Can you explain the historical background and reasons behind the creation of Ether and Ethereum Classic?

1 answers

• Nov 26, 2021 · 3 years ago
  Ether and Ethereum Classic were created as a result of a contentious hard fork in the Ethereum blockchain. The hard fork was prompted by the DAO hack, which exposed vulnerabilities in the smart contract code and resulted in the theft of millions of dollars worth of Ether. The Ethereum community was divided on how to respond to the hack, with some advocating for a hard fork to reverse the transactions and recover the stolen funds, and others arguing that the blockchain should remain immutable and the stolen funds should be left unrecoverable. This disagreement ultimately led to the creation of two separate chains: Ether, which represents the new chain that implemented the hard fork, and Ethereum Classic, which represents the original chain that did not undergo the hard fork. The creation of Ether and Ethereum Classic reflects the complex dynamics of the cryptocurrency community and the ongoing debates about governance, immutability, and security in blockchain technology.
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