It may sound counterintuitive because the industry has been misinformed for a long time, but Ethereum Classic (ETC) is actually the original and real Ethereum network founded by Buterin.
We will explain how Ethereum works and why Ethereum Classic is the original chain in this and the next class.
Ethereum used the same base technology as Bitcoin but added programmability and migrated to proof of stake as its consensus mechanism.
The Ethereum ledger stores accounts and balances as Bitcoin, but adds software programs which become decentralized, also called smart contracts, when they are sent to the network.
To accomplish this it has 4 major components:
- The Ethereum Virtual Machine (EVM) - A programming language called Solidity - State transition - The gas system
