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.

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