Why is “The Ethereum” blockchain known as Ethereum Classic

By Stevan Lohja on ALTCOIN MAGAZINE

The Ethereum blockchain, known as Ethereum Classic, is the original Ethereum. The Ethereum blockchain was split in two as a result of TheDAO Bailout Fork.

Before TheDAO Bailout Fork, there was just the Ethereum Blockchain.

├── Ethereum

After TheDAO Bailout Fork, there was the Ethereum blockchain and the forked chain.

├── Ethereum
    ├── Fork

The Ethereum blockchain rebranded as Ethereum Classic and the forked chain was branded Ethereum.

├── Ethereum
    ├── Fork
to
├── Ethereum Classic
    ├── Ethereum

This causes much brand confusion because it’s as if Bitcoin Cash is Bitcoin, when it’s technically not nor would that be brand honesty. For example, Roger Ver may identify Bitcoin Cash as Bitcoin, but Bitcoin Cash is technically not Bitcoin.

├── Bitcoin
    ├── Fork
to 
├── Bitcoin
    ├── Bitcoin Cash

Bitcoin is Bitcoin, and Bitcoin Cash is Bitcoin Cash. However, post DAO Bailout Fork, Ethereum is Ethereum Classic and Ethereum is Ethereum⁉️ This brand confusion is not entirely the Ethereum Classic community’s fault.

The Ethereum Foundation

The Ethereum Foundation is an organization that registered “Ethereum” as their trademark.

This legally recognized privilege is why the Ethereum blockchain community had to rebrand as Ethereum Classic, and the foundation was able to brand the forked chain, Ethereum.

If the foundation were to replace the Ethereum(ETH) EVM that contradicts the Ethereum white paper, then the foundation still holds legal privilege to identify as Ethereum.

TheDAO — A Glorious Failure

Eventually we hope to turn the Ethereum organization itself, into a DAO — Vitalik Buterin. Miami Bitcoin Conference. 2014

The Ethereum Foundation was meant to distribute their funds through a venture capital fund in a smart contract known as TheDAO (decentralized autonomous organization). However, this would have been a centralized wealth distribution organization with Vitalik and Friends being the recipients of such distribution. Many Ethereum advocates, before Vitalik was the project lead, admired ideologies in social capital, open corporatism, public corporatism, etc… Just buzz words for philosophically flawed collectivism — which is not sustainable and in principle, leads to centralization. Monopolistic Corporations like this model ironically.

TheDAO smart contract was curated by several actors including the ETH Foundation. With known vulnerabilities, the incompetence of TheDAO smart contract was tried by the infamous Smart Contract Lawyer, also known as, TheDAO Hacker. The Smart Contract resulted in a loss of funds and panic from their creators.

While the smart contract was a fault of incompetence from the contract creators, the Ethereum Foundation breached the Ethereum agreement to bailout investors of TheDAO.

https://www.ethereum.org/agreement

Daniel Larimer isn’t entirely wrong about the ETH’s philosophical incompetence.

Brand Confusion vs Brand Honesty — OpEd

Trademarks don’t always enforce brand honesty, unfortunately. If Ethereum Foundation was concerned about brand confusion then they would have left Ethereum (Ethereum Classic) be Ethereum and the bail out fork version be EthCash or something.

├── Ethereum
    ├── Fork
instead of 
├── Ethereum Classic
    ├── Ethereum
stop technical confusion with
├── Ethereum
    ├── Eth Cash

Conclusion

While ETC community has no intention for a naming initiative I hope this is informative. I’m proud to be apart of THE ETHEREUM promise and look forward to a sustainable and free future, powered by ETC.

Opinions are my own.

Before moving on, make sure to press follow, leave a clap or 46, share today’s highlight and if you missed the last article, click here.

Follow us on Twitter, InvestFeed, Facebook, Instagram, LinkedIn, and join our Discord.

The purpose of ALTCOIN MAGAZINE is to educate the world on crypto and to bring it to the hands and the minds of the masses. This article was written and composed by Stevan Lohja on ALTCOIN MAGAZINE.