The consequences of The Dao’s collapse: Is it so terrible hard for?

A month ago, Forklog recalled what happened on June 17, 2016 and what lessons removed the crypto community after the collapse of The Dao.

An extremely important consequence for the entire cryptocurrency system was the very controversial Ethereum hard for which was the emergence of the Ethereum Classic digital currency (ETS). Many then called Ethereum Classic “stillborn”, but this turned out to be far from. Now the ETC is a confident middle peel of the TOP-10 cryptocurrency list for market capitalization.

How was Ethereum Classic how it was born?

After the attack on The DAO, Ethereum developers were guided by the need to restore investors’ trust and offered a hard fork. The latter was called upon to level the consequences of the attack and enable the investors The DAO to get their funds back.

In the very first days after the attack on The Dao, alternative opinion began to gain popularity. Its essence was that the hard fork and any attempts to freeze or return the stolen money will only undermine confidence in Ethereum, since they are contrary to the fundamental principles of the cryptocurrency community, one of which says that the code is the law. However, the community has repeatedly appeared the argument of the reverse point of view.

One way or another, the Ethereum hardford still took place. In total, the procedure took about 15 minutes. The first “new” block after the hardforned was mined with a mining bullet BW.COM, and the planned changes in the code were made in the block 1920,000:

Thanks to the DAO tokens, the DAO tokens were frozen and subsequently sent to the new address of the contract, from which digital assets were able to withdraw their share in the project.

The upgrade of the ecosystem, including miners and operators of NOD, took about three days, and it took a little more than a week to coding and the release of new versions of customers. In general, the market was positively perceived by the hard fork, and at the time of its holding the Ether and Dao tokens even slightly increased in price.

As mentioned above, the decision on the hard fork was made against the backdrop of hot discussions and was criticized by many representatives of the crypto community. Despite everything, most still sacrificed principles in order to return their tokens.

Nevertheless, a small group within the community abandoned the upgrade of software and the transition to a new blockchain. It is thanks to the presence of the critical mass of ardent opponents of the hardforn, who defended the principle of “code is the law”, and was born Ethereum Classic. It is the same Ethereum to the hardforn.

The purpose of the project specified in the description of Ethereum Classic is to maintain the original Ethereum, decentralized, unchanged and unquenchable censorship. These and other fundamental principles are set out in the “Declarations of Independence of Ethereum Classic”, officially presented a few weeks after the hardforn.

As the saying goes, “in the beginning was a word”. And this word was a manifesto of crypto decentralists, which laid the ideological basis of the entire Ethereum Classic movement. All the subsequent ETC progress was based on the fact that people learned about the ideology of the community and its principles, and these principles were so close to them that some of them felt the need to contribute to motion.

“That’s how ETC acquired its influential supporters, support of miners, investors and exchanges”, – said the coordinator of the Ethereum Classic Arvicco project in an interview with Forklog magazine.

The first supporters of Ethereum Classic

The Poloniex exchange was one of the first to announce to add Ethereum Classic.

An hour later, with a little after adding ETC to Poloniex, the token went to third place in the daily volume of trading, second only to the “new” version of ETH and NXT.

Soon, Ethereum Classic managed to enlist the support of two mining pools – ETHC.Epool.Io and Pool.Ethereumclassic.com and get your own branch on Reddit.

Ethereum Classic later supported the popular Bitfinex Hong Kong Exchange. As in the case of Poloniex, all Bitfinex users who, before the appearance of The DAO, had ETH tokens on their accounts, received the same number of etc tokens.

Also, almost immediately after the hardford, the addition of Ethereum Classic announced the Kraken exchange and the Shapeshift exchange platform.

Thus, the market as a whole positively perceived the “creation of the hardforn” represented by Ethereum Classic. It is impossible not to mention the fact that as of June 26, the ETC was in the first place in the first place in the volume of trading on the Poloniex stock exchange. At that time, the market capitalization of Ethereum Classic was approximately $ 125 million, and the corresponding ETH indicator exceeded $ 1 billion.

Opponents of Ethereum Classic

At first, there were a lot of ardent opponents of the “constant” Ethereum. Among them was the world -famous Coinbase cryptform.

“Coinbase is currently not planning ETC support. At the same time, we will continue to monitor the situation and evaluate the needs of our customers. Please do not try to replenish your Coinbase account in ETC “, – It was said in the company’s statement.

Soon she called Ethereum Classic a “scam” and BTC-E popular in the Russian-speaking segment. At the same time, a serious discussion about the possible assignment of ETC coins belonging to several popular exchanges, including BTC-E, has been deployed in the community.

More than a resonant statement was made from the famous Chinese entrepreneur and cryptoentuzist Chandler GO, who promised to enlist the support of other miners and make an Ethereum Classic attack 51% .

Subsequently, Chandler GO, for unknown reasons, from the implacable enemy Ethereum Classic became his ardent supporter.

Universal recognition of Ethereum Classic

The project Ethereum Classic soon supported the famous figures of the cryptocurrency market. So, the developer of Ethereum Gavin Wood offered the project he developed by the Parity client.

Ethereum Classic was also told about the readiness to support IOHK CEO Charles Hoskinskon.

“I never thought I would write this message … I will re -join Ethereum to contribute to Classic. Details will be later “, – He wrote on Twitter.

Previously, Hoskinson openly criticized the project of The DAO and the Ethereum hard fork.

Further-more: after a few months, representatives of Microsoft held a meeting with Hoskinson, where they discussed the possibilities of Ethereum Classic to create new blockchain applications. Subsequently, the IT giant integrated Stampery’s software package Office, which allows you to create unchanged and verified documents on bitcoin blockchains and Ethereum Classic.

A little earlier, the same Chandler GO who promised to carry out “attack 51%” said his intention to invest in Ethereum Classic.

“Over the next three years, I want to invest in 100 ICO decentralized applications (DAPP) using ETC”, – He wrote on Twitter.

At the end of April 2017, the investment company Grayscale Investments, headed by Barry Silbert, officially introduced the Ethereum Classic Investment Trust Foundation.

By the end of May 2017, the volume of market capitalization Ethereum Classic has stepped over $ 1 billion, which allowed the ETC to firmly gain a foothold at the 6th place of the CoinmarketCap rating.

Increasingly, news began to appear on the network about various services and technological solutions based on the Ethereum Classic blockchain. So, in May of this year, the British company Citizen Ticket has launched an Ethereum Classic blockchain -based ticket system. The solution is developed in such a way that not a single reseller can postpone tickets purchased from the company, then to resell them at an inflated price.

In June, it became known that Ethereum Classic (ETC) began to be supported in the professional computer system Bloomberg Terminal.

“Another significant stage for Ethereum Classic (and @grayscaleinvest) … For the first time, analytical information on digital currency appeared in Bloomberg terminals”

Is it so terrible hard for?

Now we can say what time has shown – for many people the principle of “code is a law” is not empty words at all. The capitalization of the “Eir Senior” has grown steadily since its occurrence (the growth has been very activated in the spring of 2017, after the launch of Ethereum Classic Investment Trust), various services based on its blockchain also appeared.

The further growth of Ethereum Classic expects to be stable at least thanks to the balanced monetary policy of the project, which provides for the limitation of the issue and reducing the award for the block.

In particular, the total number of coins will be approximately 210 million, 5 способов как but not more than 230 million; As for the award for the resulting block, it will be reduced by 20% after the block under the number 5,000,000 and will decrease by 20% in the future after each subsequent 5 million blocks.

The “chopped Ethereum” itself took off to unimaginable heights after some time. So, if at the very beginning of 2017, ETH traded in the region of $ 8, then in June, against the background of the ICO, its price exceeded $ 400.

Many analysts believe that Ethereum capitalization will soon reach a similar digital gold indicator. A year and a half ago, such forecasts were fantastic, but now they seem to be more and more real, especially when you consider that Ethereum was about a month in the daily volume of trading.

Currently, the price of Ethereum Classic cryptocurrency is below its younger “twin brother” by about 15 times. Nevertheless, ETC did not at all justify the forecasts of those who predicted him “quick death”. Now Ethereum Classic is in 5th place in capitalization and approximately in the same place in the daily volume of trading.

Summing up, we can say that it is not as terrible hard for him as they draw him. The crypto industry is still at the stage of formation, which means that there will still be new situations similar to the history of “The Dao” and “Ethereum Classic”. [email protected]! –>