Did you Know That Ethereum Classic is the Original Ethereum?
Ethereum classic prices are now off-the-charts. A 180 percent surge after the first week of May 2021 perches the coin at 13th in the market cap leaderboard.
There is more room for growth fundamentally and from reading price charts.
But did you know that Ethereum Classic, as the name suggests, is the original 'Ethereum'?
To understand this, we have to go back to 2015 and the DAO hack where $150 million of ETH was lifted. For a relatively new project, trying to introduce more functionalities to the then 'boring' Bitcoin, the breach was devastating.
Being a public project, Vitalik and most miners decided to roll back the chain, but not everyone agreed.
The result? A hard fork.
Being the dominant and the longest chain, Ethereum won.
However, those who truly believed in transaction immutability and learning from painful lessons hanged on to form Ethereum Classic.
Six years later and the network continues to grow, developing—notwithstanding its fair share of problems.
The sharp rise of prices and trading volumes of last week are pinned to Ethereum miners 'coming back home to Ethereum Classic.’
In less than 18 months, Ethereum will switch off the Proof-of-Work machine, preferringvalidators for miners. It is a confirmed loss of revenue for Ethereum miners who have been investing heavily in the last few years.
The question is: Will Ethereum Classic blossom to be the ideal 'Ethereum'?