The Merge: and suddenly, the “Real Ethereum” finds a second youth

The Merge event is on everyone’s lips and in everyone’s mind, especially this morning. And, if no one has a clue what the future will hold of Ethereum, the opportunity is good to turn for a moment to a part of its past by interesting us in Ethereum Classic (ETC). Ethereum Classicthe only and “true” Ethereum for some still today, and certainly an attractive plan B for ether miners who suddenly (re)discovered many attractions.

The DAO, original sin of Ethereum

Ethereum Classic (ETC) is from – the oldest remember it fondly – industrial incident The DAO in June 2016.

An incident (in the form of the exploitation of flaws in the smart contracts of what will go down in history as the “mother of all DAOs”) which itself resulted in the hacking of 3 million ethers.

Ethereum Classic was thus born from a disagreement between two irreconcilable factions: those (minority) who considered that as dramatic and regrettable was the piracy, no attempt to alter the blockchain was to be undertaken (” coded is law “). And those – very significantly more numerous – who considered that everything should be done to reverse the damage caused and reimburse the victims. And, even if this operation involved a violent stroke with a penknife – more like a chainsaw in reality – in the contract of immutability and incensurability supposed blockchain networks.

Ethereum Classic, the multiverse before its time

It was hotly debated for a few days, then put to the vote, and – are we really pretending to be surprised? – convictions will for the most part give way to the strict economic pragmatism : a fork of Ethereum would be created, a new reality in multiverse mode in which The DAO hack would never have existed. The new starting point, that of forkedwas set on July 20, 2016.

Years before the “merger”, there was therefore the split. On my right, Ethereum Classictaking the entire Ethereum chain from its Genesis block and including the stigmata of The DAO hack and its 3 million ETH evaporated. On my left, the new “Ethereum-tout-court”, fresh and virginal, and above all rid of the stigma represented by this piracy which, it will be remembered, intervened at the worst moment, even though the new concept of “ smart contract was on the rise.

And since ? Well, despite a rather meager community and a hardly more impressive number of miners, Ethereum Classic has continued its little way, even making those who still qualified it a few years ago lie. “Zombie Project” (a shame when his own project is himself still under respiratory assistanceBut that’s another subject).

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Winning return for Ethereum Classic?

Ethereum Classic is therefore still moving. And even better: against the background of The Merge of Ethereum, the project seems to find a second youth, as miners looking for alternatives turn to it. His courses is doing very welland especially one of its emblematic metrics is exploding: the hashrate.

Sites specializing in attestthe hashrate of Ethereum Classic – in other words the mining power deployed on the network – has experienced impressive growth in recent weeks.

The Ethereum Classic hashrate has thus increased by 270% in less than a month, going from 30 to 84 TH/sec. A performance that attests to the new interest shown by miners and the migration of computer resources to this network, which does not care about the Merge of its direct descendant and does not intend to leave the Proof of Work consensus anytime soon.

Just like the RavenCoin we were talking about for a few days, Is Ethereum Classic about to enter a new golden age? The next few weeks will tell.

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