CoinYQ Dossier

The chain that kept the ledger and inherited its hazards

Ethereum Classic preserved the version of Ethereum that did not execute The DAO recovery. That choice created ETC, but it also produced duplicated balances, replay danger and a decade-long test of what immutable history costs when hashpower and software clients must defend it.

Block 1,920,000 produced two valid memories

On 2016-07-20, Ethereum's recovery fork moved roughly 12 million ETH from Dark DAO and Whitehat DAO contracts into a withdrawal contract. Some miners and users continued the state without that intervention. The two networks shared every earlier block, then assigned different meaning to the same crisis.

The duplication was practical as well as philosophical. Anyone holding ether before block 1,920,000 now had assets on both branches, and the same signed transaction could initially travel across them. On 2016-07-26, the Ethereum Foundation advised ETC users to split balances into separate wallets; Die Hard finally gave ETC chain ID 61 replay protection on 2017-01-13.

Accumulated proof of work met competing hashpower

In January 2019, Coinbase detected deep reorganizations and later counted 12 double-spend reorganizations totaling 219,500 ETC. On 2020-07-31 and 2020-08-05, two more majority-hash attacks produced about 800,000 ETC and 460,000 ETC in reported double spends. The first also exposed a client fault line: pruned Parity nodes rejected the deep replacement while other nodes accepted it. Coinbase labels these incident dates and times as PST in its report. The winning replacement chain had fewer blocks but higher cumulative difficulty, so block count alone did not determine the accepted history.

ETC's response layered defenses rather than erasing the proof-of-work premise. MESS made Core-Geth temporarily resistant to late competing histories. Thanos then activated ETCHash at block 11,700,000 by doubling the DAG epoch so more lower-memory GPUs could mine. When Ethereum left proof of work and compatible hashpower conditions changed, Spiral deactivated MESS by default in 2024.

Five million blocks became the monetary clock

ECIP-1017 replaced open-ended reward continuity with 5M20 eras. At each five-million-block boundary, the block reward falls by 20%. The often quoted 210.7 million ETC ceiling is the proposal's approximate theoretical upper bound under assumptions that include maximum uncle issuance, not a precise statement of circulating supply.

There is no native ETC token contract with an owner function for minting or freezing balances. Miners receive protocol issuance, and nodes enforce the schedule they run. That removes a privileged mint key, but not governance: changing the schedule still depends on developers publishing code and miners, node operators, exchanges, wallets and users deciding which client rules to follow.

Current software, not proposed constitutions, defines the chain

The live network still identifies as EVM proof of work, ETCHash and chain ID 61. Its activated upgrade history reaches Spiral at block 19,250,000, while Core-Geth v1.12.23 shipped on 2026-08-14 as a maintenance release with no ETC consensus changes. Those are observable protocol facts; ecosystem roadmaps are separate claims.

ECIP status is therefore part of the product boundary. A draft governance or treasury design can describe a possible future without controlling today's chain. ETC's original refusal to rewrite one application remains its founding distinction, but daily finality now depends on a less dramatic discipline: enough independent hashpower, compatible clients, cautious confirmations and users who know which chain they are signing for.

How the project changed

  1. 2016-07-20
    The recovery fork splits state

    At block 1,920,000, one chain moves DAO-related balances to a recovery contract while the no-fork chain continues as Ethereum Classic.

  2. 2016-07-26
    Replay risk becomes a wallet problem

    The Ethereum Foundation tells pre-fork holders they own ETH and ETC and advises splitting the assets into separate wallets.

  3. 2017-01-13
    Chain ID 61 separates signatures

    Die Hard activates at block 3,000,000 and implements EIP-155 replay protection for ETC.

  4. 2017-12-11
    5M20 starts its monetary eras

    Gotham activates ECIP-1017 at block 5,000,000, beginning 20% reward reductions at five-million-block intervals.

  5. 2019-01-05
    Coinbase detects a deep reorganization

    Coinbase later reports 15 reorganizations, including 12 double spends totaling 219,500 ETC.

  6. 2020-07-31 / 2020-08-05 (PST)
    Two attacks replace thousands of blocks

    Coinbase reports about 800,000 ETC and 460,000 ETC in double spends; the first incident also partitions pruned Parity nodes.

  7. 2020-11-28
    Thanos activates ETCHash

    Block 11,700,000 doubles the DAG epoch length and changes the mining algorithm from Ethash to ETCHash.

  8. 2024-02-05
    Spiral turns MESS off by default

    At block 19,250,000, ETC activates Shanghai-compatible features and deactivates the temporary MESS reorganization defense.

  9. 2026-08-14
    Core-Geth ships another maintenance release

    Version 1.12.23 hardens peer-to-peer message handling and states that it introduces no ETC consensus changes.

Evidence and primary sources

Last evidence review: 2026-09-05

What is Ethereum Classic?

Ethereum Classic is a public EVM-compatible Layer 1 whose native coin is ETC. It shares Ethereum's history until just before block 1,920,000, but it kept the state that did not move The DAO balances when the recovery fork executed on 2016-07-20. ETC is therefore the native asset of a separate chain, not wrapped ETH or an ERC-20 token.

The current network uses ETCHash proof of work and chain ID 61. Miners order transactions and receive ETC, nodes verify the rules, and ETC pays for transaction and contract execution. Core-Geth v1.12.23, released on 2026-08-14, is current evidence of maintained node software and explicitly contains no ETC consensus change.

What problem does Ethereum Classic solve?

Ethereum Classic began with a dispute about whether a community should change blockchain state to repair an application disaster. Continuing the no-fork history preserved one answer to that dispute, but it also copied every pre-split balance onto two live chains. A signature could initially be replayed, so philosophical continuity created an immediate wallet-safety problem.

Later crises concerned consensus itself. Deep reorganizations in 2019 and two majority-hash attacks in 2020 enabled double spends and, during the first 2020 incident, split pruned Parity nodes from other clients. ETC responded with client and mining changes, but proof of work still makes confirmation depth, available hashpower and client behavior part of transaction risk.

How does Ethereum Classic work?

ETC runs smart contracts in an EVM and selects blocks through ETCHash proof of work. EIP-155-style signatures bind transactions to chain ID 61, preventing a protected ETC transaction from being valid unchanged on chain ID 1. The Thanos upgrade at block 11,700,000 doubled the DAG epoch from 30,000 to 60,000 blocks and activated ETCHash.

ECIP-1017 defines 5M20: block rewards fall 20% at every 5,000,000-block era. Its roughly 210.7 million ETC figure is a theoretical upper bound under stated assumptions, not a guarantee that every circulating-supply feed is exact. ETC has no single ERC-20 owner who can mint, freeze or pause native balances. Changing issuance or execution rules requires new client code and network adoption, usually through a hard fork.

After the 2020 attacks, Core-Geth used MESS to resist late deep reorganizations without replacing the ultimate accumulated-work rule. Spiral deactivated MESS by default at block 19,250,000 on 2024-02-05. ECIPs can describe future changes, but a draft or repository entry is not a live rule; the 2026 Olympia governance documents remain proposals rather than evidence of current mainnet governance.

Key facts

  • The recovery fork executed at block 1,920,000 on 2016-07-20, and the no-fork chain continued as Ethereum Classic.
  • The first split left pre-fork holders with ETH and ETC balances and exposed transactions to replay until chain-specific protection was adopted.
  • Die Hard activated at block 3,000,000 on 2017-01-13 and set ETC's EIP-155 chain ID to 61.
  • The 5M20 policy reduces block rewards by 20% every 5,000,000 blocks and models an approximate 210.7 million ETC upper bound.
  • Coinbase reported 219,500 ETC in double spends across the 2019 incident and about 800,000 ETC plus 460,000 ETC in the two 2020 incidents.
  • Thanos activated ETCHash at block 11,700,000 on 2020-11-28 by doubling the DAG epoch length.
  • Spiral activated at block 19,250,000 on 2024-02-05 and deactivated MESS by default.
  • The current network is an EVM proof-of-work chain using ETCHash and chain ID 61; Core-Geth v1.12.23 shipped on 2026-08-14 without ETC consensus changes.

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Frequently asked questions

Is ETC the same asset as ETH?

No. The chains share history before block 1,920,000, but they have different post-fork states, consensus paths and native assets. ETC is not wrapped ETH.

Why were replay attacks possible after the DAO split?

Balances and transaction rules initially existed on both chains. A valid signature could therefore be copied to the other chain. EIP-155-style signing later bound transactions to different chain IDs, with ETC using 61 and Ethereum using 1.

Did Ethereum Classic reverse The DAO exploit?

No. The chain now called Ethereum executed the recovery state change. Ethereum Classic continued the no-fork state in which those balances were not moved by that intervention.

Is 210.7 million ETC an exact immutable cap?

ECIP-1017 presents approximately 210.7 million as a theoretical upper bound under its reward and uncle assumptions. The active schedule is enforced by consensus, but a sufficiently adopted hard fork could change consensus rules.

Did ETCHash eliminate majority attacks?

No. ETCHash changed the mining dataset schedule and widened the set of usable GPUs. Proof-of-work chains can still be reorganized if an attacker obtains enough competing hashpower, so confirmations remain an operational defense.

Does a published ECIP automatically govern ETC?

No. ECIPs move through documented statuses, and consensus proposals become live only when compatible clients implement them and the network adopts them. Draft Olympia documents are not proof of active mainnet governance.

What rights does holding ETC provide?

A holder controls a native balance and can pay gas or use compatible applications. The reviewed protocol sources do not grant equity, dividends, treasury redemption or a contractual share of revenue.

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