A Quick Guide: Ethereum VS Ethereum Classic

Ethereum (CRYPTO: ETH) and Ethereum Classic (CRYPTO: ETH) are two cryptocurrencies that run on the Ethereum blockchain (CRYPTO: ETC).

But why do there seem to be two cryptocurrencies with the same name?

Yes, something drastic occurred. There was a time when Ethereum had only one ecosystem. After one of the most high-profile events in cryptocurrency history, a hard fork happened, resulting in two rival blockchain networks.

Ethereum Classic is an older version of Ethereum that implemented smart contracts on a Proof-Of-Work basis. Following a blockchain hack, Ethereum concentrated on the code that converts smart contract execution from Proof-of-Work to Proof-of-Stake to avoid future attacks.

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The Differences Between Ethereum and Ethereum Classic

Ideological

Ethereum does not believe in blockchain immutability. Supporters of this position argue that individuals should not be able to change the blockchain on their own whims; otherwise, the blockchain would be susceptible to human corruption.

Ethereum's creators created it with this in mind. This is the cornerstone of Ethereum Classic, and it is something that the ecosystem's creators believe in as well.

According to ETH supporters, the Hard Fork was needed in order to do justice. It refunded those who had lost their Ether and devalued the tokens taken by the hacker.

Value

ETC is now worth 15 times more than ETH. One of the primary reasons for this is that ETH is backed by a number of prominent members of the crypto community and is regularly updated.

While ETC's value is minimal, it has recently gained the support of a number of powerful individuals.

Potential

ETC's potential for growth is debatable. Some argue that ETC has no future and that its membership is mostly comprised of con artists, while others believe it has a bright future. We don't know whether ETC would extend or not.

Many experts, on the other hand, agree that after Bitcoin, ETH would be the first cryptocurrency to hit $10,000. That is a tremendous achievement that reflects ETH's immense ability. It is now increasingly growing and receiving regular updates.

Characteristics

Another area where the distinction between ETH and ETC is overt is here. ETH has been endorsed by the Enterprise Ethereum Alliance (EEA), a group of over 200 businesses working to incorporate blockchain for smart contracts in Fortune 500 companies.

JP Morgan, ING, Microsoft, and Toyota are only a handful of the EEA's prominent members. Every day, ETH receives many updates, helping it to stay current with the industry and its demands.

The bulk of ETH's updates, on the other hand, are not visible to ETC. As a result, it lags far behind in terms of quality and features.

Wrapping up

In short, there will never be an agreement on which of these two is superior. On the one hand, you have the theory of immutability, and on the other, you have the theory of continuous growth. When you learn more about blockchain and its concepts, you'll realise how complicated this subject is.

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