Ethereum and Ethereum Classic Establish Friendship, Envision Partnership

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The Medium post from October 30 says that Ethereum Foundation and ETC Cooperative invest in Akomba Labs together to build a “bridge of peace” between ETH and ETC.

Yesterday, on October 30, Ethereum Foundation reported that it would donate 15,000 ETC to Ethereum Classic Cooperative. This announcement appeared in an official blog of Ethereum Special Projects on Medium. Such an action fosters the formation of a new cooperation between the two decentralized organizations which have long been sustaining rather cold relations with each other.

Ethereum Classic is a platform of smart contracts that positions itself as an “original Ethereum” and continues reigning over the old chain. The reason of such a breakage was DAO hack (decentralized autonomous organization) that led to hardfork of Ethereum, due to which Ethereum Classic emerged.

As a result of DAO hack, an Ethereum-based smart contract, the platform lost $50 million. The attackers used an exploitable in the smart contract system. However, hackers needed to wait for 28 days due to the contract’s rules before they could withdraw stolen ETH. The only solution that could impede the transaction was a hardfork that took place on June 20 2016.

Most of the users accepted the new chain, but some of them were unsatisfied and stayed on the old chain, that was titled Ethereum Classic (ETC) then. The two communities were keeping distance between each other for two years, while Ethereum Foundation sold out its ETC tokens.

Now, the organization claims that “ice has begun melting” in May 2018. It all started when the head of ETC Cooperative Anthony Lusardi was invited to EDCON conference held by Ethereum Foundation. He was asked to share his opinion on a potential partnership between the two blockchains.

The Medium post from October 30 says that Ethereum Foundation and ETC Cooperative invest in Akomba Labs together to build a “bridge of peace” between ETH and ETC. This is done to make it possible to conduct transactions of one chain on another, and vice versa.

The post also indicates that the “financial revision” revealed more than 15,000 ETC in a cold wallet. The organization decided to celebrate the reunion and grant the funds to ETC Cooperative. Just to note: 15,000 ETC roughly equals $150,000.

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