Ethereum Classic Fork
One of the most illustrative forks of a crypto currency happened in 2016. A bug in the well known and widely used Ethereum wallet was exploited and about 12 million Ether (then $30 million) was taken.
After patching the bug, most of the community decided to do a hardfork to “reset” the blockchain back to before the exploit occurred. They essential went back in time and started working again from the ledger as it existed at a previous moment in time.
About 15% of the community seemed to believe that the immutability of the blockchain must be a foundational principle, and that undoing transactions manually, even criminal ones, was a slippery slope.
Thus emerged Ethereum Classic.
Continue reading “An Incomplete History of Crypto Currency Forks”