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Eth. Classic

In July 2016, a fork of the Ethereum blockchain took place. This fork gave rise to Ethereum Classic. The classic lives up to its name, because it is the first original Ethereum blockchain. So the current Ethereum blockchain is a new ‘improved’ mutated version of the original blockchain that would have been hacked. The code of the DAO, or Distributed Autonomous Organization, would have contained a bug that would have allowed a malicious party during the DAO ICO, by one investment, to realize multiple DAO payouts which ran into many ‘stolen’ millions. DAO was Ethereum’s ‘project’. It was a smart contract that would make it possible to set up a decentralised investment company without personnel and intermediaries, which would have made investments financially advantageous and would have allowed investments to be realised more quickly. In the Ethereum community a division had arisen because it was felt that it should be a hard lesson for the Ethereum and that the losses could not be recovered. 89% were behind the fork and bug to repair and retrieve the stolen DOA. The remainder could not accept that the recovery of the coins was admissible and supported Ethereum Classic. However, according to co-founder or Ethereum, there were already two Ethereum’s from the beginning without knowing about their existence. The same applies to Ethereum Classic and the GAS token ETC as to Ethereum, which are used to finance transactions.

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