Ethereum Classic
An open-source, blockchain-based distributed computing platform.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
* | $10.0m | Early VC | |
| Total Funding | 000k | ||
| USD | 2022 | 2023 |
|---|---|---|
| Revenues | 0000 | 0000 |
| EBITDA | 0000 | 0000 |
| Profit | 0000 | 0000 |
| EV | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 |
Source: Dealroom estimates
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Ethereum Classic is a decentralized, open-source blockchain platform that executes smart contracts and facilitates the creation of decentralized applications (dApps). It functions as the original, unaltered version of the Ethereum blockchain, preserving its history prior to a significant hard fork in July 2016. This pivotal event, known as The DAO hack, involved the theft of $50 million worth of Ether from a third-party project, prompting a contentious decision within the Ethereum community. The majority voted to create a new version of the blockchain that reversed the fraudulent transactions, which became the current Ethereum (ETH). A minority of the community rejected this alteration, upholding the principle of blockchain immutability, or "Code is Law," and continued with the original chain, which was rebranded as Ethereum Classic (ETC).
As a result of this ideological split, Ethereum Classic does not have a single founder or a formal, centralized development team like the Ethereum Foundation. Its development is managed by a global, permissionless community of participants. However, the ecosystem receives support from entities like the non-profit ETC Cooperative, established in 2017, which provides funding and resources for protocol development, research, and infrastructure projects. Funding for the cooperative and other projects comes from donations and strategic partnerships, such as those with Grayscale's Ethereum Classic Trust and Antpool.
The platform operates on a Proof-of-Work (PoW) consensus mechanism, where miners use computational power to validate transactions and secure the network, earning newly minted ETC and transaction fees as rewards. Following Ethereum's transition to a Proof-of-Stake model in 2022, Ethereum Classic became the largest PoW-based smart contract platform. Its business model is inherently decentralized; it generates value through the utility of its native token, ETC, which is required for paying transaction fees (known as "gas") and executing smart contracts on the network. This structure serves developers building dApps, users transacting on the network, and miners who maintain the blockchain's integrity. Unlike Ethereum, ETC adopted a fixed monetary policy in 2017, capping the total supply at approximately 210.7 million coins to create a deflationary asset, similar to Bitcoin.
Keywords: Ethereum Classic, ETC, smart contracts, decentralized applications, dApps, blockchain, Proof-of-Work, PoW, immutability, Code is Law, The DAO hack, cryptocurrency, decentralized governance, ETC Cooperative, Ethash, blockchain development, fixed supply, digital currency, open-source protocol, transaction fees, mining rewards