Ethereum Classic went from a protest vehicle to a more serious project this weekend following notable nods of support from major exchanges and community members. That momentum continued today as activity surrounding its new blockchain continued in earnest, and market participants voiced their enthusiasm for the effort. Now, the eighth largest digital currency with a $37m market cap, Ethereum Classic is listed on several exchanges and has quickly built up a small network of services.
For those who haven’t been following, the rise of Ethereum Classic is the latest twist in the narrative surrounding The DAO , the $150m fundraising vehicle compromised in June.
To recover the funds, ethereum developers solicited a community vote early this month, a process that resulted in the decision to " hard fork " its blockchain last week, or implement a change to the code that would return funds to investors.
Still, while presumed to have an endorsement from the community, the decision was met with resistance by a notable minority. Idea grows
This small, but growing contingent of the ethereum community has continued to maintain a blockchain with the alternative account history (Ethereum Classic), one in which a copy of the original funds are still under control of the anonymous person who executed the attack on The DAO.
For now, just how serious the support is for the project, or whether it will emerge with a unique value proposition, seems uncertain.
Early feedback from the market, however, is positive.
With a trading volume in excess of $10m over the past 24 hours, ethereum classic is just $14m in trade volume behind ether, the native currency for the ethereum blockchain containing the hard fork code (sometimes called Ethereum One or Ethereum Core).The boost in publicity seems to have briefly sent the Ethereum Classsic market cap up to $77m, but the […]
