Ethereum storm: Ethereum agains Ethereum classic

Last month ethereum hack with over 60$m worth of investor funds resulting in community split with two possible ethereum outcomes. The DAO hack forced community along with a ETH dev team to hard desicion of decentralization problem. After simple voting pool, community decieded to fork ethereum blockchain. This decision was a centralization way of solving The DAO contracts problem.

At approximately 14:30 UTC today, China-based ethereum miner BW.com mined the ethereum blockchain's 192,000th block. Seconds later the mining pool also mined the first block on the new blockchain, which returned funds lost in the collapse of The DAO to an account available to its original investors.

The achievement, which returns approximately $40m worth of ether from an account owned by an unknown hacker to a new address, is being met with celebration by many members of the ethereum community.

The DAO bailout

The hard fork of the ethereum blockchain moved the funds tied to The DAO to a new smart contract designed to to one thing: let the original token owners withdraw the funds. The token owners were given the original exchange rate of 1 ETH to 100 DAO tokens. This decision give everyone a legit chance to leave The DAO sinking ship without critical loss.

Ethereum classic
According to (diligently hidden, pro-fork) coin vote on Carbonvote, 19% of ETH holders oppose this hardfork. Also, about 22% of Ethereum miners voted against the previous 'DAO softfork' and would logically oppose hardfork as well. Such a significant minority of stakeholders should not be silenced or intimidated. This opinion resulted into original ethereum blockain support by some of the former ETH developers. Ethereum classic stands for decentralized, censorship-resistant, permissionless and IMMUTABLE blockchains.

Current state
At this moment, one of the biggest US - based cryptocurrency exchange Poloniex accept original ethereum non-fork chain as Ethereum classic (ETC) which is currently trading at aproximetly 0.0013 BTC per ETC. Ethereum classic network hash rate also slowly growing with almost 30GH per hour. ETC hash rate is currently on 226 GH. Supporting ETC chain also affected ETH price with a current 15% price drop.