adsrekt
@adskketh
🧵This is what you didn't know about $ETH Huge $60M scam || Emergence of $ETC || Blockchain rollback All of this was real :How ETH almost disappeared forever ? ↓
1 reply
0 recast
1 reaction
adsrekt
@adskketh
/1 2016. ETH just got a huge hype and recognition from the community The team of a new startup decides to merge with ethereum and create The DAO Everyone could exchange their $ETH for DAO tokens and participate in the management of the DAO
1 reply
0 recast
0 reaction
adsrekt
@adskketh
/2 The project is becoming a huge success ! They raised $100M instead of $20M as planned. $12.7M $ETH at the time. Everyone is shocked by the incredible success and no one could have predicted the disaster
1 reply
0 recast
0 reaction
adsrekt
@adskketh
/3 But experienced coders soon noticed a critical problem in the code It could have destroyed The DAO. But the funders responded that there was no problem and the code was written without errors
1 reply
0 recast
0 reaction
adsrekt
@adskketh
/4 17th June 2016 9 AM. An event happened that changed the crypto industry forever A hacker using a “child DAO” took $60M users off the record he used the splitDAO function and constantly sent requests to get tokens
1 reply
0 recast
0 reaction
adsrekt
@adskketh
/5 Vitalik was faced with a very difficult choice. To violate the blockchain philosophy and betray his ideas or to let the hacker take all $ETH, which would lead to the destruction of the blockchain After a hard vote, they chose to roll back the blockchain.
1 reply
0 recast
0 reaction
adsrekt
@adskketh
/6 On this day, etherium split into $ETH and $ETC All users who did not agree to rollback the blockchain moved to $ETC. Their etherium did not change and moved to the community itself. In $ETH on the other hand the foundation remained
1 reply
0 recast
0 reaction
adsrekt
@adskketh
/7 Our days $ETC is still functioning and you can trade it, but its price is ten times less than $ETH It sometimes shows good growth, but it won't get the interest of a big community anymore ETH is actively developing and getting new updates. in 2022 it switched to PoS
1 reply
0 recast
0 reaction
adsrekt
@adskketh
/8 TL:DR 15% of the supply $ETH was stolen from the new DAO Vitalik decided to roll back the blockchain to the time of the hack and return the money Those who disagreed with him moved to $ETC
0 reply
0 recast
0 reaction