Ethereum and Ethereum Classic are two of the most popular cryptocurrencies in the world today. Both of these digital currencies have exploded in value over the past few years and have become some of the most sought-after investments in the crypto market.
But what is the key difference between ETH and ETC?
Ethereum (ETH) and Ethereum Classic (ETC) are both blockchain networks, but they have a few key differences that make them unique. Ethereum is a newer platform that is designed to be more scalable and secure than Ethereum Classic. Ethereum Classic, on the other hand, is an open source blockchain network that has a focus on decentralization, immutability, and censorship resistance. In this article, we'll compare the two networks and explain why Ethereum is the better choice for most investors.
Overview of Ethereum and Ethereum Classic
Ethereum (ETH) is a decentralized blockchain network that runs smart contracts and enables the development of decentralized applications (dApps). Ethereum was created by Vitalik Buterin and officially released in 2015.
Ethereum Classic (ETC) is an extension (not a clone) of the original Ethereum, which was forked away by the Ethereum Foundation by launching a new protocol just an year later in 2016.
To be precise, Ethereum Classic was created when the original Ethereum network and currency were split following the DAO hack in 2016. Ethereum and Ethereum Classic are both open source networks that are maintained by their respective development teams. Unlike Bitcoin, both Ethereum and Ethereum Classic use a Proof-of-Work consensus algorithm. Both these networks also use a native digital token to fuel their networks.
As Ether is the native token of the Ethereum network, you can use it to pay for transaction or computational services on the Ethereum network. Similarly, ETC tokens are used by participants on the Ethereum Classic network.
But, the majority of the crypto crowd still needs a clean chit over the key differences that make them absolutely distinct.
So, let’s get into it.
Differences between Ethereum and Ethereum Classic
Scalability - Ethereum (ETH) and Ethereum Classic (ETC) are both open-source blockchain networks that allow you to build decentralized applications. However, Ethereum has been designed to be more scalable. That means the network can handle more transactions at a higher speed, making it a better choice for everyday applications.
Security - While both Ethereum and Ethereum Classic are secure blockchain networks, Ethereum is more scalable and has a better security track record. Ethereum Classic has been dealing with network security issues since its inception.
Decentralization - Decentralization is one of the core values offered by blockchain networks like Ethereum and Ethereum Classic. Decentralization on the Ethereum network is slightly better than Ethereum Classic, but both networks have a long way to go before they can be considered decentralized.
Immutability - Immutability is another core value offered by blockchain networks. However, the Ethereum and Ethereum Classic networks are still very far from achieving full immutability. Both networks have suffered from various instances of data manipulation.
Censorship resistance - Censorship resistance is another core value offered by blockchain networks. However, both Ethereum and Ethereum Classic are far from achieving full censorship resistance. Both networks can be subjected to censorship by governments and other centralized entities.
ETH vs ETC - Which is the Better Choice for Investors?
While both Ethereum and Ethereum Classic are great investments, we believe Ethereum is the better choice for most investors for a few reasons. First, Ethereum is more decentralized. Second, Ethereum has been around longer than Ethereum Classic. This means the network is more scalable, secure, and well-established than its competitor. Finally, Ethereum has a wider range of applications than Ethereum Classic.
Overall, Ethereum is the better blockchain network when compared to Ethereum Classic.
The Bottom Line
Ethereum and Ethereum Classic, both of these networks have exploded in value over the past few years and have become some of the most sought-after investments in the crypto market.
When the DAO got hacked and lost $50 million, Ethereum needed a solid technology to replace the old one. So, a hard fork was done. But many traditional supporters of Ethereum did not want to go with the hard fork, and they stayed with the old blockchain technology. As a result, Ethereum Classic was born.
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Token Metrics does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
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