Ethereum Classic (CRYPTO: ETH) and Ethereum (CRYPTO: ETH) are two cryptocurrencies that use the Ethereum blockchain (CRYPTO: ETC).
But why do two cryptocurrencies have the same name?
Yes, something significant occurred. There was a time when the Ethereum ecosystem was all-encompassing. Following one of the most high-profile events in cryptocurrency history, a hard fork occurred, resulting in two competing blockchain network implementations.
Ethereum Classic is an older Ethereum version that implemented smart contracts using a Proof-Of-Work platform. Following a blockchain hack, Ethereum focused on the code that converts smart contract execution from Proof-of-Work to Proof-of-Stake in order to protect against future attacks.
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The Differences Between Ethereum and Ethereum Classic
The immutability of blockchains is something Ethereum does not believe in. Supporters of this perspective argue that people should not be allowed to change the blockchain on their own whims; otherwise, the blockchain would be susceptible to human corruption.
Ethereum’s creators built the platform with this in mind. This is Ethereum Classic’s basis, and the ecosystem’s creators agree.
According to ETH supporters, the Hard Fork was needed in order to be fair. It refunded those who had lost their Ether and devalued the tokens stolen by the hacker.
The value of ETC has risen to 15 times that of ETH. One of the key reasons for this is that ETH is backed by a number of powerful members of the crypto community and is continually updated.
Although ETC has a low market capitalization, it has recently gained the support of a number of powerful individuals.
It’s debatable if ETC will succeed. Some argue that ETC has no future and that the majority of its members are scammers, while others believe it has a bright future. We don’t know if ETC would extend.
On the other hand, several experts assume that after Bitcoin, ETH would be the first cryptocurrency to hit $10,000. This is a tremendous achievement that reflects ETH’s immense ability. It’s now increasingly growing, with regular updates.
This is another area where the distinction between ETH and ETC is too clear. ETH has received support from the Enterprise Ethereum Alliance (EEA), a group of over 200 businesses working to incorporate blockchain for smart contracts in Fortune 500 companies.
The EEA includes companies such as JP Morgan, ING, Microsoft, and Toyota, to name a few. Every day, ETH receives many updates, helping it to stay on top of the industry and its demands.
The bulk of ETH’s alerts, on the other hand, are inaccessible to ETC. As a consequence, in terms of functionality and quality, it falls far behind.
In other words, there will never be an agreement on which of these two is superior. On the one side, there’s the immutability theory, and on the other, there’s the theory of continuous growth. When you learn more about blockchain and its concepts, you’ll see how complicated this subject is.
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