Ethereum Hard Fork Gives Birth to a New ‘Classic’ Coin

Ethereum Hard Fork Gives Birth to a New ‘Classic’ Coin

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The Ethereum community had a hard fork this past week, and many celebrated a successful implementation. However, not everyone was enthusiastic about the fork as it only received 85% of the network’s hashing power. The Ethereum blockchain split into two, and the minority has been mining and now trading via Poloniex a “new” token supply called Ethereum Classic.

Also Read: Mycelium Wallet Will Soon Integrate Dash

Ethereum Classic Emerges

In the wee hours of July 23, the cryptocurrency exchange Poloniex introduced a new token its markets dubbed Ethereum Classic. This has caused a heated debate throughout the Ethereum community just days after celebration among the Ethereum Foundation members and members of the Slock.it development team of the implemented hard fork.

btchEthereum Classic, otherwise known as ETC, has a lot of volume at Poloniex. Currently, the exchange is reporting over 18 thousand BTC in ETC trading with the troll-box going wild.

People initially thought ETC was just an exercise in trolling as well, but the project has gained significant traction over the past couple of days. Miners have joined the Classic pools, social media pages have been created, and somehow it managed to find its way into the trading markets. Currently, ETC value has been volatile but is the sixth most valued coin so far according to coinmarketcap.com. One ETC’s fiat value is close to $1 dollar at the time of writing.

Spotty Support

Of course, this event has caused quite a stir within the Ethereum community as celebrations have ceased and the value per Ether fell 11% on July 24. The Chinese miner, Chandler Guo, has shown his dislike for the ETC chain and tried to initiate a miner movement to 51% attack the network’s hashrate. His threats have not received much support yet while some have even said that he’s helping attract more attention to ETC. Additionally, some have also questioned Guo’s claim of “98G” of the network’s hashrate.

Despite the ETC haters, others seem to be supportive of its emergence. Ethereum developer Gavin Wood announced via Twitter that a Parity client is being developed for ETC holders. Wood has been vocal about the DAO situation, which has caused this mess, and which may create more support for the minority chain. Of course, both Wood and Guo’s tweets may be meaningless and possibly meant just to stir the pot, but it seems to be working as many Ethereum supporters are quite upset.

Meanwhile, ETC supporters or anti-hard fork proponents congratulated Wood for making the Parity client. Some have said let the “free market decide” and former co-founder of Ethereum Charles Hoskinson says, “thanks, Gavin.”

Fork Drama Continues

It’s going to take some significant effort for the Ethereum Classic chain to keep up its pace as many believe it will lack certain features. For instance, it doesn’t have a development team with programmers like Vitalik Buterin behind it. Though, considering the surprising tweet coming from Gavin Wood, this could change.

Poloniex has received criticism for causing a ruckus within the community so it will be interesting to see if other exchanges follow suit. In any case, Ethereum Classic is a token that has birthed out of the madness of the DAO situation and it appears many are cheering for its existence.

What do you think of the Ethereum Classic movement? Let us know in the comments below.


Images via the Ethereum Classic website, Poloniex 

  • Andrej Thurzo

    Where to buy ETC except for Poloniex?

    • spiroseliot

      bitsquare is more safe and more anonymous to trade there.

    • Alexandru Dîrman

      Kraken.com, is a friendly user platform where you can trade even is etc eth to whatever.

    • Get Liquid!

      shapeshift.io especially with the hack they are the best way to buy and sell altcoins since you don’t have to deposit money on an exchange.

  • Get Liquid!

    ETC is actually the same chain, not a new token or new coin, it’s the original it wasn’t created. That’s why hardforks should be avoided unless absolutely necessary.

    • ultimatecurse

      if the core developers don’t back it I am not touching ETC. I will stick with what the majority of the miners voted for and believed in for the future of ethereum. Everyone is making apps with ETH not ETC.Bitcoin just got hacked again people are going to get tired of crypto not forking and will move into ethereum. Losing money to a hacker is a wake up call for a lot of investors to stay away from crypto that wont fork imo.

      • Get Liquid!

        core developers don’t have a choice, it’s open source and the code is identical. This isn’t microsoft, and blockchains aren’t corporate stocks you invest in. You’re version of a public blockchain run by a central foundation is no different than a database in the cloud.