Origin of 2 Ethereums

Origin of 2 Ethereums

By coinsurprise | PorterKY | 15 Jun 2021


                                                                              Ethereum vs Ethereum Classic (2021 Edition) - Securities.io 

     A good place to begin, might be around 5 years ago, when the Ethereum Blockchain was attacked by hackers, this attack was successful.  The code of the blockchain wasnt broken, instead one of the early smart contracts which had bad coding written into it was exploited.  The faulty coding allowed the hackers to use a single repeating transaction to siphon 50 million US dollars from a major funding account, over a period of 7- 8 hours. The transaction type that was exploited had a lock-up period of 28 days, meaning the stolen funds wouldnt be transferred for almost a month. Most of the developers, including Vitalak Buterin and Gavin Wood wanted to perform a hard fork and essentially roll the blockchain backwards to the precise point before the deceptive transactions were executed. This would allow them to get their money and that of other investors back. There were a few developers, like Charles Hoskinson, who believed the blockchain should be treated like ultimate law and should not be hard forked and rolled back to remedy anything. He believed that this rollback would set a bad precedent, and at very least reduce if not destroy confidence of blockchains.

     The blockchain was hardforked, the hackers transaction was rewinded and the monies were "recovered", but at the cost of what some call the Ultimate Blockchain Sin. Two Ethereum blockchains were created, Ethereum Classic, the original, and Ethereum, the new hardfork.  

     The rabbit holes are deep and never ending on who the culprits are for this "hack". All we know for sure is that they havent been found yet, although there are those who are still following the clues.

                                                                            Vitalik Buterin taunts Cardano, quick response from Charles Hoskinson -  Regard News

 

How do you rate this article?


1

0

coinsurprise
coinsurprise

Ive been in a labor union since I turned 18. I believe the United States goverment uses us, the people, as a means for power and wealth, instead of serving us as was intended.


PorterKY
PorterKY

Crypto Maximalist, Government Minimalist

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.