While Ethereum Classic participants debated the merits of the Difficulty Bomb, a network upgrade called "Die Hard" at block 3,, delayed the effects of the mechanism. Once the network participants came to consensus on the issue, Ethereum Classic upgraded its network on block 5,, to permanently defuse the Difficulty Bomb. This abandoned a future with proof-of-stake and committed the network to the proof-of-work consensus mechanism. In an attempt to modernize the Ethereum Classic protocol, several protocol upgrades were scheduled to activate features that the Ethereum network already enabled over the past years.
Since the Phoenix protocol activated, applications are fully cross-compatible between the networks. This modified Ethash is also referred to as EtcHash or Thanos upgrade. As with other cryptocurrencies, the validity of each ether is provided by a blockchain , which is a continuously growing list of records , called "blocks", which are linked and secured using cryptography. It is an open, distributed ledger that records transactions between two parties efficiently and in a verifiable and permanent way.
This does not rely upon unspent transaction outputs UTXOs. The state denotes the current balances of all accounts and extra data. The state is not stored on the blockchain, it is stored in a separate Merkle Patricia tree. A cryptocurrency wallet stores the public and private "keys" or "addresses" which can be used to receive or spend Ether. With the private key, it is possible to write in the blockchain, effectively making an ether transaction.
To send Ether to an account, the Keccak hash of the public key of that account is needed. Ether accounts are pseudonymous in that they are not linked to individual persons, but rather to one or more specific addresses. ETC is a fundamental token for operation of Ethereum Classic, which thereby provides a public distributed ledger for transactions.
It is used to pay for Gas, a unit of computation used in transactions and other state transitions. Within the context of Ethereum Classic it might be called ether, but it should not be confused with ETH, which is also called ether. It is also used to pay for transaction fees and computational services on the Ethereum Classic network. Ethereum Classic addresses are composed of the prefix "0x", a common identifier for hexadecimal , concatenated with the rightmost 20 bytes of the Keccak hash big endian of the ECDSA public key the curve used is the so-called secpk1 , the same as bitcoin.
In hexadecimal, two digits represent a byte, meaning addresses contain 40 hexadecimal digits. An example of an Ethereum Classic address is 0xbf5ea0bacefffba Contract addresses are in the same format, however, they are determined by sender and creation transaction nonce. Any valid Keccak hash put into the described format is valid, even if it does not correspond to an account with a private key or a contract.
This is unlike bitcoin, which uses base58check to ensure that addresses are properly typed. Socially, this block reward reduction event has taken the moniker of "the fifthening. The people who continued with Ethereum Classic advocate for blockchain immutability, and the concept that "code is law"  against the pro-fork side Ethereum which largely argued for extra-protocol intentionality, decentralized decision-making , and conflict resolution.
On 13 January , the Ethereum Classic network was updated to resolve transaction replay attacks. The networks are now officially operating separately. They set up a refund contract on the ETC network. On 29 June , the Ethereum Classic Twitter account made a public statement indicating reason to believe that the website for Classic Ether Wallet had been compromised.
The Ethereum Classic Twitter account confirmed the details released via Threatpost. The Ethereum Classic team worked with Cloudflare to place a warning on the compromised domain warning users of the phishing attack. In January , Ethereum Classic was subject to double-spending attacks. From Wikipedia, the free encyclopedia. Open source blockchain computing platform. Main article: The DAO organization. Further information: Cryptocurrency. The Wall Street Journal Blog.
News Corp. Retrieved 17 February Retrieved 5 March Blockchain revolution : how the technology behind bitcoin is changing money, business, and the world. ISBN Financial Times. Retrieved 19 October Bloomberg News. The New York Times. ISSN Retrieved 12 July Antonopoulos, Gavin Wood : " Ethereum timeline ". Futurism, LLC. Archived from the original on 7 August Retrieved 16 May Online article, Bloomberg.
Accessed on Bloomberg HT. The Economist. Once ETC is added, you will see in the networks dropdown menu that it is added to the list of networks. If you go to your account, you will notice that it is the same as your ETH account.
In my case, it is the same 0x48c EfF3 account. So, as both networks use the same account format you may move back to the Ethereum mainnet and you will be able to see your ETH account with the same number again. Follow me on Twitter. Read about me here. View all posts by Donald McIntyre. Skip to content.