Tonight, ETC (Ethereum Classic) trading has launched on Poloniex. Some folks have decided to stick to the principles of blockchain and not support the idea of just rolling things back for minor purposes. That’s when Ethereum Classic was born.
Reasoning behind the creation of ETC was the strong belief that the resolution of the DAO debacle was handled “in the worst way possible”, and that there’s still a significant minority opposition which was against the DAO bailout hard fork:
“The main goal of the project is to ensure survival of the original Ethereum blockchain. We will strive to provide alternative for people who strongly disagree with DAO bailout and the direction Ethereum Foundation is taking their project. Anyone opting to remain on the original chain should have such opportunity.” – ethereumclassic.github.io
Plans are to continuously develop the Classic fork and “maintain upstream patches similar to the relation between Redhat and CentOS, until a community can form around the project and create a road map”.
Ethereum Classic is currently trading in the 0.001+ range, which is currently around 5% of Ethereum’s price. The network is backed by currently ~60 Gh/s of mining power, starting with ~30 Gh/s (for comparison, Ethereum started with around 10 Gh/s).
You can checkout the latest source code which supports the old chain on Ethereum Classic’s Github pages.