July 20 – is Ethereum Classic Independence Day. Further, the Magneto hard-fork is also expected at this time. The community is celebrating their responsibility on the date, and they resolve to update their ETC node software.

For clarity, Ethereum Classic claims to maintain the original and unaltered history of the Ethereum network.

Firstly, the Ethereum project’s mainnet was released via Frontier on July 30, 2015. There was a hack of a third-party project, and therefore the Ethereum Foundation created a new version of the Ethereum mainnet on July 20, 2016.

Irregular state change was implemented and it erased the DAO theft from the Ethereum blockchain history.

The Ethereum Foundation eventually applied their trademark to the new and altered version of the Ethereum blockchain.  The ETC community has to say that post this change, Ethereum (ticker: ETH), the older and unaltered version of Ethereum has been renamed and that it continues to be Ethereum Classic (ticker: ETC).

The Ethereum Classic website has the philosophy details, which keeps the immutable and original version of the Ethereum network running.

Reportedly, on December 11, 2017, the total overall Ether (ETC) on Ethereum Classic was hard-capped at 210,700,000 ETC using the Gotham hard fork upgrade. This included Bitcoin inspired deflationary emission schedule as documented in Ethereum Classic Improvement Proposal (ECIP) 1017.

This emission schedule is 5M20, which reduces the block reward by 20% every 5,000,000 blocks. Further, this block reward reduction event has taken the moniker of “The Fifthening.”

For those who are new to Ethereum Classic, it is the decentralized computing platform that executes smart contracts. The applications are executed as programmed without the possibility of censorship, downtime, or third-party interference.

Ethereum Classic is a distributed network consisting of a blockchain ledger with the native cryptocurrency (ETC), contributing to the robust ecosystem of on-chain applications and services.

Ethereum Classic provides a Permissionless way to manage digital assets without intermediaries like banks and other institutions.

Ethereum Classic permits uncensorable intelligent contracts to be written, deployed, and executed; ETC makes it possible to have genuinely unstoppable programmable money.

Ethereum Classic is the continuation of the unaltered history of the original Ethereum chain. The ETC network exists to conserve the “code of law” principle while featuring smart contract (scripting) functionality. It further supports a modified version of Nakamoto consensus using transaction-based state transitions executed on the public Ethereum Virtual Machine (EVM). The Ethereum Classic network has developers, miners, businesses, and end-users.  The ticker symbol is ETC and is the reward to network nodes for the process known as mining.  The mining process validates computations, which are performed on the Ethereum Classic’s EVM.