Ethereum Classic is the legacy chain following the DAO hard fork. It is an open-source platform for running smart contracts and facilitates the building and deployment of decentralized applications (dApps). The Ethereum Classic network, and its native currency, ETC, offer similar features and use cases to Ethereum. It has remained in the shadows of the rapidly growing Ethereum since the hard fork, however, with the backing of prominent individuals like Barry Silbert of Grayscale, and developments such as Google adding BigQuery support for Ethereum Classic, the network continues to be a force. More recently, Ethereum Classic has entered the decentralized finance arena following a partnership between Ethereum Classic Labs and Fantom.
Ethereum Classic was created in a hard fork that split the Ethereum network into two different chains. The resulting chains were named Ethereum (ETH) and Ethereum Classic (ETC). The hard fork was performed when the Ethereum community was unable to come to an agreement on what the best way to handle the DAO hack was. The DAO hack took place in 2016 and resulted in hackers making off with more than 3,600,000 million ether tokens. The community that is now Ethereum believed that the transaction should be reversed as it was clearly malicious. The group that now supports Ethereum classic felt that reversing the transaction was not in line with the fundamental philosophical beliefs that digital assets should always remain immutable. The eventual hard fork that created ETC took place on the Ethereum block number 1,920,001.