Biggest Crypto Events Happening on 27th November,2017 | Ethereum Classic (ETC)
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NEO (NEO) : Ontology Network Launch + NEO Ecosystem Sharing Session
To know more : Click hereDecred (DCR) : Release of Lightening Network
To know more : Click herePhore (PHR) : Coin burn | Proof in Discord Thread #Announcements
To know more : Click hereBitBay (BAY) : Release of Web Wallet
To know more : Click hereQtum (QTUM) : Conference in TechCrunch Shanghai with MNC's like Alibaba, BTCC, etc
To know more : Click hereBitShares (BTS) : HardFork
To know more : Click hereMonetha (MTH) : Attending Blockchain Summit London
To know more : Click hereAeron (ARN) : Coin burn
To know more : Click here
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What is Ethereum Classic & Why was it created?
Ethereum Classic is an Hardforked/Split coin of Ethereum just as Bitcoin Cash is the split of Bitcoin. Until Block 1920000 both of the blockchains are similar. The hardfork was done to refund the token holders of DAO who were traped in the DAO hack.
The DAO Hack has been explained very well in the website of my friend @bisade make sure to check out his website mycryptopedia.com
The DAO Hack
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The DAO was a smart contract that was intended to function as a kind of decentralized venture capital fund. Using the funds it had raised, The DAO was to invest in promising dapps in the Ethereum eco-system.
In May of 2016, The DAO raised approximately $168 million. However, in the same month, a document was circulated that detailed security vulnerabilities that could be found in The DAO. In the following month, $50 million USD was stolen from The DAO, abusing one of the vulnerabilities that had been raised in May. After some debate, it was decided that the Ethereum blockchain would be hard forked. This allowed the stolen Ether to be moved to a new smart contract that restored funds back to their owners.
Ethereum Classic came into existence when some Ethereum community members rejected the hard fork on philosophical grounds. They argued that a hard fork undermined the notion of an immutable blockchain, and the dictum that ‘code is law’. ‘Code is law’ was part of the terms and conditions first expressed in The DAO, and some community members believed that, regardless of the circumstance, the ‘code is law’ maxim should be adhered to. Because of this, those opposed to the hard fork decided to stay with the original blockchain, labeling it: Ethereum Classic.
Ethereum Classic has all the existing features of Ethereum
DrawBacks of ETC
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Hardforking is a the most riskiest job in the world of crypto due to the possibilities of Replay attack which can have a big loss for the investors/holders
In replay attack if a user sends a coin that transaction can also gets through the other chain which can be signed without requiring the key thus leading to loss of coins for the user and stealing of coins for the hacker
Thanks for the information!
I have been accumulating NEO since July. looking forward to their progress
upvote xchange please