Ethereum Classic: The First Hard Fork Of Ethereum

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2. Ethereum Classic: The First Hard Fork Of Ethereum www.cryptoknowmics.com

3. If you are a true crypto-enthusiast who loves to explore new terminologies in cryptocurrency, then it is expected that you must be knowing about what is a soft fork and hard fork in the blockchain. If yes, then you must be aware of hard forks that got spawned from the Bitcoin blockchain after the split. One of the big examples is Bitcoin Cash. 2 www.cryptoknowmics.com

4. 3 • But it is not the only result of a hard fork. Bitcoin Cash has sibling hard forks that too got spawned from Bitcoin. They include Bitcoin Diamond, Super Bitcoin, and Bitcoin Gold. But today, we are not going to emphasize any of the Bitcoin’s hard fork. Today, we are going to introduce Ethereum Classic, the first hard fork of Ethereum. The second most cryptocurrency after Bitcoin. • Cryptocurrency forks are an important aspect of the cryptocurrency world. They, however, occur very rarely. These forks can either be planned or unplanned depending on the need of the situation. No matter how they look, but when they emerge, they reflect new updates from their parent crypto token. Just like Bitcoin Cash and other hard forks, Ethereum classic is too an example of a hard fork of Ethereum. www.cryptoknowmics.com

5. 4 • Ethereum Classic happened to be the first hard fork of Ethereum. But this hard fork is surrounded by controversies in comparison to its other sibling hard forks including Serenity, Ether Zero, and Metropolis. • The need for Ethereum Classic came into being when the hacking of DAO (decentralized autonomous organization) used by Ethereum was discovered by its development team. They came up with a swift decision to introduce a hard fork that would restore all the coins that got stolen. However, it did face some backlash too. www.cryptoknowmics.com

6. 4 • Ethereum Classic did not get much warm welcome in the beginning. It was because of the division of opinions between the two camps. Where one came in support of it, the other termed it to be a violation of decentralization. • Most of the people are still not in favour of Ethereum’s first hard fork, and still consider the old Ethereum. www.cryptoknowmics.com

7. 15 Conclusion The real cause behind Ethereum classic was the cause of hacking that was spotted on DAO used by Ethereum by its team of developers. This became the reason for the spawn of Ethereum's first hard fork, which is popularly known as Ethereum Classic. Besides understanding the difference between the soft fork and hard fork, a crypto enthusiast must also know that forks do not happen so often. Sources https://www.cryptoknowmics.com/news/guide-to-forks-everything-you-need-to-know-about-forks-hard-fork-and-soft-fork www.cryptoknowmics.com

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