Ethereum Classic in a nutshell
Ethereum Classic (ETC) is the cryptocurrency made because of a disagreement with the way that the original Ethereum conducted its business. The impetus of the split was because of a hacker that was able to find a method in stealing $60 million Ethereum coins.
Supporters of Ethereum (ETH) stated that the code must be altered and have the stolen coins refunded. The ETC supporters argued that the “code is law” and that what had happened already happened. So the result of their argument was that the ETC is the one who remained with the original code while Ethereum itself went out and created their own code based on what happened, which have their own new Ethereum.
This is why you will see 2 identical currencies competing against each other and each of them has differing exchange rates. The price of ETH today is higher and is even more common in the cryptocurrency community.
The hard-fork and birth of Ethereum Classic
After the attack all eyes were on the Ethereum Foundation and The DAO team. The community hoped for a resolution that allows the Ethereum blockchain to continue to progress as it was before.
Since The DAO contract contained about 15% of all Ether, the consensus was a “too big to fail” proposal. Ethereum creator, Vitalik Buterin implemented a hardfork that split the Ethereum blockchain into two. A new version of Ethereum had evolved from the orginal blockchain on the spot and Ethereum Classic (ETC) was created.
What was the hard-fork?
Ethereum underwent a hard-fork which means they created a new version of their blockchain. The block that was re-created was the block that the hack occurred, and thus returning all the Ethereum back to their original owners. The change to the blockchain underwent a vote and the vast majority of the Ethereum community voted for the hard-fork. Typically, in blockchain technology it is the intent that you cannot change the blockchain’s history, and this was somewhat of a controversial decision.