In this Wealth Mastery Coin Review, we’ll discuss the following topics about Ethereum Classic:
- What is Ethereum Classic?
- Is Ethereum Classic better than Ethereum?
- Does Ethereum Classic have a future?
- Is ETC a Token or Coin?
- Is Ethereum Classic a good buy?
What is Ethereum Classic?
Ethereum Classic is more than just another blockchain. It’s a tale of love, greed, alliances, exploration, and dedication that began in 2015. What many, including myself, refer to as the “Real” Ethereum.
Ethereum Classic was born as the technological lovechild of some of the brightest minds in the crypto space. With a total of 8 Founders, each had something they excelled at doing to share in the responsibility of developing this new groundbreaking technology. The sheer amount of brainpower dedicated to this Ethereum venture is undeniably the thing that made it “everything” it is today. But, with little surprise, it’s what happens to be the very thing that tore it down the middle. “Too many roosters in the hen house,” as the old saying goes.
Disputes on how Ethereum “experiments” would be handled, created different opinions. Each as loud as the next. This happened when Ethereum was faced with its first significant incident in 2016 when creating “The DAO,” Ethereum’s first venture capital fund. After raising 150 million dollars worth of Ethereum through a token sale, The DAO was hacked due to vulnerabilities in its code base, vulnerabilities that had been identified by Ethereum developers well in advance. But, due to The DAO being managed by a third party, management widely dismissed these concerns, and the founders of Ethereum were reassured there was nothing to worry about. In an open letter to the Ethereum community, the responsible party explained they were simply doing what the code allowed them to.
“I am disappointed by those who are characterizing the use of this intentional feature as “theft.” I am making use of this explicitly coded feature as per the smart contract terms, and my law firm has advised me that my action is fully compliant with the United States criminal and tort law. For reference, please review the terms of the DAO.”
Different camps began to brew. Some believed that “Code is law” and whatever happened on Ethereum would resolve itself for better or worse on the blockchain, that the “thief” was simply using the code. Others felt like “Code is whatever the hell we want it to be,” and whatever happened on Ethereum that was not in the best interest of the DAO could just be modified. While we’re not going to get deep into who stood on which side of the argument. The fallout of this singular event resulted in the creation of Ethereum Classic & Ethereum (Ethereum Classic Clone). In a somewhat hostile manner against the wishes of many Ethereum community members.
This is because the ones most affected by the hack were Ethereum whales. The Ethereum Classic community saw this fork as nothing more than a bailout for the Founders and their friends. Why should the Founders have a get-out-of-jail-free card when anyone else who happened to get hacked was expected to take it on the chin? A significant factor in the outcome was that when Ethereum launched, it did so with a supply of 72…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
