ETHEREUM CLASSIC NEWS (May 26, 2021)
In this video on Ethereum Classic news, we discuss WHY ETC WILL REACH $6 TRILLION MARKET CAP 🚀
⌛History of Ethereum Classic⌛
According to Cardano founder Charles Hoskinson, Ethereum’s initial founders had two different philosophies about the best way to develop cryptocurrencies.
Some of them believed in the idea that code is law – what happens on the blockchain stays on the blockchain for better or for worse.
Others however believed in mutability in the name of innovation.
In other words, if something bad happens on the blockchain, steps should be taken to fix it.
Ethereum Classic was created because of an event that put both of these crypto philosophies into question
👨💻The DAO Hack👨💻
The DAO was created by a Germany startup called Slock in June 2016, and within a month of launching over 150 million dollars worth of ETH had been deposited into the DAO smart contract.
On June 17th, 2016, an anonymous hacker drained 50 million dollars worth of ETH from the DAO smart contract, equal to about 5% of all the ETH in circulation at the time.
After disagreements about how to respond to the incident, Ethereum forked on the 20th of July 2016, creating two separate blockchains.
The Ethereum chain where the DAO hack never happened, and the Ethereum Classic chain where the ETH remains stolen for better or for worse.
🥊Ethereum Classic vs. Ethereum🥊
Ethereum Classic is almost identical to Ethereum save for a few minor differences.
Ethereum Classic is committed to immutability – what happens on the blockchain stays on the blockchain. ETC also has completely different tokenomics than ETH.
This is because of a change to Ethereum Classic in December 2017, which reduces ETC block rewards by 20% every 5 million blocks. This will continue until ETC hits its maximum supply of 210 million 700 thousand, which is expected to occur sometime in 2042.
📈ETC Price Analysis📈
ETC’s price action is as parabolic as it gets. ETC has gone up by more than 20x since the start of the year. This rally began back in April 2021, and there are three things that could have caused it.
Most of this seems to be institutional investment via Grayscale. Grayscale’s Ethereum Classic trust has been around since 2018, and the trust seems to be holding more than 13% of all the ETC in circulation.
🕵️♂ Who Hacked The DAO?🕵️♂
It seems apparent that the DAO hack was not driven primarily by profit, but by ideology. If it were for profit, the hacker would have drained all the ETH from the DAO smart contract.
The public letter to the Ethereum community shows that this individual is committed to the idea that code is law.
Taken together, these facts lead me to believe that the person who hacked the DAO is likely one of the pseudonymous founders of Ethereum Classic.
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