morning Ethereum Classic will celebrate its fourth anniversary.
In fact, four years have passed since the Ethereum fork that led, after the DAO error, to the split of the two blockchains.
Considering that not everyone has been in this sector from the start, it is appropriate to summarize the story before moving on to the events that led to the birth of this blockchain.
In 2015, the world of the blockchain was interrupted by Vitalik Buterin, who created the Ethereum blockchain, which was the first blockchain to create full Turing smart contracts.
Developments on the Ethereum blockchain continued non-stop and in April 2016, precisely on April 5, the Slock.it company founded by Stephan Tual, launched what would go down in history as The DAO.
The smart contract for the project was reviewed and audited by Leave Vu Security (now gone) and detected only minor but fixable issues.
At that time, at the end of the same month, the fundraising began and everyone who interacted with the smart contract received DAO tokens.
To ensure the integrity of the system, the DAO proposed using $ 1.5 million in ETH from the fund itself.
In a single month, the DAO raised $ 150 million and 16% of all supply at the time, but on the day the fundraiser closed, Vlad Zamfir pointed out that there were mistakes.
In early June, after almost 2 weeks, Peter Vessenes revealed the existence of a criticism that was found in several smart contracts created with Solidity, through which funds could be drained.
This risk was underestimated and Stephan Tual himself played down the issue by declaring that the funds were safe.
But on June 17, the ETH began to pull out, and Griff Green announced that the DAO had been hit by an attack, plummeting by almost half.
Therefore, the countdown started immediately to find a solution and implement a soft fork. Meanwhile, a group of "white hats" had secured 70% of DAO funds, but criminals managed to steal 30%.
Due to the rush, a soft fork was implemented but it contained another vulnerability issue related to DoS (Denial of Service) and therefore it was decided not to use it.
Finally, the last option available was considered: bifurcate the network, and thus Ethereum Classic was born.
A few hours after the event, the Ethereum Foundation used a controversial system to determine the activation of the fork, so on July 20, 2016, in block 1,920,000, the DAO rescue took place, saving it and recovering all the funds that had been stolen.
When such a fork occurs, the initial chain tends to die in a matter of hours and days, but surprisingly, this chain was still supported by miners and, as if that weren't enough, these new tokens, renamed Ethereum Classic ( ETC), were included in various order books.
In those weeks, Ethereum maximalists publicly attacked this new blockchain and also agreed to create a mining group, 51Pool.org, to destroy it through a 51% attack. The attempt failed.
Over time, things improved for Ethereum Classic until, last year, it suffered a 51% attack which was unfortunately successful, but this did not prevent the blockchain from continuing and strengthening. Just last month, the network's third fork was made to update and align it with Ethereum's.