Ethereum Classic is a hard fork of Ethereum. It was created in July 2015. Ethereum Classic is a blockchain-based platform that can be used for creating decentralized apps based on smart contracts. The distinctive feature of this project is an open-source code, which makes it available to all network users. The main executive element of this system is Ethereum Virtual Machine that performs different transactions in the cryptocurrency network chain. What are the peculiarities of Ethereum vs Ethereum Classic?
What is Ethereum?
Ethereum is a blockchain-based platform used for developing decentralized apps. It all started in 2011 when a young developer Vitalik Buterin became interested in blockchain technology and Bitcoin. A few years later, having been convinced of the practical benefit of blockchain, Vitalik created the technical documentation for the product that is now known as Ethereum. Ethereum has its own cryptocurrency called Ether. Just like Bitcoin, Ether act as a circulating payment instrument. However, it is also used by the app developers for paying the commissions and services.
What is Ethereum Classic?
Ethereum Classic is a cryptocurrency and a platform used for developing decentralized applications. In addition, ETC can be used as an asset for conducting transactions, as well as for creating your own blockchain-based cryptocurrency. Ethereum Classic charges transaction fees for miners’ work and DDoS protection.
Users have the right to transfer Ethereum Classic and use it as an investment object and as a payment instrument (for example, for remuneration of network participants processing transactions).
Prospects for Ethereum vs Ethereum Classic
Ethereum Classic is a coin, supported by a small number of major players. Its main advantage is the absence of bugs in the code, typical for Ethereum. However, this coin also has a drawback: Ethereum Classic is not compatible with any Ethereum update. Moreover, most network participants work with original Ethereum.
As for ETH, this cryptocurrency is supported by large market players, and the money stolen in 2016 was returned to the owners. We should note that the system is constantly being improved and has a higher hash rate. Moreover, the developers themselves seem more united, which allows solving the problems of any complexity.
Many users are just now becoming familiar with the new Ethereum Classic, its features, and investment prospects. It’s not surprising that the exchange rate of the virtual coin is low, and ETH outperforms ETC in many factors. However, Ethereum Classic is more advanced in terms of technical content, which creates favorable conditions for further growth.
For now, ETH receives support from large corporations and major developers. As for ETC, it is perceived by many as a temporary error. This situation is aggravated by a growing gap in the price and capitalization of these virtual coins. To stop this process, developers should keep working on Ethereum Classic and improving it to achieve optimal stability. Analysts are convinced of the great potential of ETC, but it needs time.