How does Ethereum Classic work?
Ethereum Classic (ETC) is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality.
It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum Classic also provides a value token called "classic ether", which can be transferred between participants and is used to compensate participant nodes for computations performed. The Ethereum Classic platform is powered by the currency ETC.
This currency is used to pay for transaction fees and computational services on the network. It is also used as a store of value and can be traded on exchanges. The Ethereum Classic network consists of nodes that are connected to each other via the internet.
Each node runs an Ethereum Classic client that implements the Ethereum Classic protocol and maintains a copy of the blockchain. The blockchain is a distributed ledger that records all transactions that have occurred on the network since its inception. All nodes in the network must agree on the current state of the blockchain in order to ensure its integrity and security.
The Ethereum Classic protocol enables users to create smart contracts, which are self-executing programs that are stored on the blockchain and can be used to facilitate transactions between parties without requiring trust or a third party intermediary. Smart contracts allow users to create applications such as decentralized autonomous organizations (DAOs), decentralized applications (DApps), and tokenized assets such as non-fungible tokens (NFTs). In addition, Ethereum Classic supports decentralized finance (DeFi) applications such as lending protocols, stablecoins, derivatives, and more.
These applications enable users to access financial services without relying on centralized intermediaries such as banks or governments. Finally, Ethereum Classic also supports decentralized governance protocols such as ProgPoW and EIP 1559 which allow stakeholders in the network to vote on changes to its protocol rules in order to ensure its long-term sustainability and security.
