Mon, January 30, 2023

Ethereum Foundation Donates $150,000 to Ethereum Classic

ethereum

The Ethereum Foundation has recently announced that it plans to donate 15,000 ETC, which is just a shade less than US$135,000 (depending on the current price) to the Ethereum Classic Cooperative, released via the Ethereum Special Projects’ Medium blog.

Following the announcement, many people in the cryptocurrency industry have claimed that the two institutions have patched up their differences and are back together after their breaking away from each other two years ago.

Ethereum Classic is a smart contract platform that refers to itself as the original Ethereum since it still runs off the old chain. The reasons for the break up goes way back to when there was a DAO hack, which leads to a hard fork that ultimately caused the separation of Ethereum and Ethereum Classic.

Decentralized Autonomous Organization, or DAO, a smart contract based on Ethereum, was hacked and this could have led to the loss of more than $50 million. The hacker had exploited the smart contract’s split ability. However, because of the binding nature of the contract, the perpetrator had to wait for 28 days before being able to withdraw the Ether.

In an attempt to prevent a successful hack from occurring, the only solution that remained was a hard fork, but not before the consideration of a soft fork. This led to a voting system called Carbon Voting, in which the community members determined whether they had to split the network or not.

A majority of the members voted in favor of a fork, which materialized on block 1.9M on July 20, 2016.

In the aftermath of the event, the members who voted against the hard fork stayed on the original chain, claiming the name Ethereum Classic [ETC]. For nearly two years, the Ethereum Classic showed their aversion to the hard fork as they considered the move tainting to the essential value of the blockchain.

Since then, the two communities have kept their distance from each other in the cryptocurrency community, while the Ethereum foundation sold their ETC token in the market.

However, Ethereum Foundation now claims that their relationship has been better since May 2018, after the Foundation welcomed Anthony Lusardi, who is the Director of ETC Cooperative, to speak about “How ETH and ETC can work together” at the EDCON. This was followed by Ethereum Classic inviting Virgil Griffith to speak about the same at the ETC summit.

“The Ethereum Foundation and the ETC Cooperative are jointly funding Akomba Labs to build the ETH-ETC peace bridge to represent each chain’s transactions on the other. Fracticious yet semi-productive between IOHK’s research team and Ethereum Research on proof of stake consensus algorithm,” the blog post said.

Moreover, IOHK’s Mantis will be supporting Ethereum. The blog further added that they found more than 15,000 ETC in their cold wallet during a “financial sweep.” To celebrate his event, the Foundation decided to donate the ETC to the ETC Cooperative.

“The Ethereum Foundation just donated $150,000 (in ETC) to the Ethereum Classic Cooperative. Thrilled to see bridges being built between the Ethereum and Ethereum Classic Communities,” said Barry Silbert, who is the Founder of Digital Currency Group, on Twitter.

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