ETC, which was created to resist hard forks, is about to fork!

Rage Comment : After the theft of The DAO digital currency, Ethereum, after fierce debate, finally implemented a hard fork, resulting in the coexistence of ETH and ETC, which insisted on not changing. However, the underlying technical loopholes did not disappear, so ETC, which firmly resisted the hard fork, also had the same loopholes, resulting in a series of attacks, and had to change its original intention and decide to implement a hard fork. However, the existence of purists may lead to the coexistence of three Ethereum versions.

Translation: Annie_Xu

Ethereum was attacked by hackers repeatedly within a year, and network nodes could not participate in information transmission; therefore, Ethereum had to decide to conduct two hard forks in a short period of time. It seems a bit ironic that ETC has to conduct a hard fork for this reason. ETC is the product of Ethereum's first hard fork, just to recover tens of millions of dollars of cryptocurrency stolen from The DAO. ETC retains transactions before the fork, and believes that revoking transactions is a betrayal of the public blockchain system, regardless of whether it contains stolen information. Moreover, The DAO hackers seem to have transferred funds before the Ethereum hard fork.

Hard Fork

Hard forks seem to be a last resort, and ETC was born to resist this practice. However, ETC may not have expected to encounter the same inevitable situation and choice as Ethereum. Last week, ETC was attacked by hackers, which made it realize that the underlying technology similar to Ethereum determines that ETC also has vulnerabilities. In addition, Ethereum successfully carried out a hard fork this week, forcing ETC developers to consider how to solve the current dilemma.

However, not everyone is happy with this decision. Because the purpose of ETC is to resist hard forks, some people think that a parallel version with information before The DAO attack and current vulnerabilities should be retained. Now people are speculating that the ETC after the hard fork may be named "Ethereum Classic Classic" (ETC is the abbreviation of Ethereum Classic).

The current price of one Ethereum is $11.5, while the price of one ETC is $1.04.

Bottom Line

In order to fix the vulnerability, Ethereum has hard forked twice in just a few months; and ETC, which exists to resist hard forks, is also preparing to perform a hard fork for the same reason. Some purists also oppose this decision, so there may be three Ethereum versions coexisting. But in any case, the market value of Ethereum that has performed a hard fork is close to 1 billion US dollars, and it is still leading in value.