The cryptocurrency Ethereum Classic (ETC) a few hours ago was listed on both Robinhood and Coinbase cryptocurrency exchanges. ETC not only shares a similar name with the popular Ethereum (ETH) but also shares other interesting features.
A hardfork of Ethereum led to the creation of Ethereum Classic back in 2016.
ETC vs ETH – The Differences
- Ethereum works on a new blockchain, with most of the miners, users, and protocols from the previous version of Ethereum sticking to this new version.
- Those that still make use of ETC believe in the concept of the immutable ledger. Ethereum meanwhile operates more like a software company that is always seeking to grow, with possibilities of more hardforks in the future.
- Ethereum Classic will have a maximum hard cap of somewhere between 210 and 230 million ETC tokens. On the other hand, Ethereum doesn’t have a maximum limit supply, though that could change at any time.
- Ethereum is moving away from Proof of Work to the Proof of stake algorithm, while Ethereum Classic hasn’t shown any interest in following suit.
- The market cap of Ethereum currently stands at $37 billion while Ethereum Classic has a fraction of that, $1.6 billion.
- ETC is not backward compatible with the ETH Hard Fork. This has led to users of ETC not been able to enjoy the updates being built on the ETH network.
What is Ethereum and Ethereum Classic?
Ethereum is a decentralized smart contract and Distributed Autonomous Applications DApps platform which aims to be the world’s only supercomputer.
The network makes use of its native cryptocurrency Ether (ETH) and is used to build and execute smart contracts and (DApps) without censorship, downtime, or any third party requirements.
Ethereum Classic is a hardfork of Ethereum that was created after the hack on the Decentralized Autonomous Organization (aka the DAO).
Ethereum Classic (ETC) is also a decentralized programmable blockchain like ETH.
Ethereum Classic (ETC) is an open-source, public, and blockchain-based distributed platform that works on the premise of smart contracts.
The cryptocurrency Ethereum shares similar features to the second largest cryptocurrency. Ethereum Classic offers the possibility of creating and deploying smart contracts and decentralized apps. It also has the same average block time, with the same size and reward.
ETC is traded on exchanges and offers the same functionality of decentralized apps and smart contracts as Ethereum (ETH). It also has the same smart contracts language called Solidity.
Ethereum has been the most preferred amongst the two. The cryptocurrency community has used Ethereum more often for ICO launch, smart contracts, and Dapps development.