Ethereum Classic (ETC)

Smart Contracts and Decentralized Applications (dApps)

Ethereum Classic provides a platform for creating and running smart contracts, which are self-executing contracts with terms written in code. It supports decentralized applications that run without outside control.

Immutable Ledger Use Cases

Because Ethereum Classic keeps the original, unaltered blockchain history, it is useful for applications needing an unchangeable record, such as voting systems, financial contracts, and supply chain tracking.

Payments and Transactions

Ethereum Classic is used as a digital currency for fast and low-cost transactions. It is accepted by merchants and services worldwide for payments.

Decentralized Finance (DeFi)

Ethereum Classic supports DeFi projects, enabling financial services like lending, borrowing, and trading without traditional banks.

NFTs and Gaming

The platform hosts NFT marketplaces and gaming applications where users can buy, sell, and trade digital collectibles using Ethereum Classic.

Open Source and Community Development

As an open-source blockchain, Ethereum Classic allows developers to build and improve software freely, encouraging innovation and transparency.

Pros

• Immutability: Ethereum Classic stays true to the original blockchain idea where transactions cannot be changed once confirmed.
• Decentralization: It follows the principle of no single authority controlling the network, keeping it open and permissionless.
• Lower Transaction Fees: Generally, it offers cheaper transaction costs compared to some other cryptocurrencies.
• Stable Monetary Policy: It has a fixed supply and predictable reward system, which can build investor confidence.
• Original Vision: It preserves the original Ethereum blockchain before the split, appealing to those who value the "code is law" philosophy.

Cons

• Smaller Community: It has fewer developers and users than Ethereum, which means fewer apps and updates.
• Less Adoption: Ethereum Classic is less popular and has lower market demand compared to Ethereum.
• Fewer Upgrades: It does not benefit from many of the new features and improvements that Ethereum receives.
• Security Concerns: It has experienced some network attacks in the past, which affected its reputation.
• Competition: Faces strong competition from Ethereum and other smart contract platforms with bigger ecosystems.

Founders of Ethereum Classic

Ethereum Classic originated from the original Ethereum blockchain, which was created by a group of founders including Vitalik Buterin, Gavin Wood, Charles Hoskinson, Joseph Lubin, Anthony Di Iorio, Mihai Alisie, Jeffrey Wilcke, and Amir Chetrit. The split happened in 2016 after a disagreement in the Ethereum community following a hack. Ethereum Classic continues the original Ethereum blockchain, maintaining the principle of immutability ("code is law").

Key People Involved

• Vitalik Buterin – Lead creator of the original Ethereum.
• Gavin Wood – Co-founder and early developer.
• Charles Hoskinson – Co-founder, later supported Ethereum Classic.
• Joseph Lubin – Co-founder and early supporter.
• Anthony Di Iorio, Mihai Alisie, Jeffrey Wilcke, Amir Chetrit – Other original Ethereum co-founders.

Ethereum Classic does not have separate founders from Ethereum but is the continuation of the original Ethereum blockchain before the 2016 hard fork.

Investors in Ethereum Classic

• Major investors include Antpool Capital Asset Investment, GSR, Digital Finance Group (DCG), and HyperChain Capital.
• Grayscale Investments launched a $10 million private fund focused on Ethereum Classic, with seed capital from Barry Silbert (founder of DCG) and Glenn Hutchins (co-founder of Silver Lake).
• Other investors mentioned are Akwan, Blockchain R&I, and BIT.CO.
• Ethereum Classic has raised around $10 million in funding from about 7 investors in total.

These investors support the development and growth of Ethereum Classic as a decentralized blockchain platform.

Halal Status of Ethereum Classic

Yes, Ethereum Classic is generally considered halal. This is because it operates as a decentralized digital asset and platform that supports smart contracts without involving interest (riba) or gambling (maysir), which are prohibited in Islamic finance. Many Islamic scholars view it as a digital asset that can be used for investment or utility purposes in a Shariah-compliant way.

Reasoning

Ethereum Classic maintains the original Ethereum blockchain principles, focusing on transparency and immutability. Its use as a utility token and decentralized platform aligns with Islamic finance principles, as long as it is not used for non-halal activities.

For more details, you can visit: Crypto Ummah on Ethereum Classic Halal Status