Ethereum Classic is a distributed computing and smart contract platform, formed following a hard fork of Ethereum following the DAO exploit in 2016. Ethereum Classic is similar to Ethereum in function, providing a Turing-complete virtual machine as a platform for smart contracts and dApps. The native token, Ether Classic (ETC), is used to purchase computational resources on the network. Following the DAO exploit, where $50 million in ETH was lost, the community disagreed on philosophical grounds about whether to hard fork the network to return the funds. Users who opposed this transaction replay forked to Ethereum Classic on December 12, 2016; prior ETH holders were allocated an equivalent amount of ETC. Ethereum Classic is not associated with the Ethereum Foundation, who supported the return of the DAO funds. Unlike Ethereum, there is a fixed supply cap of 210 million ETC.