Ethereum vs Ethereum Classic: Who is your favorite cryptocurrency?

Every day, new cryptocurrencies are emerging, and as a result, the market is growing in size. It has increased exponentially. Ethereum is a cryptocurrency that uses smart contracts to provide decentralized applications. popularity of this crypto has grown tremendously in recent years and is now valued at over $ 254 billion on 06/20/2021 worldwide, making it one of the largest cryptocurrencies out there. Ethereum Classic is a cryptocurrency that was created as an alternative to Ethereum after Ethereum forked hard into two different cryptocurrencies following disagreement over political decisions by the Ethereum development team. This article compares ethereum vs ethereum classic below.

What is Ethereum?

Ethereum is a cryptocurrency that uses smart contracts to provide decentralized applications. popularity of this crypto has grown tremendously in recent years and is now valued at $ 254 billion worldwide on 06/20/2021, making it one of the largest cryptocurrencies out there. Ethereum Classic is a cryptocurrency that was created as an alternative to Ethereum after Ethereum forked hard into two different cryptocurrencies following disagreement over political decisions by the Ethereum development team. This article compares ethereum vs ethereum classic below.

What is Ethereum Classic?

Ethereum classic is an alternative protocol fork of ethereum that occurred on July 30, 2015. After the DAO hack, about $ 50 million worth of Ether was stolen because a hacker discovered that it could attack the DAO contract. This caused a lot of tension in the ethereum community and they split into two main camps: those who wanted to change the code and those who wanted to keep it as is. Ultimately, the decision was made to fork the ethereum blockchain to reverse the hack and return the funds to their rightful owners. Ethereum Classic’s digital token, ETC, is an abstraction of the previous ethereum blockchain that is held online.

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Difference between ETC and ETH

re are several common attributes between ethereum classic and ethereum. main differences include:

Ethereum Classic was created by forking the original Ethereum blockchain. This means that it will never go down or be inaccessible to users because there will always be a copy of the original blockchain that the wallet runs on. From a security standpoint, this makes it more secure than any other cryptocurrency that can be tampered with simply by running a 51% attack on the network that controls most of the currency’s computing power.

DAO hack and the hard fork that led to the creation of ethereum classic are two clear examples of the political nature of blockchain technology. best way to understand the ethereum classic vs ethereum debate is to go back to the original bitcoin vs bitcoin cash hard fork debate. ETC tries to stay as close to the original blockchain as possible, while ETH provides a larger ecosystem that encompasses all smart contract-based applications and distributed applications.

Ethereum uses PoW, which can be computationally intensive, while Ethereum Classic uses PoS (proof of stake). This is an important distinction since PoS is much more energy efficient than PoW.

Ethereum Classic Price: How is it doing in 2021?

Ethereum Classic (ETC) has a market value of approximately $ 5.7 billion on 06/20/2021, making it the 22nd largest cryptocurrency today. As of June 2021. It is currently ranked 22nd in terms of overall market capitalization, as well as in terms of total volume on exchanges like Binance and Coinbase Pro. However, like most other cryptocurrencies, ETC has also seen its price significantly over the last year and a half.

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