Ethereum Classic

The Ethereum Hard fork has spawn a “new” cryptocurrency, Ethereum Classic. Users that did not agree with the hard fork consensus and implementation have decided to fork from Ethereum and keep mining on the old Blockchain, where the Ether stolen from The DAO was never returned and can be withdrawn and sold by the hacker. Some even suggest that the hacker may be involved in the community, since their interests align in such a convinient manner.

The Ethereum Hard fork has spawn a “new” cryptocurrency, Ethereum Classic. Users that did not agree with the hard fork consensus and implementation have decided to fork from Ethereum and keep mining on the old Blockchain, where the Ether stolen from The DAO was never returned and can be withdrawn and sold by the hacker. Some even suggest that the hacker may be involved in the community, since their interests align in such a convinient manner.

The decision was a political one, since the group that started the project did not agree with the hard fork due to the creation of a precedent to change the Ethereum protocol in order to benefit a group of individuals.

Ethereum Classic has managed to gain a lot of traction with two mining pools dedicated to the cryptocurrency. Poloniex even went as far as to add a Market for Ethereum Classic, and distributed the currency to all the ETH holders on a 1-1 scale acording to their balance at the time of the Hard-Fork.

In response to the addition of the ETC Market and the uncertainty and doubt it brings upon Ethereum, Chandler Guo has stated that he’ll attack the Ethereum Classic network by pointing his jaw-dropping 98 Gh/s mining power towards their blockchain, gaining control over it.

It seems like Ethereum Classic may come to an end before even starting. The price has been dropping at an astonishing rate. This can be seen as a result of both the announcement made by Chandler Guo and the fact that Poloniex has credited its users with “free” coins. Since most of the Ethereum holders voted for the hard fork, it`s only normal that most of the people that received ETC from an exchange or from having ETH on a personal wallet, at the time of the hard fork, will sell it.

This recent development comes as a lesson for all crypto enthusiasts: You can’t fight consensus. Not for long at least.

The name is most likely a reference to Bitcoin Classic, that unlike ETC does not wish to “enforce” its ideals or views upon the community, and will only come to life once a super majority of miners agrees to it.