Why did the Ethereum community split into Ethereum and Ethereum Classic?
Asked 3 years ago
As DeFi platforms, and Ethereum in particular, play such a major role in my daily work, I'm very interested in learning more about DeFi history. What I know is that the Ethereum community was going strong in 2016, but then suddenly there was a split into the Ethereum blockchain and the earlier version - Ethereum Classic. But can anyone please explain why this split occurred? It seems strange to me that this would happen. Thanks in advance.
Erich Santana
Friday, April 22, 2022
Ethereum Classic (ETC) was created out of a philosophical and ethical disagreement in the Ethereum community that aggravates controversy till today. In 2016, a major cyber security attack targeted a third-party app running on the Ethereum (ETH) network, resulting in the theft of 3.6 million Ether (ETH). In response, the Ethereum network went through a hard fork, in essence, to reverse the stolen funds to their original owners.
Contrary, some minority users who were against a hard fork kept using the original ledger to preserve a 100% immutable ledger. Basically, the two blockchains differed in only one way: one maintained the record of the hack and the stolen funds, while the other created a new ledger devoid of the hacked record. The unchanged blockchain became the Ethereum Classic, while the new fork maintained the Ethereum blockchain name.
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