Ethereum Classic, a leading smart contract platform in the cryptocurrency space, recently marked a major milestone with the Atlantis hard fork. This upgrade, aimed at establishing and maintaining interoperability with Ethereum, introduced ten Ethereum Classic Improvement Protocols.
The blockchain has been actively contributing to the growth of the dApps ecosystem ever since its inception in 2016. Contrary to several smart contract platforms, Ethereum Classic was the outcome of the infamous DAO hack that resulted in the split of not only the network, but also the community.
The DAO Hack
Ethereum, the brainchild of Vitalik Buterin, was put to the test in 2016 because of a smart contract that was built on top of it. That year, some community members announced the inception of The DAO aka The Decentralized Autonomous Organization aka the Genesis DAO. Seemingly, the project was a massive success, raising almost 12 million Ether [approx. to $150 million at that time] via crowdfunding. The main conception of this project was to act as a virtual venture capital fund for the cryptocurrency space, a rather unique idea that grabbed everyone’s attention.
However, the hype behind the success of the project was short-lived as it fell victim to a hack, months after its inception. According to reports, the hacker exploited one of the smart contract’s functions, known as the split function. This in turn, resulted in the hacker gaining access to around 3.5 million Ether from the DAO’s funds.
Interestingly, this was not the end of the road for the smart contract as those “stolen funds” were locked up for a duration of 27 days, as a result of another smart contract condition. Given this situation, the community had three options at hand: do nothing, a soft fork, and a hard fork.