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The people who continued with Ethereum Classic advocate for blockchain immutability, and the concept that "code is law"  against the pro-fork side Ethereum which largely argued for extra-protocol intentionality, decentralized decision-making , and conflict resolution. On 13 January , the Ethereum Classic network was updated to resolve transaction replay attacks. The networks are now officially operating separately.
They set up a refund contract on the ETC network. On 29 June , the Ethereum Classic Twitter account made a public statement indicating reason to believe that the website for Classic Ether Wallet had been compromised. The Ethereum Classic Twitter account confirmed the details released via Threatpost. The Ethereum Classic team worked with Cloudflare to place a warning on the compromised domain warning users of the phishing attack.
In January , Ethereum Classic was subject to double-spending attacks. From Wikipedia, the free encyclopedia. Open source blockchain computing platform. Main article: The DAO organization. Further information: Cryptocurrency. The Wall Street Journal Blog. News Corp. Retrieved 17 February Ethereum 'Classic' ". Retrieved 5 March Blockchain revolution : how the technology behind bitcoin is changing money, business, and the world.
ISBN Financial Times. Retrieved 19 October Bloomberg News. The New York Times. ISSN Retrieved 12 July Antonopoulos, Gavin Wood : " Ethereum timeline ". O'Reilly Media; pages. Futurism, LLC. Archived from the original on 7 August Retrieved 16 May Online article, Bloomberg. Accessed on Bloomberg HT. The Economist.
Retrieved 18 June The technology behind bitcoin lets people who do not know or trust each other build a dependable ledger. This has implications far beyond the crypto currency. Bitcoin and Cryptocurrency Technologies: a Comprehensive Introduction. Princeton: Princeton University Press. January Harvard Business Review. Harvard University. Retrieved 17 January The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
Archived from the original on 24 July Retrieved 2 September Archived from the original on 3 February Retrieved 3 February Retrieved 15 May International Business Times. Ars Technica. Les Echos in French. Proof of authority Proof of personhood Proof of space Proof of stake Proof of work.
Ethereum Ethereum Classic. Auroracoin Bitconnect Coinye Dogecoin Litecoin. Bitcoin Gold Zcash. Dash Petro. BTC-e Mt. Gox QuadrigaCX. Airdrop BitLicense Blockchain game Complementary currency Crypto-anarchism Cryptocurrency bubble Cryptocurrency scams Digital currency Decentralized autonomous organization Decentralized application Distributed ledger technology law Double-spending Environmental impact Hyperledger Initial coin offering Initial exchange offering Initiative Q List of cryptocurrencies Token money Virtual currency.
Category Commons List. A hard fork was deemed the most appropriate course of action, with most developers choosing to upgrade to Ethereum. This left the original blockchain, now known as Ethereum Classic, out in the cold to forge its own path. What caused all of this mayhem? The DAO. It was essentially a decentralized Kickstarter that used the Ethereum blockchain and operated via a set of smart contracts.
While the DAO was a great way to encourage decentralized investment — stopping management types from having a final say on who got funding — there were some significant weaknesses which would eventually lead to its demise. The exploiters found a loophole in the blockchain code that meant the network repeatedly refunded the same DAO tokens — without the transactions being registered on the public ledger.
The community was left trying to pick up the pieces and assess the damage. The person or persons also eventually stopped draining the DAO, even though they could have continued. Instead, it was a vulnerability that was exploited from within the code of the DAO, which was built on the Ethereum blockchain network. In spite of this, it was hugely reputationally damaging for Ethereum — and it meant that the team had to act quickly to redeem itself.
After much deliberation within the community over the taken Ether, a vote was taken — and it was concluded that the best course of action was to hard fork and refund all affected token holders. The hard fork allowed the stolen funds to be sent to an account that the original owners were able to access. This left Ethereum Classic as the original chain, with the tokens unexpectedly taken from the DAO left untouched with the exploiter. Ethereum, on the other hand, was the chain that returned the tokens.
So… which digital asset is best: Ether or Ethereum Classic? But for others, it was a betrayal of what blockchain technology set out to do: stop things from being manipulated based on a human whim. As a result, the ETC community argues that they have stayed loyal to the notion that the blockchain should never be changed. Their network contains the original blockchain showing every transaction, including the exploit.
Critics of ETH argue that future forks could end up taking place for any reason deemed worthy enough to break the rules. On Sept. However, as with Ethereum, investors and daily volume were not negatively affected, as nodes were updated. In comparison, the Ethereum community felt they had to take drastic action because so much investor money had been taken, and confidence in Ether was plummeting. ETH benefited from the backing and support of co-founder Vitalik Buterin, who is highly regarded and influential within the community.
It was home to a flurry of ICOs in , is supported by practically all cryptocurrency exchanges, has a bigger development team through the Ethereum Foundation, and this version of Ethereum is now at the beating heart of decentralized finance. In December , the Chicago Mercantile Exchange CME — the world's largest derivatives platform — publicly announced that it would launch Ethereum futures in February If everything gets signed off by the U.
The derivatives will allow investors to bet on the future price of an underlying asset without actually having to own it. CoinMarketCap News. Ethereum vs Ethereum Classic. Table of Contents. Origins of Ethereum. By Decentralized Dog. Created 1yr ago, last updated 5mo ago. Is there a divided community of bitter rivals out there throwing chairs at each other after violently disagreeing on the future of blockchain?
Ether is the native cryptocurrency token of the Ethereum blockchain. Also called ETH, it is branded as "digital, global money. It is used to faciliate and secure the Ethereum network; users of the network pay a fee in ETH, which is used as incentives to miners to verify the transactions. The platform would allow the creation of decentralized smart contracts , which are essentially agreements between two parties that are written in code. The contract gets processed automatically by the blockchain once the conditions in the agreement are met.
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