Difference between Ethereum vs Ethereum Classic
Cryptocurrency is a digital type of currency/money and it can be traded on the various crypto exchanges and everywhere cryptocurrency is getting famous because it uses decentralized control as compared to the centralized digital currency. Cryptocurrency built on blockchain technology. It uses cryptographical functions to execute financial transactions securely. The first digital currency is bitcoin and it was introduced as open-source software in 2008. After bitcoin, thousands of cryptocurrencies have been created. Many economists see it as the future.
Here we will go through the difference between Ethereum and Ethereum Classic. But first, we need to understand a small story. There is a very famous story of a hack know by the name of DAO hack, in this hack, the hackers got access to $ 50 Million in funds from DAO. The DAO (Decentralized Autonomous Organization) was a complex smart contract that was going the transform Ethereum’s existence. A few members of the community were against the entire concept of the immutable ledger, as it is not possible to change the same. Most of the community members moved from old to the new blockchain-based Ethereum and other members have stayed with the old chain, we call it Ethereum Classic. Ethereum Classic has a different team of developers. Most of the developers are on the new chain, where Ethereum Classic continues with similar features.
What is Ethereum (ETH)?
The word Ethereum is directly related to cryptocurrency like bitcoin but it is not just a normal cryptocurrency it is more than that. Ethereum is an open software platform that allows developers to build decentralized applications. Under this Ethereum software, there is the currency name ether (ETH). It is used to power an application that develops on the Ethereum platform. Ethereum’s whole ecosystem works based on smart contracts. The language used by the developer to write a smart contract is SOLIDITY. Ethereum aims to change the whole decentralized system works. Ethereum allows software applications to run on a distributed system /many computers. Ethereum was formed for one reason to get a refund of the money from the DOA hacker and back that amount to the legal owner. But there is a problem with Ethereum is that the ETH formation is against the idea of the immutability of the blockchain and the philosophy of “code being law.
What is Ethereum Classic?
Ethereum Classic is also open-source software like Ethereum based on the blockchain platform. It works on smart contract functionality. Ethereum Virtual Machine (EVM), which can complete the transaction with the use of an international network of public nodes. Both have a token named ether, which is transferable between parties it can also be stored in a cryptocurrency wallet The Ticker symbol of Ethereum Classic on the crypto exchange is ETC. It stays with the idea of immutability and philosophy of code being law. But many experts think that it is full of scammers. It does support backward compatibility. Ethereum Classic is now dealing with some big players.
Head to Head Comparison between Ethereum vs Ethereum Classic-
Below are the top 11 differences between Ethereum (ETH) vs Ethereum Classic (ETC):
Key differences between Ethereum and Ethereum Classic
Ethereum and Ethereum Classic both are well known in the world of digital decentralized currency, but there is no major difference as such between both digital assets. Let us see the small differences between them.
- The Ethereum was announced on 23 January 2014, where the Ethereum Classic was announced on 21st July 2016. The launch date of Ethereum was 30th July 2015 and Ethereum Classic was on 21st July 2016.
- The main purpose of Ethereum is to enable a decentralized platform for the developers to build a decentralized application that runs on Ethereum platforms and it also runs smart contracts, where Ethereum Classic allows the developer to use secure, censor proof, a reliable, public, trustless and decentralized platform for running the applications.
- The Total available Supply of Ethereum is 107.90 Million, where the total supply of Ethereum Classic is 113.78 Million.
- Ethereum is a very popular decentralized digital asset after Bitcoin with a market capitalization of $19.06 Billion, where Ethereum Classic is not as popular among the community as compared to Ethereum and its market capitalization is $510.91 Million. That varies and it depends upon the change in price and supply of the token.
- ETH is against the idea of immutable edger and philosophy of “code being a law”, on the other hand, Ethereum Classic stays with the idea of immutable and philosophy of “code being a law”.
- Ethereum supports backward compatibility (Proof-of-Work to Proof of Stake), where Ethereum Classic does not support the backward compatibility because it runs on an old blockchain.
- On the crypto exchange, ETH represents the ticker for Ethereum, ETC for Ethereum Classic.
Ethereum vs Ethereum Classic Comparison Table
Let us Discuss the Topmost Comparison Table between Ethereum vs Ethereum Classic
|Basis of Comparison||Ethereum||Ethereum Classic|
|Announcement Date||The announcement date of Ethereum was 23/01/2014.||The announcement date of Ethereum was 21/07/2016.|
|Purpose||Ethereum enables a decentralized open software platform to build dApps (Decentralized App) and run also runs a smart contract.||Replace the old or traditional contracts between parties, creates a Decentralized application to execute the Trustless transactions between parties.|
|Launch Date||Ethereum was launched on 30/7/2015.||Ethereum Classic was launched on 21/7/26|
|Transparency||Ethereum has some transparency.||Ethereum Classic is less transparent than Ethereum.|
|Available Supply||The available supply of Ethereum is 107.90 Million.||The available supply of Ethereum Classic is 113.78 Million.|
|Market Cap||The Market capitalization is near to $19.06B.||The market cap of Ethereum Classic is close to $510.91.|
|Philosophy||Against the philosophy of “Code being a law”.||It stays the philosophy of “Code being a law”.|
|Compatibility||It supports the Backward Compatibility (Proof-of-Work to Proof of Stake).||It does not support Backward Compatibility.|
|Popularity||Ethereum is a very popular cryptocurrency after bitcoin.||Ethereum Classic is less popular as compared to Ethereum.|
|Ranking||Ethereum holds 2nd rank among all the cryptocurrency after bitcoin.||Ethereum Classic holds the 21st rank.|
|Ticker||The ticker for the Ethereum token is ETH.||The ticker for the Ethereum Classic token is ETC.|
As we have seen the difference between both Ethereum and Ethereum Classic, between two of them the most popular among the crypto community as it is against the whole concept of the immutability of the blockchain. The backbone of Ethereum is its community that comes together and didn’t get panic in the case of the DAO hack crisis which slams the whole crypto world. As it was the worst hack in the history of the cryptocurrency. The Ethereum stands strong because it is a platform that enables the developers to build projects to change the picture of the virtual future, where Ethereum Classic has an unfortunate history of DAO. Member of the crypto community thinks that Ethereum Classic is known to be full of scammers. The size of the market cap and strong community indicates a bright future of Ethereum (ETH), where Ethereum Classic (ETC) appears to be slowly reducing in market capitalization.
This is a guide to Ethereum (ETH) vs Ethereum Classic (ETC). Here we have discussed the (ETH) vs (ETC) Classic, key differences with infographics, and comparison table. You can also go through our other suggested articles to learn more –