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Ethereum Classic: The First Hard Fork Of
Ethereum
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If you are a true cryptoenthusiast who loves to
explore new
terminologies in
cryptocurrency, then it is
expected that you must
be knowing about what is
a soft fork and hard fork
in the blockchain. If yes,
then you must be aware
of hard forks that got
spawned from the Bitcoin
blockchain after the split.
One of the big examples
is Bitcoin Cash.
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● But it is not the only result of a hard fork. Bitcoin Cash has sibling hard forks
that too got spawned from Bitcoin. They include Bitcoin Diamond, Super
Bitcoin, and Bitcoin Gold. But today, we are not going to emphasize any of
the Bitcoin’s hard fork. Today, we are going to introduce Ethereum Classic,
the first hard fork of Ethereum. The second most cryptocurrency after
Bitcoin.
● Cryptocurrency forks are an important aspect of the cryptocurrency world.
They, however, occur very rarely. These forks can either be planned or
unplanned depending on the need of the situation. No matter how they
look, but when they emerge, they reflect new updates from their parent
crypto token. Just like Bitcoin Cash and other hard forks, Ethereum classic is
too an example of a hard fork of Ethereum.
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● Ethereum Classic happened to be the first hard fork of Ethereum. But this
hard fork is surrounded by controversies in comparison to its other sibling
hard forks including Serenity, Ether Zero, and Metropolis.
● The need for Ethereum Classic came into being when the hacking of DAO
(decentralized autonomous organization) used by Ethereum was discovered
by its development team. They came up with a swift decision to introduce a
hard fork that would restore all the coins that got stolen. However, it did
face some backlash too.
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● Ethereum Classic did not get much warm welcome in the beginning. It
was because of the division of opinions between the two camps. Where
one came in support of it, the other termed it to be a violation of
decentralization.
● Most of the people are still not in favour of Ethereum’s first hard fork,
and still consider the old Ethereum.
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Conclusion
The real cause behind Ethereum classic was the cause of hacking that
was spotted on DAO used by Ethereum by its team of developers. This
became the reason for the spawn of Ethereum's first hard fork, which is
popularly known as Ethereum Classic. Besides understanding the
difference between the soft fork and hard fork, a crypto enthusiast
must also know that forks do not happen so often.
Sources
https://www.cryptoknowmics.com/news/guide-to-forks-everythingyou-need-to-know-about-forks-hard-fork-and-soft-fork
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