Definition of Ethereum Classic
Ethereum Classic is an open-source, decentralized, blockchain-based distributes cryptocurrency platform that runs smart contracts.
And Ethereum’s classic form—as the result of the hack of the network—in 2016. The original Ethereum blockchain split in two with the Ethereum definitive existence being the original and Ethereum being the newer blockchain.
And its base on the principle of “Code is Law,” smart contracts are self-executing autonomous digital applications capable of running on their own as programmed.
Also, examples of such applications include systems automatic teller machines (ATM) and the Bitcoin system.
How to Understand Ethereum Classic?
- Ethereum Classic facilitates running smart contracts by offering the benefit of decentralized governance.
- In other words, the contracts can enforce without a third party involved, such as a lawyer. And smart contracts are similar to if-then statements, meaning if the actions required within the contract take remain fulfilled.
- Then the responding contract parameters can complete if the contract parameters do not remain fulfilled.
- Also, then there can get a penalty and fee, and the contract can be void, depending on the terms established at the onset of the contract.
For example, in the real estate transaction, if the contract stated that an upfront deposit the paid on a specific date.
- Also, if the funds are not received, the contract can be void. The intelligent contracts contain within the distributed ledger and blockchain network.
- And it distributes ledger is the ledger of transactions and contracts.
- Which it kept and maintain in a decentralized manner across various locations.
- And the agreement between buyer and seller is written in lines of code within the intelligent contract, Which is self-executing, and it depends on terms within the contract.
- As a result, there is no need for external monitoring and censoring by the central authority since the code controls the execution of the contract.
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