A major crisis faced the Ethereum network after the Bitfinex hack, and news about the FORK spread, dividing people into supporters and opponents.


What do you know about the fork and could it be a pivotal point in the history of Ethereum?



⛔️ The big theft


What happened is that Bitfinex was subjected to the largest theft in the history of digital currencies, with 1.46 billion dollars stolen from Ethereum.


And from here the debate began, raising the question: Should Ethereum revert from the transaction record to recover the stolen funds (fork)?


Or will this decision shake the trust in the decentralization that the network claims?



⛔️ What does fork mean and what is its relation to decentralization?


It is a technical process that allows the network to revert from the transaction record and remove the stolen funds from the hackers' wallets.


This event happened before when Ethereum forked in 2016 after the DAO hack, resulting in a network split and the creation of Ethereum Classic (ETC) ✔️



⛔️ What is the relationship between the fork and decentralization?


Some people say that reverting from the chain will shake people's trust in decentralization because it shows centralized control over the currency by the team behind it, while some believe that we should prevent hackers from benefiting from the stolen funds.



⛔️ Who are you with?


- Those who support the fork, analysts like Will Reeves, see that reverting from the chain is necessary to maintain trust in the system.


- And opponents of the fork see this decision as meaning that Ethereum has become like the traditional financial system, meaning decisions are in the hands of certain people.



⛔️ The future of Ethereum is unknown


The fork may lead to a second division in the community, as happened in 2016 with ETC.


Any decision Ethereum makes, whether to revert from the chain or not, will determine the future of the network.


- In all cases, Ethereum will face significant consequences that may affect its status as one amid its struggle with Solana.



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Your brother Ihab Al-Hosni ❤️