Ethereum Classic Transaction Times The time it takes to process an Ethereum Classic transaction can vary based on how busy or congested the Ethereum Classic network is. Note Due to hacks, most exchanges require a long time to process ETC transactions. For example, Kraken requires 40, confirmations that would need nearly 6. Fees also vary based on the platform or exchange used to purchase Ethereum Classic.
Notable Happenings for Ethereum Classic The founding of Ethereum Classic was contentious among the developer community behind Ethereum, since Ethereum Classic was created in response to a major hack of the main Ethereum blockchain. Because TheDAO was such a large part of the total Ethereum in circulation in , the Ethereum developer community debated and ultimately took action to create Ethereum Classic as a hard fork—complete split—from Ethereum.
The hard fork was successfully completed in July, The group ultimately returned the funds. Was this page helpful? Smart contracts are programs that establish the terms of an agreement on a blockchain network. Among many other applications, smart contracts were used to create DAOs pronounced like "dows" , which stands for "Decentralized Autonomous Organizations. The DAO hack In , one of these early organizations, named "The DAO," launched a crowdfunding project on the Ethereum blockchain in an attempt to create a decentralized marketplace where people could share things like vehicles or living spaces think Airbnb, but on a decentralized blockchain.
But security gaps in the code left it exposed, and a hacker was able to siphon away more than 3. Then, they reallocated the ether held in The DAO crowdfunding project to a different smart contract on the network, which allowed investors to withdraw funds that had been stolen. But many users on the Ethereum network disagreed with the hard fork solution. One of the core principles of blockchain technology is the concept of immutability — in other words, a blockchain ledger is supposed to be permanent and unchangeable.
So rolling the ledger back to before the hacking incident violated this principle, and became controversial among Ethereum users and other cryptocurrency enthusiasts. While the majority of Ethereum users in particular, the victims of The DAO hack were happy to accept the programming upgrade, many users weren't.
Smart contracts are designed to operate without any central authority, meaning that outside of the code itself, there is no governing party allowed to change rules, validate or invalidate any transactions.
Some users felt that by stepping in and attempting to fix the problem, the leadership at Ethereum went against the decentralization movement and acted as a governing body. Users who didn't agree with the fork wanted to keep the old programming, which includes The DAO hacking transactions.
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