepotism, inefficiency and stagnation. Ultimately, centralization leads to fragility; only decentralized systems can stand the test of time.
These problems can be only solved by adhering to governance systems that do not rely on a central point of failure. Just like distributed networks and the consensus protocol itself, we believe that only truly decentralized projects can survive in the long run.
Ethereum Classic manifests these values by relinquishing control by a formalized central foundation. The only hierarchy is that of transparent meritocracy and mutual reputation. No backroom deals or behind-closed-doors unilateral decision making; just free and open discourse.
Ethereum Classic Timeline The Events that Created ETC
Vitalik Buterin and The Ethereum Foundation create the first blockchain-based turing-complete smart contract platform
Slock.it construct TheDAO Ethereum Contract; a security audit is completed by Dejavu
TheDAO smart contract is deployed; members of the public send it value in return for DAO tokens
Slock.it announce a $1.5 Million USD proposal, paid in Ether by the crowdfund, 'to guarantee the integrity of The DAO'
On the last day of the crowdsale, DAO curator Vlad Zamfir calls for a moratorium on TheDAO, citing many game-theoretical security issues
The crowdsale completes to become the world's largest and raising an incredible $150 Million USD
Peter Vessenes publicly discloses the existence of a critical security vulnerability overlooked in many Solidiy contracts
Stephan Tual publicly claims that TheDAO funds are safe despite the newly-discovered critical security flaw
Ether is slowly and silently drained from TheDAO as the re-entry bug is applied
The price of Ether is slashed in half as Griff Green announces that TheDAO has been hacked
TheDAO's splitting mechanism gives around a month for a solution to be found that recovers the funds; Foundation and community developers race to implement a soft fork
A group of 'white-hat' hackers secure 70% of TheDAO funds but protocol-level action is required to save the remaining 30% split by the hacker
The Ethereum Foundation releases a 'Soft Fork' client to censor transactions coming from the hacker; mining pools vote to enable it by lowering gas limit
Critical Denial of Service flaws are found in the Soft Fork implementation, miners quicky decide not to use it
Hard Fork Debate
Many days of intense arguing goes on in the Ethereum community about the pros and cons of implementing a Hard Fork
The only remaining option is a controversial Hard Fork. A Specification is determined and announced by Slock.it and Ethereum Foundation members
With 12 hours notice, The Ethereum Foundation use a controversial third party 'coin vote' to determine that the Hard Fork should be turned on by default; consensus is declared and an updated client is released
With around 80% of nodes updating to the new client, the community nervously await the arrival of the Hard Fork activation block 1920000
The community lets out a sigh of relief as the Hard Fork code is succesfully implemented with no obvious flaws; champagne corks are popped all over the globe
With predictions of the original non-forked chain to disappear within hours, many are surprised to find that miners continue mining blocks and OTC trading of the original chain tokens gives them value
The largest Ethereum exchange lists 'ETC' - Ethereum Classic; many exchanges quickly follow suit, ETC price peaks to 1/3 of ETH's
Community in Disarray
Flame wars begin in the once peaceful /r/Ethereum and /r/ethtrader subreddits and economically-charged vitriolic spats begin to take hold of the community as it comes to terms with the split
The Ethereum Classic community begins to branch off from the forked-chain subreddits and form its own communication channels, including /r/EthereumClassic, Slack and Telegram
The Robin Hood Group attempts to dump a large quantity of stolen ETC on the market. Poloniex freezes the funds. Uncertainty reaches an all time high.
Classic Declares Independence
A Declaration of Independence on the ETC website is published stating ETC no longer wants to be in association with the Foundation. The document, signed by the community, highlights the Ethereum values, which they believed were violated as well as how they plan to move forward.
The Ethereum Classic community begins to rally behind a stabilizing ETC price by rebuilding on the Classic network; this website is created, groups are formed, new ideas begin to surface
Millions of previously locked or frozen ETC become available to DAO token holders and DAO attacker. Despite predictions of doom and gloom, ETC price holds remarkably well in face of huge dumps
Both Ethereums are hit with non-stop network attacks; ETC devs quickly ensure smooth and uncontentious network upgrade to patch exploited vulnerabilities
Classic community starts debating ETC monetary policy and emission schedule, as a way to align interests of platform users, miners, investors and developers
To Be Continued
As both communities begin to refocus efforts on development, despite an uncertain future, we reflect on mistakes of the past and look ahead at future potentials...