Could An Ethereum & Etheruem Classic Team-Up Be In The Works?
Last week, the EDCON (Community Ethereum Development Conference) took place in Toronto. Many developers, and important individuals within the community were in attendance, including Ethereum founder and developer Vitalik Buterin. A slew of new projects were laid out, as well as roadmaps for well known projects such as Sharding and Casper.
What was most interesting perhaps, was a quote from the Ethereum Classic director Anthony Lusardi. “Today, we’re going to talk about two things: first, where are we now, and second, how ETH and ETC can work better together … we’re far more similar than different” (Anthony Lusardi). Vitalik Buterin actually then retweeted this on his account. Could this mean that the two blockchain platforms are ready to come together and make amends? That remains to be seen. In order to understand if this is even a possibility, let’s look at why the split occurred in the first place.
Back in 2016, a very promising ethereum project called the DAO was finally coming to fruition. It was anticipated to be one of the most promising projects ever in the cryptocurrency space. The DAO raised hundreds of millions of dollars in Ether. Basically, it was a project that was meant to drastically improve the decentralization of the network. You could essentially send Ether to the DAO in exchange for the votes on the platform. The votes were used to determine how the DAO’s funds were to be used to improve the platform.
Unfortunately, something went wrong and the DAO was compromised. This was at a time in the cryptocurrency world before security was as big of an issue as it is today, due to higher prices. Something like this is far more unlikely to happen today I should note. Back to the main point, their was a major split among the main developers of Ethereum about how to handle the situation. Some developers, such as Creator Vitalik Buterin, wanted to return the lost funds to investors, by creating a recovery contract on the network. Other developers, such as Lusardi wanted to just ban the hacker from ever accessing the Ethereum network again. Due to this disagreement, a hard fork ensued, thus creating Ethereum (with the recovery code) and Ethereum Classic (without the recovery code).
Here is the thing though, many people compare the Ethereum split to the Bitcoin split that occurred. However, it is very important to note that the Ethereum split was on relatively good terms, while the Bitcoin split was extremely toxic, and remains so to this day. Vitalik has said on many occasions “that he has no problems with Ethereum Classic.”
What would a united Ethereum community mean for the future?
A united Ethereum would be incredibly beneficial for the platform. During the split, Ethereum did lose a few key developers (although most of them went with Vitalik to the new chain). The ETC devs, who were originally ETH devs, have proven themselves to be talented individuals. Ethereum has an extremely large amount of ambitious projects that are currently under way. A combination of the ETH and ETC roadmaps, with the developers working side by side could soar the platform to new heights.
Disclaimer: Nothing written in this or any other article on our website should be taken as financial advice. Therefore, we cannot be held liable for any investments you make. Investing in cryptocurrencies is highly speculative, and you should never invest more than you are prepared to lose.
Written by Jack Baker