Ten years ago, Ethereum Classic emerged as a response to a key disagreement in the blockchain community. Since its inception, it has become a symbol of independence and code immutability.
The Backstory of Ethereum's Split
In 2016, Ethereum faced a serious challenge related to the DAO exploit, which led to a loss of over 3.6 million ETH. In response, developers proposed a hard fork to reverse the consequences of the attack, sparking disagreements in the community. Many believed this violated the fundamental principle of blockchains — 'code is law.' As a result, some users and developers decided to continue working with the original chain without alterations, forming the basis for Ethereum Classic.
Ethereum Classic's Survival and Growth
After the hard fork on July 20, 2016, the original Ethereum chain faced the threat of extinction. However, one of the key players was a miner known as Wiz, who managed to single-handedly support the network by controlling 100% of the hash rate. Soon after, the Poloniex exchange began trading Ethereum Classic, greatly increasing the network's legitimacy. Ethereum Classic not only survived but also became a significant player in the blockchain world with high levels of security and code immutability.
Ten Years of Ethereum Classic: Achievements and Future
Today, Ethereum Classic has established itself as one of the safest platforms for smart contracts based on Proof-of-Work. Its unique characteristics, such as a fixed supply and lack of centralized governance, have made it attractive to developers. With the upcoming Olympia upgrade, Ethereum Classic aims to become the first self-funded and self-governed Proof-of-Work network in history, demonstrating its intention to move toward independence and sustainable development.
Ethereum Classic has proven its resilience and principle over the decade of its existence. It is expected to become a crucial part of the Proof-of-Work financial ecosystem, supporting ideas of a free and sustainable blockchain.
