What Is Ethereum Classic?

Ethereum Classic is a distributed cryptocurrency platform that executes smart contracts and is open-source, decentralized, and blockchain-based. In 2016, Ethereum Classic was created as a result of a network hack. The original Ethereum blockchain was divided into two halves, with Ethereum Classic being the older of the two, and Ethereum being the newest.
Smart contracts are self-executing autonomous digital programs that may function on their own as planned, based on the idea of “Code is Law.” Automated teller machines (ATM) and the Bitcoin system are two examples of such uses.

It is important to note that the Ethereum Classic team were instrumental in the original Ethereum vision alongside Vitalik Buterin.

In 2016, a decentralized autonomous organization (DAO) was created using smart contracts from the Ethereum network, designed as a decentralized venture fund that would invest in dapps and provide returns, but aking advantage of a vulnerability in the system, a hacker stole $50 million worth of ETH a few months after launch. Based on that, majority of owners voted on implementing a hard fork which would essentially reverse the hack.

Both Ethereum (ETH) and Ethereum Classic (ETC) offer a blockchain network on top of which developers can build their own applications (known as decentralized applications, or dapps, more commonly). They also both support smart contract functionality, which basically runs the entire Ethereum ecosystem.