Community Forex Questions
When was Ethereum Classic created?
Ethereum Classic (ETC) was created on July 30, 2015. It came into existence as a result of a contentious hard fork within the Ethereum blockchain. The fork was a response to the infamous DAO (Decentralized Autonomous Organization) hack, in which a significant amount of Ether (ETH) was stolen due to a vulnerability in a smart contract. The Ethereum community was divided on how to handle this situation.
A majority of the community decided to implement a hard fork to reverse the effects of the hack and return the stolen Ether to its rightful owners, leading to the creation of Ethereum (ETH). However, a portion of the community believed in upholding the principles of immutability and decentralization, and they chose to continue with the original Ethereum blockchain, which later became known as Ethereum Classic (ETC). This split resulted in two separate cryptocurrencies, each with its own set of principles and development paths.
A majority of the community decided to implement a hard fork to reverse the effects of the hack and return the stolen Ether to its rightful owners, leading to the creation of Ethereum (ETH). However, a portion of the community believed in upholding the principles of immutability and decentralization, and they chose to continue with the original Ethereum blockchain, which later became known as Ethereum Classic (ETC). This split resulted in two separate cryptocurrencies, each with its own set of principles and development paths.
Oct 23, 2023 09:34