Ethereum Classic is a chainsplit of Ethereum which was built as a platform for distributed applications (DApps) and smart contracts.
During the course of the hard fork to recover from THE DAO's incident, some developers felt that Ethereum was becoming "centralized". In an effort to remain decentralized, Ethereum Classic split off from Ethereum.
Ethereum Classic is functionally the same as Ethereum, but the issuance cap and reduction periods are different. Specifically, the issuance cap is set at 210 million and the mining rewards are decreased by 20% every 5 million blocks.
The virtual currency unit for Ethereum Classic is ETC.
Features of Ethereum Classic
A platform for smart contracts and building decentralized apps
As with Ethereum, Ethereum Classic supports the creation of contracts that are registered on a blockchain which are automatically executed on the settlement date. These are called smart contracts.
Additionally, the smart contracts on the Ethereum Classic platform can be used to create decentralized applications (DApps).
A DApp is an application that runs without a central administrator such as a company or bank.
This feature is also available on Ethereum.
Entering the IoT Field
Ethereum Classic is entering IoT as a way to differentiate itself from Ethereum.
IoT (Internet of Things) is the technology to connect things to the Internet.
Ethereum Classic intends to fuse IoT technology with blockchain technology.
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