Ethereum VRS Ethereum Classic (Difference)

Maybe some of you have asked yourselfs why is there two ethereums? With big difference in price but same name, I have done that many times, so I did my research and found this.

Some years ago, there was only Ethereum Classic, and there was the DAO, short for Decentralized Autonomous Organisation, this was something original an innovative, it was a contract interface built on the Ethereum network.

It was expected that several ideas were submited to the DAO like ethereum pshysical computers, portable cold storage wallet, etc. If Token Holders didn’t approve of any projects they could simply sell their tokens or exchange them via The DAO

THE NIGHTMARE

One day there was a bug founded in the DAO, many people took preventive actions but as it was totally descentralized it wasnt possible to keep the coins 100% safe, so some days later an attack came and stole 50 MILLIONS in Ethereum from the 150$ MILLIONS worth of Ethereum to a new contract, it was a chaos.

The thiefs contract was locked for some weeks, that gave some time to the Ethereum community to reunite and discuss possible solutions and gain some time.

THE SOLUTION

The final conclusion was that a hard fork was the only realistic method to prevent all the funds were stolen. They needed to upgrade the core and make some modifications, so the stolen ethereums could be moved into another contract and be claimed from the owners.

The fork happened, Around 85% of the community voted for the new chain. The people remaining in the original chain claimed that was not legit, so a clon from Ethereum classic was born and most of the people moved into it.

Now we have to ethereums, but the one that had the hard-fork reached a higher volume and price, its around 330$ while i am writing this posts.

Thats the story behind both ethereums, maybe its not relevant for most of the investors but its something that happened and can happen any time with other cryptos.

Hope you enjoyed my post.