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> Tokens based on forked chains and forked code. The most important example here is Ethereum Classic, which was based on a hard fork of the Ethereum blockchain
by runeks 9y ago
> Tokens based on forked chains and forked code. The most important example here is Ethereum Classic, which was based on a hard fork of the Ethereum blockchain that occurred after a security issue was used to exploit a large smart contract.
As far as I understand, this is the exact opposite of what happened.
After a flaw in a contract, on the Ethereum blockchain, was exploited, most people agreed to follow a hard fork which retroactively changed the core protocol such that the interpretation of the malformed contract no longer allowed exploitation. Ethereum Classic is the original, unforked chain, in which the flawed contract is respected, rather than altering the core protocol to circumvent a badly written contract.
- mbrock 9y agoKind of, except that ETC itself has also done a hard fork to do major protocol changes, so it's not exactly right to call it the "original, unforked chain." The original Ethereum Homestead blockchain was designed to demand at least one hard fork. The mining difficulty was set to increase exponentially after some time, in order to force the community to make a decision regarding switching away from proof-of-work toward proof-of-stake. The ETC community hard forked the Homestead chain to remove this "difficulty bomb." That's quite different from the "TheDAO" hard fork, but it's still a hard fork of a blockchain, so it's not true that ETC represents completely immutable law -- that community can also demonstrably agree to hard fork.