08-24-2022, 08:27 PM
Ethereum Classic Quickstart
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<div class="kksr-legend" style="font-size: 19.2px;"> 5/5 – (1 vote) </div>
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<p>This article will answer some basic questions on Ethereum Classic. Its main purpose is to give you a quick overview of the project. I’m not affiliated in any way with Ethereum Classic, so I try to be as unbiased as I can.</p>
<h2>What is Ethereum Classic?</h2>
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<p><strong>Ethereum Classic</strong> is an open-source proof-of-work blockchain and distributed computing platform that allows the execution of smart contracts and decentralized applications (dApps) on a public <a href="https://blog.finxter.com/mastering-the-ethereum-virtual-machine-evm-for-solidity-smart-contracts/" data-type="post" data-id="572801" target="_blank" rel="noreferrer noopener">Ethereum Virtual Machine</a> (EVM).</p>
<h2>What is the Difference Between Ethereum Classic and Ethereum?</h2>
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<figure class="aligncenter size-full"><img loading="lazy" width="785" height="853" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-56.png" alt="" class="wp-image-598954" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-56.png 785w, https://blog.finxter.com/wp-content/uplo...76x300.png 276w, https://blog.finxter.com/wp-content/uplo...68x835.png 768w" sizes="(max-width: 785px) 100vw, 785px" /><figcaption><a href="https://www.binance.com/en/event/ethereum-vs-ethereum-classic" data-type="URL" data-id="https://www.binance.com/en/event/ethereum-vs-ethereum-classic" target="_blank" rel="noreferrer noopener">ETH vs ETC</a></figcaption></figure>
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<p>Ethereum is a hard fork of Ethereum Classic. These are two different Blockchain projects with different developers, features, philosophies, and dApp ecosystems.</p>
<p>The less popular <strong><em><a rel="noreferrer noopener" href="https://ethereumclassic.org/" data-type="URL" data-id="https://ethereumclassic.org/" target="_blank">Ethereum Classic</a></em></strong> contains the original, unmodified history of the Ethereum Blockchain, whereas the more well-known <strong><em><a rel="noreferrer noopener" href="https://ethereum.org/en/" data-type="URL" data-id="https://ethereum.org/en/" target="_blank">Ethereum</a></em></strong> Blockchain emerged as a hard fork that redistributed the “stolen” tokens after the DAO hack in 2016.</p>
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<p>Most influential developers and institutions, as well as Ethereum’s founder Vitalik Buterin supported the new Ethereum blockchain and explicitly recommended miners to NOT support the Ethereum Classic Blockchain.</p>
<p>The main differences between the two are as follows:</p>
<ul>
<li><strong>Ethereum Classic</strong> is much smaller than Ethereum in regards to almost all metrics such as market cap, transaction volume, number of validators, total locked value, and number of dApps that run on top of the Blockchain. </li>
<li><strong>Ethereum Classic</strong>‘s philosophy is “Code is Law”, i.e., even if there is a <a rel="noreferrer noopener" href="https://blog.finxter.com/top-8-scary-smart-contract-hacks-that-exploit-your-dapp-video/" data-type="post" data-id="437387" target="_blank">smart contract hack</a>, the state of the Blockchain is never reverted. This is in contrast to Ethereum’s philosophy of “rapid change” and regular hard forks if the “Layer 0”, i.e., the people running the Blockchain agree to the changes. You could think of it as “Consensus through PoW” vs “Consensus through People”.</li>
<li><strong>Ethereum Classic</strong> has an upper maximum supply of 210,700,000 ETC tokens, whereas <a rel="noreferrer noopener" href="https://blog.finxter.com/introduction-to-ethereums-gas-in-solidity-development/" data-type="post" data-id="37644" target="_blank">Ethereum (ETH)</a> has no max supply.</li>
<li><strong>Ethereum Classic</strong> runs a proof of work (PoW) consensus algorithm, whereas Ethereum runs a proof of stake (PoS) consensus algorithm.</li>
</ul>
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<figure class="aligncenter size-large"><img loading="lazy" width="1024" height="488" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-57-1024x488.png" alt="" class="wp-image-598961" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-57-1024x488.png 1024w, https://blog.finxter.com/wp-content/uplo...00x143.png 300w, https://blog.finxter.com/wp-content/uplo...68x366.png 768w, https://blog.finxter.com/wp-content/uplo...age-57.png 1465w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption><em><strong>Comparison table</strong>: ETH vs ETC (<a href="https://www.binance.com/en/event/ethereum-vs-ethereum-classic" data-type="URL" data-id="https://www.binance.com/en/event/ethereum-vs-ethereum-classic" target="_blank" rel="noreferrer noopener">source</a>)</em></figcaption></figure>
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<h2>What is the DAO Hack?</h2>
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<p>The DAO was a decentralized autonomous organization (DAO) launched in 2016 on the Ethereum blockchain. After collecting almost 15% of all ETH through a token sale, The DAO was hacked due to a <a href="https://blog.finxter.com/top-8-scary-smart-contract-hacks-that-exploit-your-dapp-video/" data-type="post" data-id="437387" target="_blank" rel="noreferrer noopener">vulnerability</a> in the smart contract. </p>
<ul>
<li>Ethereum is the Blockchain that emerged when reversing the state of the chain to before the hack, i.e., rewriting history.<em><strong> Code is Not Law.</strong></em></li>
<li>Ethereum Classic is the Blockchain that emerged from just leaving the hack unchanged, i.e., not rewriting history. <strong><em>Code is Law.</em></strong></li>
</ul>
<p>A great video on the DAO hack in 2016 is given here:</p>
<figure class="wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube"><a href="https://blog.finxter.com/ethereum-classic-quickstart/"><img src="https://blog.finxter.com/wp-content/plugins/wp-youtube-lyte/lyteCache.php?origThumbUrl=https%3A%2F%2Fi.ytimg.com%2Fvi%2FrNeLuBOVe8A%2Fhqdefault.jpg" alt="YouTube Video"></a><figcaption></figcaption></figure>
<h2>Are There Any dApps on Ethereum Classic?</h2>
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<p>The Ethereum Classic Blockchain is <a href="https://en.wikipedia.org/wiki/Turing_completeness" data-type="URL" data-id="https://en.wikipedia.org/wiki/Turing_completeness" target="_blank" rel="noreferrer noopener">Turing Complete</a>, i.e., you can run arbitrary <a href="https://blog.finxter.com/introduction-to-smart-contracts-and-solidity-part-3-blockchain-basics/" data-type="post" data-id="537705" target="_blank" rel="noreferrer noopener">smart contract</a> code on it. Thus, Ethereum Classic supports decentralized apps (dApps) that issue their own tokens and NFTs. </p>
<p>While there are many dApps on Ethereum Classic, the dApp ecosystem is by orders of magnitude smaller than the Ethereum dApp ecosystem due to the lack of broad developer support.</p>
<p class="has-base-background-color has-background"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4f2.png" alt="?" class="wp-smiley" style="height: 1em; max-height: 1em;" /> <strong>Statistics</strong>: For example, <a rel="noreferrer noopener" href="https://dappradar.com/" data-type="URL" data-id="https://dappradar.com/" target="_blank">DappRadar</a> lists 3425 Ethereum dApps but not a single dApp for Ethereum Classic. On the <a href="https://ethereumclassic.org/services/apps" data-type="URL" data-id="https://ethereumclassic.org/services/apps" target="_blank" rel="noreferrer noopener">Ethereum Classic web page</a> itself, there are only 34 dApps listed. Now, that’s two orders of magnitude fewer dApps for Ethereum Classic when compared to Ethereum!</p>
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<figure class="aligncenter size-large"><a href="https://ethereumclassic.org/services/apps" target="_blank" rel="noreferrer noopener"><img loading="lazy" width="1024" height="939" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-55-1024x939.png" alt="" class="wp-image-598874" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-55-1024x939.png 1024w, https://blog.finxter.com/wp-content/uplo...00x275.png 300w, https://blog.finxter.com/wp-content/uplo...68x705.png 768w, https://blog.finxter.com/wp-content/uplo...age-55.png 1090w" sizes="(max-width: 1024px) 100vw, 1024px" /></a><figcaption><em><strong>Figure</strong>: That’s about it regarding dApps on Ethereum Classic at the point of this writing.</em></figcaption></figure>
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<h2>How to Create a dApp for Ethereum Classic?</h2>
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<p><em>Programming Smart Contracts on Ethereum Classic is identical to how it is done on ETH, as ETC maintains compatibility with the Ethereum EVM. Any contract written for Ethereum can be deployed to ETC.</em></p>
<p><em>To create a dapp for Ethereum Classic you must program one in a smart contract programming language. Then, you must compile that dapp and install it on the blockchain from a funded account.</em></p>
<p>From the<a href="https://ethereumclassic.org/guides/basics" data-type="URL" data-id="https://ethereumclassic.org/guides/basics" target="_blank" rel="noreferrer noopener"> official documentation</a>.</p>
<p class="has-base-background-color has-background"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4a1.png" alt="?" class="wp-smiley" style="height: 1em; max-height: 1em;" /> So, you can create a decentralized application on Ethereum Classic using <a href="https://blog.finxter.com/solidity-crash-course/" data-type="post" data-id="445146" target="_blank" rel="noreferrer noopener">Solidity</a> or any other programming language that is able to be compiled against the EVM.</p>
<figure class="wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube"><a href="https://blog.finxter.com/ethereum-classic-quickstart/"><img src="https://blog.finxter.com/wp-content/plugins/wp-youtube-lyte/lyteCache.php?origThumbUrl=https%3A%2F%2Fi.ytimg.com%2Fvi%2F8wMKq7HvbKw%2Fhqdefault.jpg" alt="YouTube Video"></a><figcaption></figcaption></figure>
<h2>Does Ethereum Classic Have a Future?</h2>
<p>Ethereum Classic has much less developer activity than many other Blockchain projects such as Ethereum or Solana. Given the strong developer network effects of bigger Blockchains, i.e., developers are more likely to go to the “meaningful” Blockchain projects which make them even more meaningful, many people are led to believe that Ethereum Classic doesn’t have a rosy future. </p>
<p>I agree with the network effects argument. However, when diving into the project, I discovered some interesting arguments that speak for Ethereum Classic:</p>
<ol>
<li>Proof of work smart contract blockchain</li>
<li>Open system</li>
<li>Permissionless</li>
<li>Bitcoin philosophy</li>
<li>Hedge against ETH failure</li>
</ol>
<p>Let’s dive into each of them one by one.</p>
<h3>Proof of work smart contract blockchain</h3>
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<p>First, Ethereum Classic will be the largest proof of work smart contract Blockchain after the “Merge”, i.e., Ethereum’s move to a proof of stake consensus algorithm. This gives Ethereum Classic a unique and robust positioning in the market for decades to come. </p>
<h3>Open system design</h3>
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<p>Second, Ethereum Classic is an open system, whereas Ethereum is a closed system (like all PoS Blockchains). This may make Ethereum Classic more robust against corruption and capturing of the Blockchain. For example, you could argue that Ethereum is already captured by the current token holders. Ethereum Classic is an open PoW system, so the current majority of computing power doesn’t control Ethereum Classic forever. One could always add more mining devices from outside the system.</p>
<h3>Permissionless</h3>
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<p>Third, Ethereum Classic is permissionless, whereas Ethereum is permissioned. You cannot contribute to the consensus algorithm of the Ethereum network without buying a stake from an insider, i.e., asking them for permission. If the majority of token holders are not willing to sell ETH to you, you can never start a “revolution”, i.e., taking over control from the centralized controlling entity or entities. Once a PoS chain is captured by centralized entities, it is very hard to take it over to decentralize it again. However, this is possible in a PoW system.</p>
<h3>Bitcoin philosophy</h3>
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<p>Fourth, Ethereum Classic’s design philosophy is much closer to Bitcoin’s. Code is Law. Few changes. Decentralization over scalability. Maximum token supply and sound money properties. Proof of work security. Thus, even though the project is much smaller than Ethereum and Ethereum Classic has been subject to 51% attacks in the past, it has proven to be extremely robust organism, like Bitcoin, and many people subscribing to the Bitcoin philosophy may also subscribe to the ETC philosophy.</p>
<h3>Hedge against ETH failure</h3>
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<p>Fifth, Ethereum Classic will be used as a “hedge” against the failure of Ethereum in the decades to come. While I believe in the philosophy of Ethereum, it is not at all guaranteed that they will make it against the powerful centralization forces (and I don’t like the fact that it’s a closed, i.e., fragile, system). To hedge against those potentially low-probability failure cases of Ethereum, one could buy some Ethereum Classic tokens (no financial advise). </p>
<p>Thanks for taking the time to read this article! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2764.png" alt="❤" class="wp-smiley" style="height: 1em; max-height: 1em;" /></p>
<h2><a href="https://academy.finxter.com/university/solidity-basics/" target="_blank" rel="noreferrer noopener" title="https://academy.finxter.com/university/solidity-basics/">Learn Solidity Course</a></h2>
<p>Solidity is the programming language of the future.</p>
<p>It gives you the rare and sought-after superpower to program against the “Internet Computer”, i.e., against decentralized Blockchains such as <em>Ethereum</em>, <em>Binance Smart Chain</em>, <em>Ethereum Classic</em>, <em>Tron</em>, and <em>Avalanche </em> – to mention just a few Blockchain infrastructures that support Solidity.</p>
<p>In particular, Solidity allows you to<em> create smart contracts</em>, i.e., pieces of code that automatically execute on specific conditions in a completely decentralized environment. For example, smart contracts empower you to create your own <em>decentralized autonomous organizations</em> (DAOs) that run on Blockchains without being subject to centralized control.</p>
<p>NFTs, DeFi, DAOs, and Blockchain-based games are all based on smart contracts.</p>
<p><a href="https://academy.finxter.com/university/solidity-basics/" target="_blank" rel="noreferrer noopener" title="https://academy.finxter.com/university/solidity-basics/">This course</a> is a simple, low-friction introduction to creating your first smart contract using the Remix IDE on the Ethereum testnet – without fluff, significant upfront costs to purchase ETH, or unnecessary complexity.</p>
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<figure class="aligncenter size-full is-resized"><a href="https://academy.finxter.com/university/solidity-basics/" target="_blank" rel="noopener"><img loading="lazy" src="https://blog.finxter.com/wp-content/uploads/2021/10/image-121.png" alt="" class="wp-image-37299" width="491" height="287" srcset="https://blog.finxter.com/wp-content/uploads/2021/10/image-121.png 982w, https://blog.finxter.com/wp-content/uplo...00x175.png 300w, https://blog.finxter.com/wp-content/uplo...68x448.png 768w" sizes="(max-width: 491px) 100vw, 491px" /></a></figure>
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<div class="kksr-legend" style="font-size: 19.2px;"> 5/5 – (1 vote) </div>
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<p>This article will answer some basic questions on Ethereum Classic. Its main purpose is to give you a quick overview of the project. I’m not affiliated in any way with Ethereum Classic, so I try to be as unbiased as I can.</p>
<h2>What is Ethereum Classic?</h2>
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<figure class="aligncenter size-large"><img loading="lazy" width="1024" height="576" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-54-1024x576.png" alt="" class="wp-image-598784" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-54-1024x576.png 1024w, https://blog.finxter.com/wp-content/uplo...00x169.png 300w, https://blog.finxter.com/wp-content/uplo...68x432.png 768w, https://blog.finxter.com/wp-content/uplo...age-54.png 1230w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<p><strong>Ethereum Classic</strong> is an open-source proof-of-work blockchain and distributed computing platform that allows the execution of smart contracts and decentralized applications (dApps) on a public <a href="https://blog.finxter.com/mastering-the-ethereum-virtual-machine-evm-for-solidity-smart-contracts/" data-type="post" data-id="572801" target="_blank" rel="noreferrer noopener">Ethereum Virtual Machine</a> (EVM).</p>
<h2>What is the Difference Between Ethereum Classic and Ethereum?</h2>
<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" width="785" height="853" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-56.png" alt="" class="wp-image-598954" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-56.png 785w, https://blog.finxter.com/wp-content/uplo...76x300.png 276w, https://blog.finxter.com/wp-content/uplo...68x835.png 768w" sizes="(max-width: 785px) 100vw, 785px" /><figcaption><a href="https://www.binance.com/en/event/ethereum-vs-ethereum-classic" data-type="URL" data-id="https://www.binance.com/en/event/ethereum-vs-ethereum-classic" target="_blank" rel="noreferrer noopener">ETH vs ETC</a></figcaption></figure>
</div>
<p>Ethereum is a hard fork of Ethereum Classic. These are two different Blockchain projects with different developers, features, philosophies, and dApp ecosystems.</p>
<p>The less popular <strong><em><a rel="noreferrer noopener" href="https://ethereumclassic.org/" data-type="URL" data-id="https://ethereumclassic.org/" target="_blank">Ethereum Classic</a></em></strong> contains the original, unmodified history of the Ethereum Blockchain, whereas the more well-known <strong><em><a rel="noreferrer noopener" href="https://ethereum.org/en/" data-type="URL" data-id="https://ethereum.org/en/" target="_blank">Ethereum</a></em></strong> Blockchain emerged as a hard fork that redistributed the “stolen” tokens after the DAO hack in 2016.</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" width="1024" height="626" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-58-1024x626.png" alt="" class="wp-image-598996" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-58-1024x626.png 1024w, https://blog.finxter.com/wp-content/uplo...00x183.png 300w, https://blog.finxter.com/wp-content/uplo...68x469.png 768w, https://blog.finxter.com/wp-content/uplo...age-58.png 1303w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<p>Most influential developers and institutions, as well as Ethereum’s founder Vitalik Buterin supported the new Ethereum blockchain and explicitly recommended miners to NOT support the Ethereum Classic Blockchain.</p>
<p>The main differences between the two are as follows:</p>
<ul>
<li><strong>Ethereum Classic</strong> is much smaller than Ethereum in regards to almost all metrics such as market cap, transaction volume, number of validators, total locked value, and number of dApps that run on top of the Blockchain. </li>
<li><strong>Ethereum Classic</strong>‘s philosophy is “Code is Law”, i.e., even if there is a <a rel="noreferrer noopener" href="https://blog.finxter.com/top-8-scary-smart-contract-hacks-that-exploit-your-dapp-video/" data-type="post" data-id="437387" target="_blank">smart contract hack</a>, the state of the Blockchain is never reverted. This is in contrast to Ethereum’s philosophy of “rapid change” and regular hard forks if the “Layer 0”, i.e., the people running the Blockchain agree to the changes. You could think of it as “Consensus through PoW” vs “Consensus through People”.</li>
<li><strong>Ethereum Classic</strong> has an upper maximum supply of 210,700,000 ETC tokens, whereas <a rel="noreferrer noopener" href="https://blog.finxter.com/introduction-to-ethereums-gas-in-solidity-development/" data-type="post" data-id="37644" target="_blank">Ethereum (ETH)</a> has no max supply.</li>
<li><strong>Ethereum Classic</strong> runs a proof of work (PoW) consensus algorithm, whereas Ethereum runs a proof of stake (PoS) consensus algorithm.</li>
</ul>
<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" width="1024" height="488" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-57-1024x488.png" alt="" class="wp-image-598961" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-57-1024x488.png 1024w, https://blog.finxter.com/wp-content/uplo...00x143.png 300w, https://blog.finxter.com/wp-content/uplo...68x366.png 768w, https://blog.finxter.com/wp-content/uplo...age-57.png 1465w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption><em><strong>Comparison table</strong>: ETH vs ETC (<a href="https://www.binance.com/en/event/ethereum-vs-ethereum-classic" data-type="URL" data-id="https://www.binance.com/en/event/ethereum-vs-ethereum-classic" target="_blank" rel="noreferrer noopener">source</a>)</em></figcaption></figure>
</div>
<h2>What is the DAO Hack?</h2>
<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" width="464" height="696" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-59.png" alt="" class="wp-image-599000" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-59.png 464w, https://blog.finxter.com/wp-content/uplo...00x300.png 200w" sizes="(max-width: 464px) 100vw, 464px" /></figure>
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<p>The DAO was a decentralized autonomous organization (DAO) launched in 2016 on the Ethereum blockchain. After collecting almost 15% of all ETH through a token sale, The DAO was hacked due to a <a href="https://blog.finxter.com/top-8-scary-smart-contract-hacks-that-exploit-your-dapp-video/" data-type="post" data-id="437387" target="_blank" rel="noreferrer noopener">vulnerability</a> in the smart contract. </p>
<ul>
<li>Ethereum is the Blockchain that emerged when reversing the state of the chain to before the hack, i.e., rewriting history.<em><strong> Code is Not Law.</strong></em></li>
<li>Ethereum Classic is the Blockchain that emerged from just leaving the hack unchanged, i.e., not rewriting history. <strong><em>Code is Law.</em></strong></li>
</ul>
<p>A great video on the DAO hack in 2016 is given here:</p>
<figure class="wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube"><a href="https://blog.finxter.com/ethereum-classic-quickstart/"><img src="https://blog.finxter.com/wp-content/plugins/wp-youtube-lyte/lyteCache.php?origThumbUrl=https%3A%2F%2Fi.ytimg.com%2Fvi%2FrNeLuBOVe8A%2Fhqdefault.jpg" alt="YouTube Video"></a><figcaption></figcaption></figure>
<h2>Are There Any dApps on Ethereum Classic?</h2>
<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" width="1024" height="683" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-60-1024x683.png" alt="" class="wp-image-599008" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-60-1024x683.png 1024w, https://blog.finxter.com/wp-content/uplo...00x200.png 300w, https://blog.finxter.com/wp-content/uplo...68x512.png 768w, https://blog.finxter.com/wp-content/uplo...age-60.png 1303w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<p>The Ethereum Classic Blockchain is <a href="https://en.wikipedia.org/wiki/Turing_completeness" data-type="URL" data-id="https://en.wikipedia.org/wiki/Turing_completeness" target="_blank" rel="noreferrer noopener">Turing Complete</a>, i.e., you can run arbitrary <a href="https://blog.finxter.com/introduction-to-smart-contracts-and-solidity-part-3-blockchain-basics/" data-type="post" data-id="537705" target="_blank" rel="noreferrer noopener">smart contract</a> code on it. Thus, Ethereum Classic supports decentralized apps (dApps) that issue their own tokens and NFTs. </p>
<p>While there are many dApps on Ethereum Classic, the dApp ecosystem is by orders of magnitude smaller than the Ethereum dApp ecosystem due to the lack of broad developer support.</p>
<p class="has-base-background-color has-background"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4f2.png" alt="?" class="wp-smiley" style="height: 1em; max-height: 1em;" /> <strong>Statistics</strong>: For example, <a rel="noreferrer noopener" href="https://dappradar.com/" data-type="URL" data-id="https://dappradar.com/" target="_blank">DappRadar</a> lists 3425 Ethereum dApps but not a single dApp for Ethereum Classic. On the <a href="https://ethereumclassic.org/services/apps" data-type="URL" data-id="https://ethereumclassic.org/services/apps" target="_blank" rel="noreferrer noopener">Ethereum Classic web page</a> itself, there are only 34 dApps listed. Now, that’s two orders of magnitude fewer dApps for Ethereum Classic when compared to Ethereum!</p>
<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://ethereumclassic.org/services/apps" target="_blank" rel="noreferrer noopener"><img loading="lazy" width="1024" height="939" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-55-1024x939.png" alt="" class="wp-image-598874" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-55-1024x939.png 1024w, https://blog.finxter.com/wp-content/uplo...00x275.png 300w, https://blog.finxter.com/wp-content/uplo...68x705.png 768w, https://blog.finxter.com/wp-content/uplo...age-55.png 1090w" sizes="(max-width: 1024px) 100vw, 1024px" /></a><figcaption><em><strong>Figure</strong>: That’s about it regarding dApps on Ethereum Classic at the point of this writing.</em></figcaption></figure>
</div>
<h2>How to Create a dApp for Ethereum Classic?</h2>
<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" width="1024" height="682" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-61-1024x682.png" alt="" class="wp-image-599013" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-61-1024x682.png 1024w, https://blog.finxter.com/wp-content/uplo...00x200.png 300w, https://blog.finxter.com/wp-content/uplo...68x512.png 768w, https://blog.finxter.com/wp-content/uplo...age-61.png 1303w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<p><em>Programming Smart Contracts on Ethereum Classic is identical to how it is done on ETH, as ETC maintains compatibility with the Ethereum EVM. Any contract written for Ethereum can be deployed to ETC.</em></p>
<p><em>To create a dapp for Ethereum Classic you must program one in a smart contract programming language. Then, you must compile that dapp and install it on the blockchain from a funded account.</em></p>
<p>From the<a href="https://ethereumclassic.org/guides/basics" data-type="URL" data-id="https://ethereumclassic.org/guides/basics" target="_blank" rel="noreferrer noopener"> official documentation</a>.</p>
<p class="has-base-background-color has-background"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4a1.png" alt="?" class="wp-smiley" style="height: 1em; max-height: 1em;" /> So, you can create a decentralized application on Ethereum Classic using <a href="https://blog.finxter.com/solidity-crash-course/" data-type="post" data-id="445146" target="_blank" rel="noreferrer noopener">Solidity</a> or any other programming language that is able to be compiled against the EVM.</p>
<figure class="wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube"><a href="https://blog.finxter.com/ethereum-classic-quickstart/"><img src="https://blog.finxter.com/wp-content/plugins/wp-youtube-lyte/lyteCache.php?origThumbUrl=https%3A%2F%2Fi.ytimg.com%2Fvi%2F8wMKq7HvbKw%2Fhqdefault.jpg" alt="YouTube Video"></a><figcaption></figcaption></figure>
<h2>Does Ethereum Classic Have a Future?</h2>
<p>Ethereum Classic has much less developer activity than many other Blockchain projects such as Ethereum or Solana. Given the strong developer network effects of bigger Blockchains, i.e., developers are more likely to go to the “meaningful” Blockchain projects which make them even more meaningful, many people are led to believe that Ethereum Classic doesn’t have a rosy future. </p>
<p>I agree with the network effects argument. However, when diving into the project, I discovered some interesting arguments that speak for Ethereum Classic:</p>
<ol>
<li>Proof of work smart contract blockchain</li>
<li>Open system</li>
<li>Permissionless</li>
<li>Bitcoin philosophy</li>
<li>Hedge against ETH failure</li>
</ol>
<p>Let’s dive into each of them one by one.</p>
<h3>Proof of work smart contract blockchain</h3>
<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" width="464" height="696" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-62.png" alt="" class="wp-image-599023" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-62.png 464w, https://blog.finxter.com/wp-content/uplo...00x300.png 200w" sizes="(max-width: 464px) 100vw, 464px" /></figure>
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<p>First, Ethereum Classic will be the largest proof of work smart contract Blockchain after the “Merge”, i.e., Ethereum’s move to a proof of stake consensus algorithm. This gives Ethereum Classic a unique and robust positioning in the market for decades to come. </p>
<h3>Open system design</h3>
<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" width="464" height="696" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-63.png" alt="" class="wp-image-599026" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-63.png 464w, https://blog.finxter.com/wp-content/uplo...00x300.png 200w" sizes="(max-width: 464px) 100vw, 464px" /></figure>
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<p>Second, Ethereum Classic is an open system, whereas Ethereum is a closed system (like all PoS Blockchains). This may make Ethereum Classic more robust against corruption and capturing of the Blockchain. For example, you could argue that Ethereum is already captured by the current token holders. Ethereum Classic is an open PoW system, so the current majority of computing power doesn’t control Ethereum Classic forever. One could always add more mining devices from outside the system.</p>
<h3>Permissionless</h3>
<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" width="1024" height="682" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-64-1024x682.png" alt="" class="wp-image-599033" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-64-1024x682.png 1024w, https://blog.finxter.com/wp-content/uplo...00x200.png 300w, https://blog.finxter.com/wp-content/uplo...68x512.png 768w, https://blog.finxter.com/wp-content/uplo...age-64.png 1303w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<p>Third, Ethereum Classic is permissionless, whereas Ethereum is permissioned. You cannot contribute to the consensus algorithm of the Ethereum network without buying a stake from an insider, i.e., asking them for permission. If the majority of token holders are not willing to sell ETH to you, you can never start a “revolution”, i.e., taking over control from the centralized controlling entity or entities. Once a PoS chain is captured by centralized entities, it is very hard to take it over to decentralize it again. However, this is possible in a PoW system.</p>
<h3>Bitcoin philosophy</h3>
<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" width="464" height="696" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-65.png" alt="" class="wp-image-599040" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-65.png 464w, https://blog.finxter.com/wp-content/uplo...00x300.png 200w" sizes="(max-width: 464px) 100vw, 464px" /></figure>
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<p>Fourth, Ethereum Classic’s design philosophy is much closer to Bitcoin’s. Code is Law. Few changes. Decentralization over scalability. Maximum token supply and sound money properties. Proof of work security. Thus, even though the project is much smaller than Ethereum and Ethereum Classic has been subject to 51% attacks in the past, it has proven to be extremely robust organism, like Bitcoin, and many people subscribing to the Bitcoin philosophy may also subscribe to the ETC philosophy.</p>
<h3>Hedge against ETH failure</h3>
<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" width="1024" height="682" src="https://blog.finxter.com/wp-content/uploads/2022/08/image-66-1024x682.png" alt="" class="wp-image-599044" srcset="https://blog.finxter.com/wp-content/uploads/2022/08/image-66-1024x682.png 1024w, https://blog.finxter.com/wp-content/uplo...00x200.png 300w, https://blog.finxter.com/wp-content/uplo...68x512.png 768w, https://blog.finxter.com/wp-content/uplo...age-66.png 1303w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<p>Fifth, Ethereum Classic will be used as a “hedge” against the failure of Ethereum in the decades to come. While I believe in the philosophy of Ethereum, it is not at all guaranteed that they will make it against the powerful centralization forces (and I don’t like the fact that it’s a closed, i.e., fragile, system). To hedge against those potentially low-probability failure cases of Ethereum, one could buy some Ethereum Classic tokens (no financial advise). </p>
<p>Thanks for taking the time to read this article! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2764.png" alt="❤" class="wp-smiley" style="height: 1em; max-height: 1em;" /></p>
<h2><a href="https://academy.finxter.com/university/solidity-basics/" target="_blank" rel="noreferrer noopener" title="https://academy.finxter.com/university/solidity-basics/">Learn Solidity Course</a></h2>
<p>Solidity is the programming language of the future.</p>
<p>It gives you the rare and sought-after superpower to program against the “Internet Computer”, i.e., against decentralized Blockchains such as <em>Ethereum</em>, <em>Binance Smart Chain</em>, <em>Ethereum Classic</em>, <em>Tron</em>, and <em>Avalanche </em> – to mention just a few Blockchain infrastructures that support Solidity.</p>
<p>In particular, Solidity allows you to<em> create smart contracts</em>, i.e., pieces of code that automatically execute on specific conditions in a completely decentralized environment. For example, smart contracts empower you to create your own <em>decentralized autonomous organizations</em> (DAOs) that run on Blockchains without being subject to centralized control.</p>
<p>NFTs, DeFi, DAOs, and Blockchain-based games are all based on smart contracts.</p>
<p><a href="https://academy.finxter.com/university/solidity-basics/" target="_blank" rel="noreferrer noopener" title="https://academy.finxter.com/university/solidity-basics/">This course</a> is a simple, low-friction introduction to creating your first smart contract using the Remix IDE on the Ethereum testnet – without fluff, significant upfront costs to purchase ETH, or unnecessary complexity.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><a href="https://academy.finxter.com/university/solidity-basics/" target="_blank" rel="noopener"><img loading="lazy" src="https://blog.finxter.com/wp-content/uploads/2021/10/image-121.png" alt="" class="wp-image-37299" width="491" height="287" srcset="https://blog.finxter.com/wp-content/uploads/2021/10/image-121.png 982w, https://blog.finxter.com/wp-content/uplo...00x175.png 300w, https://blog.finxter.com/wp-content/uplo...68x448.png 768w" sizes="(max-width: 491px) 100vw, 491px" /></a></figure>
</div>
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https://www.sickgaming.net/blog/2022/08/...uickstart/