Ethereum Classic Carried Out Its Own Hard Fork


Published on 27 Oct. 2016
Forks

A crypto-currency that emerged as a result of the first Ethereum hard fork denial, carried out its own hard fork. This paradoxical situation has appeared not without the reason, since ETC uses the blockchain of the maternal network, and it also suffered from DDoS-attacks and was forced to act in a similar way as ETH.

Hard Forks Parade

The representatives of Ethereum Classic fell into the trap of their own allegations, when a part of the community split and remained to support the old chain of blocks. It is unacceptable, they say, to carry out hard fork because someone, within the rules boarders, found a loophole in the security system and withdrew a big part of the funds of a notorious DАО. Now the situation is, allegedly, totally different, the representatives of Classic are obliged to make such steps, because the blockchain of the both Ethereum branches has similar architecture and also suffers from attacks.

However, the situation differs because the first hard fork was chosen by the biggest part of the community by voting. In the present case, although the discussion was held among the representatives of ETC community, it was unofficial and was help on forums and in the environment of fan sets. And the decision seems to be made by the ETC developers only, and this resembles a centralized government. Of course, this time Ethereum representatives didn’t organize public voting either, but Classic emerged as “buttress of democracy” within Ethereum network, and now the ideological sense of its existence is lost.

Ethereum Classic, as well as Ethereum plans to carry out another hard fork right after the first one to delete empty accounts with zero code.

Market Reaction

Unlike Ethereum, the price of which grew for 10% right after hard fork, the price of ETC, on the contrary, reduced for 3%, although it could be caused by the rise of Bitcoin price.

It is obvious that Classic representatives follow the main branch of Ethereum and everything that happens to the maternal blockchain automatically happens with ETC, at least for now. The time will show what future waits for Ethereum Classic.

 

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