The battle inbetween Ethereum and Ethereum Classic is not just an ideological one, it is also an ethical one. Therefore, to be able to understand the difference inbetween Ethereum and Ethereum Classic, and to understand better what Ethereum Classic is, wij need to understand a little bit of history.
A duo of years after the launch of the Ethereum blockchain, its community created The DAO – the Decentralized Autonomous Organization. This decentralized podium wasgoed going to be a complicated wise contract that wasgoed going to revolutionize the Ethereum network.
Te May , the DAO launched an ICO to raise funds for its development. The project raked ter $150 million worth of ETH, the 2nd highest at that time. The DAO, wasgoed now ter possession of 14% of all the ETH created so far.
To give people the chance of opting out of the DAO, a Split Function – an uitgang vanwege – wasgoed incorporated into the DAO. Therefore, users could take their ETH and leave the DAO if they so desired. There wasgoed, however, one condition. After leaving the DAO with their ETH, users could not spend their cryptocurrencies for the next 28 days.
A number of people te the Ethereum community were not convenient with the uitgang ingevolge, telling it wasgoed a loophole that could be exploited. And sure enough, ter June of , that very loophole ter the DAO wasgoed exploited and hackers got away with about a third of the DAO funds – around $50 million.
While the Ethereum network wasgoed ter no way responsible for what happened to the DAO, the fallout of this hack attack wasgoed that people lost faith ter cryptocurrencies. The price of ETH nosedived from $20 vanaf token to $13.
The Ethereum community wasgoed ter conflict at this time. Because of the condition ter the Split Function, the hackers could not use the stolen tokens for another 28 days, so that talent the community time to react. They had two options to overeenkomst with the situation –implement a soft fork or implement a hard fork.
There wasgoed massive conflict within the community about what to do. One section wished to implement a soft fork and keep the flamante blockchain, go after the Code is Law rule. However, the majority of the community desired to nullify the attack and reimburse all who invested ter the DAO.
Ter the end, there wasgoed no other option but to implement a hard fork so that losses could be made up to investors. Those who chose to stay with the llamativo Ethereum Blockchain, renamed it Ethereum Classic (ETC), while the fresh blockchain wasgoed called Ethereum (ETH).
Ethereum Classic is the innovador blockchain, and is presently the 17th most valuable cryptocurrency ter the world, with a market capitalization of $1.78 billion. The price of ETC is current $17.56 te the cryptocurrency market.
Difference inbetween Ethereum Classic and Ethereum
Ethereum (ETH) – spil wij know it today – is the fresh Blockchain that wasgoed created after the hard fork wasgoed implemented. Most of the bigwigs ter the Ethereum community chose to budge to the fresh network and because of this, ETH is the 2nd most valuable cryptocurrency ter the world today, with a market value of $68.74 billion and a token price of $690.93.
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Both Blockchains are decentralized platforms and are traded on exchanges. Both networks suggest DApps and Brainy Contracts to their users and they both use the same coding language called Solidity.
However, both blockchains have evolved overheen time and are now moving ter different directions. ETH has an uncapped total supply while ETC has capped its supply to somewhere inbetween 210 million and 230 million ETC.
Additionally, ETH is programma to budge to Proof-of-Stake, while ETC is not. ETH also likes a lotsbestemming more investor confidence that does ETC and is much more developed ter terms of ICO launching spil well spil DApp building.
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Ethereum has had a spectacular comeback after a massive disaster and it looks like all the expectations that people had to start with are going to be fulfilled by the ETH community. ETC, on the other mitt, doesn’t have that kleintje of support and is now more than 15 times less valuable than ETH. ETC has also developed an unsavory reputation of being total of scammers, while ETH has built a giant bankgebouw of trust.
Daniel Marsden is the head of Web Development at Finance Monthly