Ethereum vs. Ethereum Classic
Ethereum has always been a hot topic among people. And people interested in cryptocurrencies or bitcoin also take an interest in Ethereum and Ethereum classic. But most people are not aware of why two cryptos have similar kinds of names.
Once upon a time, there was the existence of one Ethereum ecosystem. But significant incidents in the history of cryptos led to distortion, and two distinct versions of blockchain were created. Let us find out the difference between Ethereum and Ethereum Classic in this article.
ETH (Ethereum) vs. ETC (Ethereum Classic)
People are confused about which one is the best digital asset between Ethereum and Ethereum Classic. Let us see what is the best and what to choose between the two Ethereum blockchain solutions.
The community of Ethereum Classic argues that they were always loyal to the fact that blockchain must not be changed. The ETC network comprises the actual blockchain that shows all transactions and exploits. The Ethereum critics argue that in the future, forks may take place for any reason, and it will be potential enough for breaking the rules.
Price of Ethereum Classic The native token of Ethereum Classic is ETC. But several investors confuse it with Eth classic stock. Investors must keep an eye on the price of ETC, Ethereum crypto solutions, trading charts, and the latest news as well.
As of May 2021, the price of Ethereum Classic reached its highest, i.e., $176.16. But on 3rd September, the Ethereum Classic mainnet had a split because of an exploit that affected Ethereum previously a few days back. It is the “Go Ethereum” client.
It resulted in an unintentional hard form, and eventually, the mainnet hash rate was decreased by 20%. However, as the nodes were promptly updated, the daily volume, investors, and Ethereum did not encounter a negative effect.
Again, on 6th September 2021, the price of Ethereum Classic came down to $73.62. The native token of Ethereum Classic is ETC. But several investors confuse it with Eth classic stock. Investors must keep an eye on the price of ETC, Ethereum crypto solutions, trading charts, and the latest news as well.
Ethereum — Redeems the confidence of investors
The Ethereum development community felt that the situation demanded drastic action due to the reason that investor money was taken in huge amounts, and the confidence of people in Ether was dramatically falling. Vitalik Buterin, the co-founder, provided the essential support and backup to ETH. He was highly influential and regarded in the community.
At present, compared to Ethereum Classic, Ethereum is more popular. ETH has got Enterprise Ethereum Alliance’s business backing. Even financial heavyweights like Citigroup and JPMorgan, over 200 members are there in it.
In 2017, it was the home for ICOs. The crypto or Ethereum exchange supports it practically. And also, through the Ethereum Foundation, a bigger and powerful development team is there. And currently, ETH is considered the heart of decentralized finance.
The highest price of Ethereum was $4362.35, and it took place in May 2021, just with ETC. But as time passed, on 6th September 2021, the resistance level of $4000 was broken by the Ethereum price and was slightly pulled back. The London Hard Fork is considered to be a major development for Ethereum.
EIP-1559 was introduced by ETC, and its goal is to reduce the volatility of the gas fees of ETH, which becomes high sometimes. It is the eventual merge of the PoW (proof-of-work) blockchain to PoS (proof-of-stake) consensus and a part of the Ethereum 2.0, which will be facilitating Ethereum application development as well.
What should your purchase be? Ethereum or Ethereum Classic?
According to the reports of September 2021, the market capitalization of the network of Ethereum Classic is about $9.5 billion. On the other hand, Ethereum has a valuation of $460 billion. It looks like ETC has decided to follow Bitcoin’s footsteps and by capitalizing the coins’ supply at nearly 210 million. Ether is created by Ethereum, steadily having zero hard limits.
Behind several ETH bull thesis, the developer ecosystem of Ethereum is considered to be the major factor. The best 3 DeFi protocols are formulated on the Ethereum network. And an overall value of more than $45 billion is locked. According to the reports of 6th September 2021, $99 billion is the total value locked in DeFi. Moreover, the latest hype in the NFTs (non-fungible tokens) that has a total sales value of $7.3 billion is built on Ethereum mostly.
Another difference between Ethereum Classic and Ethereum is that the Ethereum wallet development chain will be updated soon from the PoW consensus mechanism for adopting the PoS algorithm. And they named the upgrade Ethereum 2.0. This means that the Ethereum network will become faster, more capable, and will potentially scale transactions. Several people are waiting to find out if Ethereum Classic follows the same.
Well, we are not so clear about the future of the Ethereum Classic. But it seems to be less promising than Ethereum’s. Ethereum Classic encountered a series of 51% attacks. And because of this, several developers have lost their faith and confidence in ETC. According to analysts, ETC must change to a PoS mechanism to avoid future attacks.
On the other hand, the biggest derivatives platform in the world, Chicago Mercantile Exchange, has recently made a public announcement that it will be launching Ethereum futures. And, if the U.S. Commodity Futures Trading Commission signs off everything, Ethereum can have a promising future as well because the derivatives will enable the investors to bet with an underlying asset’s future price without even owning it.