Why and How did Ethereum Classic come into existence?

 Why and How did Ethereum Classic come into existence?

The answer to our curiosity lies in the past when in 2016, a German startup named Slock came up with a project on the Ethereum blockchain known as “DOA” (Decentralised Autonomous Organisation). 

The DOA is an entity based on smart contracts that executes transactions without human manipulation or intervention. 

2016 being bad as it also bore witness to some of the major hacks of the decade, and Ethereum was not left out either. 

Hackers managed to find a loophole in the smart contracts and made themselves richer by about $50 million. 

This breach created a huge controversy as users were baffled at their loss, and creators of Ethereum wanted to revert the damage, reverse the clock so to speak as if nothing happened. After which Ethereum split into two; Ethereum and Ethereum Classic. 

To resolve the matter, Ethereum founders Gavin Wood and Vitalik Buterin helped to hard fork the original Ethereum blockchain, producing the current Ethereum we know today. 

This split, however,, made Ethereum users clash with their blockchain technology’s intent. As we know, blockchain technology is a digital ledger that records all transactional data that can never be manipulated or deleted. 

A portion of the crypto community didn’t appreciate the idea of any human manipulation in the original Ethereum blockchain.

 On the other hand, users who were victims of theft supported the modification to reverse their loss. 

Frankly, the ethical and technical aspects of  Ethereum were the highlight of this conflict.

Soon enough, those who wished to stay true to the original Ethereum blockchain remained back and renamed it Ethereum Classic.

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