Vitalik Buterin, co-founder and developer of Ethereum, revealed in an online community that the Ethereum Foundation and the development team have already sold 90 percent of their shares in Ethereum Classic in the past six months.
Ethereum Classic, an Ethereum spin-off project described by its founders and developers as a continuation of the original Ethereum blockchain, was created following the execution of a controversial hard fork aimed at saving DAO investors.
Miners and developers who believed that Ethereum demonstrated centralized governance continued to mine blocks of the original Ethereum chain, effectively creating another token called Etheum Classic, hereafter ETC. Major exchanges, including Poloniex, almost immediately added support for ETC and listed the token on their exchange.
By July 23rd, the day ETC was listed on Poloniex, the value of ETC reached a third of Ethereum, leading to controversial debates and arguments in online communities and forums regarding the legitimacy of ETC and Ethereum .
Users holding ETH have been granted an equivalent amount in ETC on various trading platforms including exchanges like Poloniex. So if a user was holding X amount of ETH on Poloniex at the time of the hard fork, the same X amount of ETC was credited to the user on their Poloniex balance sheet.
Ethereum Foundation decision to sell ETC
As a competitor to Ethereum Classic, the Ethereum Foundation’s decision to sell most of its ETC was imminent at the time of the hard fork and ETC launch.
In fact, Vitalik Buterin firmly stated that he does not plan to work with the ETC team in August 2016. He also told the Ethereum community that even if the ETC price surpasses ETH, he will not support ETC.
@jdebunt @kristopherives @Banderovetz I’m fine that ETC exists, just saying I’m not interested in directing my own efforts on it
— Vitalik Buterin (@VitalikButerin) August 5, 2016
However, it is important to note that Ethereum Classic is backed by some of the biggest figures in the Chinese bitcoin and cryptocurrency markets. Exchanges like BTCC and investors like Chandler Guo have publicly stated that they support Ethereum Classic as it demonstrates decentralized governance and a clear innovative vision.
In November, Cointelegraph reported that the BTCC solidified its stance on the Ethereum ETC debate, favoring Ethereum Classic over Ethereum.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.