Ethereum Classic (ETC)

From Trezor Wiki
Jump to: navigation, search
Trezor Wiki/Glossary/Cryptocurrencies/Types/ Ethereum Classic (ETC)
Etc.png

Ethereum Classic (ETC) is a hard fork of Ethereum (ETH). The hard fork took place on October 25, 2016, as a reaction to the reversal of a hard fork that took place on Ethereum that undid a hack to one of the smart contracts running on top of Ethereum. The hard fork was driven by the ideology that a blockchain should be immutable and, therefore, transactions should be irreversible.

See also: Ethereum (ETH) & Bitcoin (BTC) (basic) - Fork, Soft fork, Hard fork & Coin split (advanced) - Supported cryptocurrencies


Overview

Firmware (device) support Trezor One 1.6.2, Trezor Model T 2.0.7
Available in Trezor Wallet? Yes (Beta)
Third-party wallets MyEtherWallet, MyCrypto, MetaMask

How to use Ethereum Classic with Trezor

Trezor Beta Wallet

Trezor developers have worked hard to bring Ethereum Classic into the native interface. This has finally come to fruition.


NoteEthereum Classic is currently available as in the beta version of Trezor Wallet.


  1. Go to beta-wallet.trezor.io/next
  2. Plug in your Trezor device.
  3. Start using all the available functionalities.

For more information about how it works, see this manual.

Third-party wallets

Ethereum Classic can be safely used with certain third-party wallets and services, with the seed and private keys fully protected by the Trezor device. These include the following:

For more information about other third-party services, see Apps.

History of Ethereum Classic and the 2016 hard fork

Ethereum Classic shares part of its blockchain with Ethereum. The shared history starts with the Ethereum white paper in late 2013, written by a programmer involved in Bitcoin Magazine, Vitalik Buterin. The stated goal was building decentralized applications. Buterin had argued that Bitcoin needed a scripting language for application development. He later proposed to develop a new platform. At the time of the public announcement in January 2014, the core Ethereum team was Vitalik Buterin, Mihai Alisie, Anthony Di Iorio, and Charles Hoskinson. The actual development of the Ethereum software project began in early 2014.

The development was funded by an online public crowdsale in the summer of 2014, with the participants buying the Ethereum value token (ether) using Bitcoin. While Ethereum was initially praised for technical innovations, its security and scalability were questioned as well.

The 2016 fork

In 2016, Ethereum was split into two separate blockchains - Ethereum and Ethereum Classic. It happened after a malicious actor stole funds, which had been raised on The DAO (a set of smart contracts originating from Ethereum software platform) and were worth more than 50 million dollars at the time.

The new Ethereum was a hard fork from the original software intended to protect against further malware attacks and to reappropriate the affected funds.

The part of the community who insisted that the blockchain should be immutable and that all transactions should be irreversible continued on the original blockchain as Ethereum Classic.

Criticism

The future of Ethereum Classic was doubted, as all of the Ethereum main developers switched to the newly forked chain. The team continues to develop updates and marketing for Ethereum, which makes it hard for ETC to keep up. However, Ethereum Classic is still in active development (although the market capitalization is slowly shrinking in comparison to the rest of the crypto world).

A minority of users have accused Ethereum Classic to be a scam plotted by those who wanted to see Ethereum split.