ETC (Ethereum Classic) is a forked currency of Ethereum hard forked after 1,920,000 blocks and functions very similar to Ethereum. ETC adheres to the concept of decentralization and supports the consensus mechanism of blockchain guarantee. ETC firmly believes that once blockchain is up and running, its development direction will not be dictated by any central team, but by the consensus of people involved in the entire network and the consensus of computing power across the network.
The Ethereum blockchain hard fork in July 2016 was designed to transfer hacked DAO funds to an investor-controlled account and allow old transaction records to be forgotten by history. Most Ethereum developers participated in the reversal, as did exchanges, startups, and other members of the ecosystem. A few days later, the project returned to normal. But not everyone wants to forget old trading records. A small group of miners continued to use The original blockchain as a protest, describing The hard fork as a drain on The DAO, an abandoned project. Thus Ethereum Classic(ETC) was born.
ETC has a wide range of potential applications, theoretically including most of the applications requiring trust and contract nature; Developing iot applications on the ETC platform has its unique advantages: stable and secure network, fixed ceiling, capacity expansion, private transactions, machine payments, ETC. The combination of iot and ETC will drive more applications to move to ETC network.
ETC has always been technology first in its development process, focusing on the development of technology and applications. That's a very good thing for a technology-based digital currency. If a technology-based digital currency only focuses on the market and ignores the technology in its development process, it will eventually die. ETC, on the other hand, takes technology very seriously, and as it continues to evolve into a decentralized and immutable public infrastructure, ETC will eventually emerge as the next king.