Hoskinson and the IOHK team believe in this foundational principle, and therefore have joined the broader Ethereum Classic team to take up the original unchanged Ethereum blockchain, which to this day still includes The DAO hack. This move returned the Ether lost in the hack to their original owners, but also breached what many believe is a foundational characteristic to public blockchains: that they are and must remain immutable. In July 2016, the team behind Ethereum decided to revert to the blockchain to the block just prior to The DAO breach while also closing the flaw exploited by the hackers. As with any public chain, this siphoning was irreversible. In May 2016, it was discovered that a flaw existed within The DAO infrastructure - a flaw that a single hacker subsequently exploited on June 17, 2016, sucking nearly 3.6 million Ether (today worth nearly USD 4.9 billion) from The DAO’s coffers. The side project was well funded, generating more than 11.6 million Ether (the cryptocurrency of the Ethereum protocol) from its backers, many from the core Ethereum team. This organization was designed to provide governance for the burgeoning protocol without central control of any one person or company. In early 2016, an ambitious project was set forth by many within the Ethereum community to create a decentralized autonomous organization (aka “The DAO”) on top of the Ethereum protocol. Ethereum Classic: Born after “The DAO” fiasco, Ethereum Classic is a fork of the Ethereum protocol.
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