Ethereum Classic (ETC) is a blockchain-based distributed computing platform which offers smart contract (scripting) functionality. It is open source and supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine (EVM). … Ethereum Classic maintains the original, unaltered history of the Ethereum network. The Ethereum project’s mainnet initially released via Frontier on 30 July 2015.
ETC can be exchanged for network transaction fees or other assets, commodities, currencies, products, and services. Ethereum Classic provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. The virtual machine’s instruction set is Turing-complete in contrast to others like bitcoin script. Gas, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
In 2016, a smart contract known as The Dao was hacked on the Ethereum blockchain. It resulted in the theft of funds worth $60 worth of Ether, and the community was split on how to deal with it. Ethereum Classic supporters wanted things to go as they were, while Ethereum supporters wanted to reverse the hack and return the funds.
The Ethereum community ultimately decided to hard fork the network, creating a new blockchain with the hacked funds returned. The new blockchain was called Ethereum, while the old blockchain was renamed Ethereum Classic.
Ethereum Classic is a smaller and less popular blockchain than Ethereum. However, it has a strong community of supporters who believe in its original vision of a decentralized and immutable blockchain.
Here are some of the key differences between Ethereum and Ethereum Classic:
- Chain history: Ethereum Classic maintains the original, unaltered history of the Ethereum network, while Ethereum forked the network in 2016 to reverse the The Dao hack.
- Consensus mechanism: Ethereum Classic uses a modified version of Nakamoto consensus, while Ethereum uses proof-of-stake.
- Community: Ethereum Classic has a smaller and less active community than Ethereum.
- Price: Ethereum Classic is currently trading at a fraction of the price of Ethereum.
Ultimately, the decision of whether to invest in Ethereum Classic or Ethereum is a personal one. Investors should carefully consider the risks and potential rewards of each project before making a decision.
Ethereum Classic vs Ethereum
Ethereum Classic (ETC) and Ethereum (ETH) are two different blockchains that were created from the same code. Ethereum Classic is the original blockchain, while Ethereum is a newer blockchain that forked from Ethereum Classic in 2016.
The main difference between Ethereum Classic and Ethereum is their approach to security. Ethereum Classic is committed to maintaining the immutability of its blockchain, which means that once a transaction is added to the blockchain, it cannot be reversed. Ethereum, on the other hand, is more willing to make changes to its blockchain in order to improve security.
This difference in philosophy has led to a number of other differences between Ethereum Classic and Ethereum. Ethereum Classic uses a modified version of Nakamoto consensus, while Ethereum uses proof-of-stake. Ethereum Classic has a smaller and less active community than Ethereum. And Ethereum Classic is currently trading at a fraction of the price of Ethereum.
Ultimately, the decision of whether to invest in Ethereum Classic or Ethereum is a personal one. Investors should carefully consider the risks and potential rewards of each project before making a decision.
Here is a table summarizing the key differences between Ethereum Classic and Ethereum:
| Feature | Ethereum Classic | Ethereum |
|---|---|---|
| Chain history | Maintains the original, unaltered history of the Ethereum network | Forked the network in 2016 to reverse the The Dao hack |
| Consensus mechanism | Modified version of Nakamoto consensus | Proof-of-stake |
| Community | Smaller and less active | Larger and more active |
| Price | Currently trading at a fraction of the price of Ethereum | Trading at a higher price than Ethereum Classic |
It is important to note that these are just some of the key differences between Ethereum Classic and Ethereum. There are many other factors that investors should consider before making a decision about which project to invest in.