The Rise and Rise of Ethereum – told in two parts.
If you haven’t read the first part yet, we recommend that you should read it before proceeding with the article below, here.
With the implementation of the Hard Fork in the Ethereum Blockchain by Slock.It and The Ethereum Foundation, many of the members predicted that the original non-forked chain would disappear within hours. However many were surprised to find that miners continued to mine blocks and OTC trading of the original chain tokens got them value as well. And with block 1920001, Ethereum Classic was born.
Shortly after its birth, Poloniex – US Based Digital Asset Exchange – listed Ethereum Classic ‘ETC’. Poloniex was one of the largest Ethereum exchange platforms, and the other exchange platforms were quick to follow suit. In the blink of an eye, the value of ETC rose to one-third of that of ETH.
History has shown that a fork in the road often leads to unsettled minds. And true to this, the once peaceful subreddit threads /r/Ethereum and /r/Ethtrader went up in flames as the community flew into disarray. Economically-charged Vitrolic spats began to take hold of the community members as they struggled to come to terms with the split.
To ensure tranquility amongst members, Ethereum Classic, branched off the main Ethereum thread and built its own channel on Slack, Telegram and started it’s own subreddit thread as /r/EthereumClassic on July 24th 2016.
The second week of August saw Ethereum heading down another rocky path with the ‘Robin Hood Group’ of hackers striking back in an attempt to dump a large amount of stolen ether into the market. Poloniex freezed the funds immediately, but uncertainty had already scaled through the roof.
Believing that the values that the Ethereum Foundation had been violated, Ethereum Classic demanded independence in a plan to move forward. Block 2050000 and August 15, 2016 marked the declaration of independence and rebuilding of Ethereum Classic. The declaration was published on the website of Ethereum Classic stating that ETC no longer wanted to be associated with the Foundation. The document was signed by the entire community which started it’s rallies behind a stabilizing price. Groups and ideas surfaced as the new Ethereum Classic website was created.
Ethereum Classic also displayed a remarkable ability to avoid a major price fluctuation when the frozen ETC became available to the DAO token holders and the DAO attacker in the starting of September. The end of October too, was laced with non-stop network attacks on both the Ethereum chains. Stealthily, the developers moved to patch all exploited vulnerabilities ensuring minimum damage through a smooth and uncontentious network upgrade.
In an effort to align the interests of miners, investors and developers the Ethereum Classic community started debates on the ETC monetary policy and emission schedule post the attacks and network upgrades. This monetary policy was updated on 1st March 2017.
The month of December, saw a team of 7-Full Time Developers , committed by the IOHK, start working for Ethereum Classic in order to build a Scala client for Ethereum Classic based on IOK’s Scorex Framework. This team was referred to as the Grothendiek Team, named after the mathematical genius Alexander Grothendiek. The plan was to bring the team on “Let’s Talk ETC!” to discuss the roadmap and development timeframe for ETC in 2017.
The members of the Grothendiek Team included – Alan McSherry, Alan Verbner, Nicolas Tallar, Jan Ziniewicz, Lukasz Gasior, Adam Smolarek and Radek Tkaczyk.
The 2017 new year brought along with it a Die-Hard upgrade for Ethereum Classic. The upgrade successfully delayed the “difficulty bomb”, originally added to Ethereum’s code in September 2015 in order to exponentially increase the difficulty of mining, or the competitive process by which new transaction blocks are added to the network. It also led to the introduction of ECIP-1010 and EIP-155. The difficulty bomb was also originally intended to force the Ethereum Network to move from PoW to PoS and add replay protection to prevent transactions on the Ethereum Network being accepted on the Ethereum Classic chain again.
Another influential change on the Ethereum Network was the formation of the Ethereum Enterprise Alliance (EEA). As we mentioned in the article about EEA, in 2016, services giant Accenture and technology hub Microsoft, joined hands to build an unparalleled global digital ID program which was to provide as a source of legal identification to those without any. February of 2017 led to the solidification of said alliance and everybody from JP Morgan Chase & Co to the Intel Corp and more than two dozen companies, are aiming to take advantage of this blockchain.
Post this, in the beginning of March, Grayscale circulated an investment thesis for ETC Investment Trust – The first non-bitcoin crypto fund targeted to involve traditional investors.
The Ethereum Classic website aims at making ETC a decentralized immutable public infrastructure of the future with it’s two dev teams and an extremely focused Ethereum Classic Community.
With the upcoming Bitcoin fork on 1st August 2017, we can always draw notes from Ethereum’s past and see that not all forks are meant to be doomed. Correct strategies, smooth execution and public consensus can also lead to the forked chain rising steadily in price while the non-forked initial is still being mined upon. All we can do, is hope for the best. For the latest updates on the Bitcoin Fork, you can follow us here.