Skip to main content

Ethereum vs. Ethereum Classic: Differences You Should Know About

The history of the original Ethereum network began back in 2013 when Vitalik Buterin’s idea for a new programming language didn’t gain much traction within the Bitcoin community.

Buterin made a case for Bitcoin to create a new programming language that could automate tasks and allow apps to be built on top of its blockchain.

As there wasn’t much interest in his idea, he decided to raise funds via a crowd sale. In July 2014, one of the largest crypto fundraising efforts took place — amassing 25,000 BTC with a market capitalization of $17 million at the time.

Ethereum — a global, open-source software platform — was born.

The platform would allow the creation of decentralized smart contracts, which are essentially agreements between two parties that are written in code. The contract gets processed automatically by the blockchain once the conditions in the agreement are met. The combination of blockchain’s immutability, teamed with its open-source functionality, makes smart contracts very appealing to many businesses.


What are Ethereum (ETH) and Ethereum Classic (ETC)?

Ethereum is a public, open-source software platform built to support smart contract functionality. The network uses Ether (ETH) as its currency to process transactions and provides computational power to developers. Ethereum is in the process of moving to a Proof of Stake (PoS) consensus algorithm. This will make the blockchain faster, safer, and more democratic.

Ethereum Classic is a cryptocurrency project that operates through a blockchain network and is powered by smart contracts. The Ethereum Classic blockchain stores all network information, specifically data on accounts’ status and all data on performed transactions. This resource is an open-source public platform. It is generally accepted that the coin’s main feature is smart contracts. Ethereum Classic functions using a Proof of Work consensus algorithm and has no plans to switch to PoS.

Ethereum Classic (ETC) came into existence in July 2016, when members of the community rejected the latest hard fork and decided to continue using the unforked version. The new fork was named Ethereum (ETH). Both Ethereum and Ethereum Classic are decentralized programmable blockchains, which offer the same function when it comes to building smart contracts and decentralized apps (dApps).

The DAO Hard Fork

Following the DAO hack in 2016, Ethereum split into two blockchains – Ethereum and Ethereum Classic. Ethereum was the result of the hard fork, which reversed the $50 million (at the time) USD theft. The hard fork made the hack transaction invalid, so investors in DAO could make up their losses. On the other hand, supporters of Ethereum Classic opted not to move to the new Ethereum blockchain following the DAO attack. However, they were in the minority (only about 10% of users remained on the Ethereum Classic blockchain), and therefore they never regained the USD 50 million lost in the theft.

Ethereum is the leading blockchain for ICOs, holding over 80% of the market share. The ICO tokens are generally based on the ERC-20 token model. While Ethereum Classic still works with smart contracts and dApps, it is a far less popular choice for ICOs than Ethereum.

Have More Questions!!      

Email at: - sales@blockchaindevelopments.io

Connect with the expert team: - https://bit.ly/2B32Az7

Comments

Popular posts from this blog

Smart Contract Development Company in Washington

Smart Contracts are now essential to any blockchain-based business. The self-executing digital contract is the key to automate processes, transactions, and agreements, helping to reduce costs, hence security and end the very confusing and not reliable paperwork. Smart contracts are automated digital contracts that enable highly-secure and self-executing agreements to be formulated. They solve many issues faced in traditional contracts such as lengthy paperwork, the need for third-party intervention, and huge costs. Codezeros is the Smart Contract Development Company with the best solutions for your enterprise. Up to date with every new technology and innovation in the blockchain world. Our team of experts is focused on building an outstanding computer-based protocol. Customizable for any type of industry, the digital contract doesn’t need a middleman to ensure that all the parties involved are performing their part. Once all the rules and conditions are settled, its base algor...

Top blockchain App Development Company in Toronto

Nowadays, it’s quite a challenging job to find-out the best company that provides blockchain application development services. There are lots of companies in the market that offers blockchain solutions and are trying to take a first place in this field. Codezeros is a leading Blockchain app development company with high potential for perfection and innovation. To create Blockchain apps that revamps user experience has been our vision since inception.       Codezeros is a Top  blockchain App Development Company in Toronto  that has a highly dedicated team of expert developers who can craft apps perfectly according to your requirements. They provide customized blockchain app development solutions based on the client requirements and also deliver blockchain technology related other services with high quality at an effective cost. We develop next generation of Blockchain Apps for our customers using Ethereum & Hedera Hashgraph and many mor...

Security Token Offering Services(STO) | Codezeros

Stay at the top of growth wave with quality token development. Security tokens are just a more flexible version of regular securities, only more efficient. They are cryptographic tokens that pay interest and dividends or share profits to token holders based on an asset like shares, real estate, or bonds. Some of the major benefits of opting for STO development are as follows: Traded as securities Credibility Low Fees Decentralized assets remain decentralized An enterprise or a startup will sell its digital asset- its cryptocurrency, to its investors and whosoever, supports the project financially. This sale of their cryptocurrency or a fraction of it will happen in a pre-decided currency form of USD, Euros, or a cryptocurrency like bitcoin. This process will be followed by whitepaper creation and a pitch deck. Later on, after Tokenomics of the cryptocurrency and smart contracts, a pre-STO landing page is created. This process comprises of STO solutions that we provide. We...