What is the difference between ethereum and ethereum classic?
Ethereum and Ethereum Classic are two separate blockchains that originated from the same platform.
Ethereum Classic maintains the original Ethereum blockchain's principles, while Ethereum has undergone changes.
The two platforms differ in their market value, consensus mechanisms, and design philosophies.
The Origins of Ethereum and Ethereum Classic
Ethereum and Ethereum Classic share a common origin. Both were part of the original Ethereum platform, a blockchain-based, open-source, decentralized network used to build smart contracts and decentralized apps (dapps). The split between the two occurred after a significant event in 2016 known as The DAO hack.
The DAO, a decentralized autonomous organization, was a notable crowdfunding campaign in crypto history, raising a substantial amount of ether. However, a flaw in The DAO's code led to a hack, resulting in the loss of about 3.6 million ether, worth approximately $50 million at the time.
This event led to a hard fork in the Ethereum blockchain. The new chain, which rolled back the original chain prior to The DAO attack, was named Ethereum. The original non-fork Ethereum network was rebranded to Ethereum Classic.
Ethereum Classic: Upholding the Original Principles
Ethereum Classic (ETC) is the continuation of the original Ethereum platform built in 2015. It upholds the concept of 'Code is Law', meaning that the rules and regulations of a decentralized network are enforced solely through its underlying code. This principle is considered a necessary component of a decentralized system.
Ethereum Classic has its own native token, ETC, and a monetary policy with a supply capped at approximately 210.7 million ETC. It also maintains the original proof-of-work consensus mechanism.
Ethereum: A New Direction
Ethereum (ETH), on the other hand, has undergone changes since the hard fork. It has its own native token, ETH, and unlike Ethereum Classic, it does not have a fixed supply. Ethereum has also migrated from the proof-of-work consensus mechanism to a new system called proof-of-stake.
Ethereum is a large blockchain in the market and powers a wide range of applications, including financial services, gaming, and NFTs.
The Choice Between Ethereum and Ethereum Classic
While Ethereum might be a choice for some, both Ethereum and Ethereum Classic have their own unique features and positioning that cater to specific needs and use cases in the market. Ethereum Classic maintains the original principles of the Ethereum platform, while Ethereum has changed to adapt to the market's needs.
