Previously we discussed the meaning of Ethereum and Ethereum classic, their features, and how they were created. Before discussing the differences between the two currencies, we have to talk about their history and how they were created.
Ethereum is a blockchain-based decentralized and open-source software platform that enables the creation of distributed applications (DApps) and smart contracts (smart contracts are transaction protocols that automatically execute and control legally relevant events to the terms of the contract. It was created in 2013 by Vitalik Buterin and other developers and then launched in 2015.
Brief History On The Creation Of ETC AND ETH
In 2016, an ecosystem known as DAO (Decentralized Autonomous Organization), which helped generate funds for the DApps created in Ethereum was formed. Due to the lack of a robust security system, The DAO was hacked and the hacker stole $ 50 million worth of ether.
In a bid to search for the solution to the security problem and how to recover the funds stolen, a decision was made to create a fork of Ethereum. A fork was created, which is now known as Ethereum (ETH), and we still also have the original Ethereum, which is now known as Ethereum classic.
The Ethereum users who were in favor of creating a new fork migrated to the new platform, while those who were not in support stayed with the old platform.
Now, look into some of the differences between the two cryptocurrencies.
- Ethereum classic is not backward compatible, which means that the platform users can’t have access to any upgrade made in the Ethereum platform.
- ETC still uses the proof of work mechanism of consensus while ETH has upgraded to the proof of stake mechanism.
- ETC is immutable (not prone to change) than the ETH, which is prone to changes that go against the ideology on which Ethereum was first built.
- ETH uses a new blockchain and protocol compared to the old version.
- Ethereum has a higher market value than Ethereum classic. As of February, the market cap of Ethereum (ETH) stands at $224.27 billion with a price of $1,947.64 per 1 ETH, while ETC had a market Cap of $ 1.77 billion with a price of $ 15.19 per 1 ETC.
WHERE TO BUY Etherum (ETH) and Ethereum Classic (ETC)
Ethereum (ETH) and Ethereum Classic (ETC) can be bought on exchanges like Binance and Bittrex. It can also be traded against other cryptocurrencies and fiat currency.
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