Ethereum Classic? What's That?
For those who are new to crypto currencies, this would be a good time to remind them that Ethereum was not always well… Ethereum. What is called Ethereum Classic(ETC) is the original Ethereum blockchain from which the current Ethereum(ETH) blockchain was forked.
As a consequence of a theft in 2016, the Ethereum blockchain split into two due to ideological differences with the Ethereum Foundation. In a scenario not dissimilar to Bitcoin and Bitcoin Cash, we now have two chains each claiming to be the ‘real' Ethereum.
Ethereum Backstory – DAO debacle
Ethereum is a distributed computing platform with smart contract functionality, meaning that it facilitates smart contract developers to deploy their Dapps on the platform.
In 2016, a decentralized autonomous organization called The DAO, a set of complex smart contracts instantiated on the platform poised to revolutionize Ethereum had an objective to provide a new decentralized business model for organizing both commercial and non-profit enterprises.
DAO, launched as a stateless crowd fund, raised a total of 11.5 million ETH from 11,000 investors in May 2016. A paper was published the same month, highlighting security vulnerabilities in DAO and recommending investors to hold off from investing DAO in projects until the vulnerabilities were secured.
The week after, while developers were still working on solutions to address the vulnerabilities, an anonymous entity exploited a combination of the vulnerabilities to steal 3.6 million ETH from the fund.
When dispute arose as to what recourse befit the exploitation, the community was divided into two, with one arguing that although unethical, the attack was a valid transaction based on the rule that code is law and blockchain is supposed to be immutable, while others sought for the stolen ETH to be re-appropriated.
The former minority group continued on the original blockchain(ETC) while the latter majority forked into the blockchain we know as Ethereum(ETH) today.
Most of those who use Ethereum are aware of Etherscan, Ethereum(ETH) block explorer, but what about Ethereum Classic(ETC)?
Gastracker – Ethereum Classic Block Explorer
Similar to Blockchain.info for Bitcoin and Etherscan.io for Ethereum, Gastracker is a block explorer for the original Ethereum chain, Ethereum Classic(ETC).
Users can look up any block, transaction or address on the explorer, with statistics available for half-hour average block time, transactions encoded in a block, amount of ETC transferred, average ETC per block, gas used and average gas per transaction.
The site also provides a live update of total hashrate, top mining pools, their share of hashrate and daily and monthly rewards gained.
In addition, statistical breakdown of active node shares between Parity and Geth nodes and various versions of nodes are also displayed for the past 24-hour period.
Advantages of Parity Nodes
- With the pruning algorithm, hard drive usage won't grow exponentially
- Cool browser-based GUI
- Passive mode to reduce CPU and network load on leaf nodes
- Warp sync allows to sync with network from scratch in hours as opposed to days
Advantages of Geth Nodes
- Clique consensus implemented to access Rinkeby testnet (or build own private Ethereum-based enterprise network)
- Is purported to be more thoroughly audited / Is generally seen as the reference implementation of Ethereum