The Ethereum blockchain hosts two cryptocurrencies: Ethereum (CRYPTO: ETH) and Ethereum Classic (CRYPTO: ETC).
But why are there two cryptocurrencies with the same name?
Yes, you are right, something dramatic happened. There was a time when there was only one Ethereum ecosystem. A hard fork occurred after one of the most sensational incidents in cryptocurrency history, resulting in two competing implementations of the blockchain network.
Ethereum Classic is an older variant of Ethereum that used a Proof-Of-Work platform to implement smart contracts. Following a hack on the blockchain, Ethereum focused on the code to convert smart contract execution from Proof-of-Work to Proof-of-Stake in order to prevent potential attacks.
Want to learn more about Ethereum development? Ethereum certification courses could be the best to get started with.
The Differences Between Ethereum and Ethereum Classic
Ethereum does not believe in the immutability of blockchains. Supporters of this viewpoint claim that individuals can not alter the blockchain on their own whims; otherwise, the blockchain will be vulnerable to human corruption.
Ethereum was built with this in mind by its developers. This is the foundation of Ethereum Classic, and the founders of its ecosystem believe in it as well.
The Hard Fork, according to ETH supporters, was needed to do justice. It refunded people who had lost their Ether and devalued the tokens the hacker had taken.
ETC is now 15 times more valuable than ETH. One of the main reasons for this is that ETH has the support of a number of influential members of the crypto community, and it is constantly updated.
While ETC’s valuation is limited, it has recently gained the patronage of many influential people.
ETC’s capacity for success is debatable. Some contend that ETC has no prospects and that its membership is mainly made up of scammers, whilst others think it has a bright future. We have no idea whether ETC would expand or not.
Many analysts, on the other side, believe that ETH would be the first cryptocurrency to cross $10,000, after Bitcoin. That’s a huge accomplishment, and it demonstrates ETH’s enormous potential. It is now rapidly expanding and receiving frequent updates daily.
Another field where the difference between ETH and ETC is too obvious is here. The Enterprise Ethereum Alliance (EEA), a consortium of over 200 companies to implement blockchain for smart contracts in Fortune 500 firms, has backed ETH.
JP Morgan, ING, Microsoft, and Toyota are only a few of the notable companies that are part of the EEA. ETH receives several updates daily, allowing it to remain up with the industry and its demands.
ETC, on the other hand, is unable to view the majority of ETH’s updates. As a result, it lags well behind in terms of functionality and qualities.
In short, the debate over which of these two is superior can never be resolved. You have the theory of immutability on the one hand and continuous growth on the other. You’ll know how complex this topic is when you read more about blockchain and its principles.
Careers in ethereum development are on the rise, and blockchain has forever transformed the face of the technology sector. Start the journey to become an ethereum blockchain developer with the Blockchain Council!