What is the point of Ethereum Classic?

Could you please clarify for me what exactly Ethereum Classic stands for? I've heard a lot about Ethereum but I'm not quite sure about this "Classic" variant. Is it some sort of an older version of Ethereum or does it serve a completely different purpose? Could you explain its key features and what sets it apart from other cryptocurrencies? Also, is it widely used in the crypto community, and what are some of its practical applications? I'm quite curious to know more about it.