Ethereum Classic is actually the original Ethereum. Meaning, it is also a decentralized platform for dApp development and running smart contracts. The Ethereum Classic is a continuation of the original Ethereum that made a hard-fork to refund The DAO token holders. This means that the transactions of the current ETH from Block 192000 and earlier are valid on the ETC blockchain.
ETH and ETC have some similar specifications like average block time, size, and reward.
ETC has the same business model as ETH but ETC stand by its belief in the “code is law” idea.
When the DAO hard fork happened, it literally split the Ethereum community. ETC believers believe that “code is law” and even The DAO made it clear that it will stand by that idea. In that sense, doing a hard fork to fix The DAO disaster does not make much sense.
Other problems that the ETC community cited are as follows:
A smart contract is a program that self-executes when at least one of at least two parties fulfill their side of the agreement. In cryptocurrency, they are mainly used to make financial agreements without any third party.
Bitcoin is considered as the first blockchain application. Ethereum (Classic) has the edge of running more types of applications compared to Bitcoin, which is not a decentralized app development platform in the first place.