Ethereum Classic is the result of a so-called hard fork or a split of the blockchain. In this case a splitting of the Ethereum blockchain.
The split took place because the community could not agree on what to do with the stolen Ether worth $ 50 million. The Ether was stolen in what would be known as the DAO ( Decentralized Autonomous Organization ) hack. The hacker used an error in a smart contract. Given the fact that it was an error in the system, the hacker appointment may not be entirely justified and this is also the cause of the discussion.
One group wanted to leave Ethereum as it was and the other group wanted to compensate DAO investors by making a new smart contract. The first group did not agree with this because it would go against the principles of Ethereum . The result was a blockchain as it was for the DAO hack, Ethereum Classic and a renewed blockchain, Ethereum . The motto of Ethereum Classic that exists since July 20, 2016 is as follows: "Code is Law "
The most obvious competitor for Ethereum Classic is of course Ethereum . Both can host ICOs and smart contracts on the platform. In addition, other smart contract platforms such as NEO, EOS, Cardano , Lisk and Qtum are also direct competitors.
At the hard fork , all ETH owners have received an equivalent number of ETCs. As with Ethereum , it has not been determined how much this will eventually become.