What is the difference between Ethereum and Ethereum Classics? What is the relationship between ETH and ETC?

Oct 17,2022
What is the difference between Ethereum and Ethereum Classics? What is the relationship between ETH and ETC?

What is the difference between Ethereum and Ethereum Classics? Blockchain technology is the basic difference between Ethereum and Ethereum classics. The main difference between Ethereum Classic (ETC) and Ethereum (ETH) is that ETC is a speculative digital asset with fixed supply. ETH is a popular and acceptable version, with extensive transactions and no fixed supply. Both are the result of the hard fork when the Ethereum classic was hacked in 2016.

Now, let's learn about the differences between Ethereum and Ethereum classics?

What is the difference between Ethereum and Ethereum Classic?

One of the main differences between Ethereum is that it plans to move from PoW to PoS. Ethereum Classic plans to migrate to Ethereum PoS to retain traditional mining on its blockchain.

In addition, similar to ETH, the new ETC is issued to the circular supply as a reward for miners. The maximum supply is 210700000, while the maximum supply is that ETH has no fixed supply.

At first, the Ethereum blockchain was created as a single blockchain in 2015, but in June 2016, the blockchain was hacked, resulting in the theft of US $60 million of cryptocurrency. Therefore, in order to protect the network, the hard fork is implemented, so the new Ethereum appears and creates two independent versions.

Now that we know ETH and ETC, we can discuss how to use them.

What is Ethereum Classic (ETC)?

Ethereum Classics is an open source blockchain that splits the blockchain due to hacker attacks in the original Ethereum network. The split leads to two independent blockchains, Ethereum Classic and New Ethereum. ETC is the native currency of Ethereum Classic for online transactions and smart contracts.

In addition to protecting network security, hard branching will also lead to the return of all stolen funds to the original owners. Since the split, the classic network of Ethereum has been upgraded. The main goal of Ethereum Classics is described as the concern for immutability, which is often referred to as "code is the law".

How does ETC work?

In response to changes in the original Ethereum blockchain, Ethereum Classics is a branch of Ethereum. The Ethereum Classics focus on the original aspects of Ethereum.

As of today, Ethereum Classics are not compatible with any Ethereum updates, including hard forks.

The stock code ETC is the symbol, Ethereum Classic runs under the smart contract, and uses the token name of ETC Ethereum. ETC focuses on the platform where users cannot change blockchain historical transactions.

This design ensures that people can track different transactions on the blockchain, while ensuring that all information is anonymous.

History of Ethereum Classic (ETC)

This history has become quite complex and technical. The simplification of counterfeit coins may be as follows:

• Developers created Ethereum DAO (Decentralized Autonomous Organization), which aims to provide funds for the future development of Ethereum's decentralized applications.

• DAO has its own token, which can be exchanged with ETH token, and uses work certificate to execute the contract.

• After hackers took advantage of a $50 million flaw ETH in DAO's $50 million smart contract, the community decided that the network would create a hard fork to address security challenges.

• The new block chain created due to bifurcation will be called Ethereum, and the contract will be executed using the equity certificate. Ethereum classics will be called the old blockchain.

What is ETH?

According to Ethereum According to www.ethereum. org, "Ethereum can open up digital currency and data friendly services for everyone, regardless of your background or location. This is a cryptocurrency Ethereum (ETH) and thousands of applications behind community building technology, which you can use today."

Ethereum is a technology for many things, including digital currencies, global payments and applications. It is also decentralized and open to all who own the Internet.

Ethereum's DeFi system is 24/7, which means you can send, receive, borrow, earn interest and send funds anywhere at any time of the day. However, Ethereum is not only a digital currency, but also a digital currency. NFT represents anything you have.

In addition, you can use Ethereum without giving up any personal information. You only need a wallet. In view of the Internet we know and love today, we must give up control over personal data.

How does ETH work?

Ethereum is a popular cryptocurrency that supports smart contracts and decentralized applications. Developers can use Ethereum programming language to generate many use case dApps, including financial services, games, NFT, and so on. These applications run on smart contracts, which means that the program runs under specific conditions.

These tokens will run dApp through Ethereum (tokens generated on Ethereum blockchain). Depending on the complexity of the process, the amount of Ether required for smart contracts will vary.

The developer will add the transaction fees charged from the smart contract to each block of the ledger and obtain new ether coins. The reward system encourages people to use this platform to build their dApps.

There is no limit to the number of tokens that Ethereum can run during its life cycle. However, growth was limited to 4.5 per cent per annum.

What is the difference between ETH and ETC?

1. Variability

Ethereum has a platform to change and adjust previous transactions. However, Ethereum Classic uses the original Ethereum system to encourage immutability, and users cannot change the transactions in the blockchain history.

2. Mining process

Mining Ethereum Classics (ETC) is a process using workload proof, which is similar to the use of Bitcoin. In order to obtain Ethernet rewards, miners need to verify transactions on the blockchain.

The current ETH system has been updated to a proof of equity process. Validate and trade their shares to contribute to the mining process, so as to have the opportunity to add a new block in the chain to generate rewards.

3. Restrictions

Although the annual growth is limited to 4.5%, ETH can use as many tokens as needed. Ethereum Classic (ETC) is limited to 230 million tokens in its life cycle.

4. Value

The value of each token of Ethereum is about 3400 dollars. As the second largest cryptocurrency in the market, its market value is close to 400 billion dollars.

Ethereum Classic is much smaller, with a market value of $7 billion and a token price of about $55.

5. Potential changes

The Ethereum Classics have decided to strictly abide by the original rules of Ethereum, and the Ethereum Classics may change in the future.

What are the similarities between ETH and ETC?

1. Decentralization

Ethereum Ethereum and Ethereum are designed as a decentralized platform, rather than being run by one party. They use many computers or nodes to operate their blockchain.

2. Smart contract

Smart contracts are used in two versions of Ethereum. These contracts require people to meet specific operating terms at a specific time to ensure that the platform is safe and reliable.

3. pseudonym

Although the classic transactions of Ethereum cannot be changed like Ethereum, the two blockchains still operate as pseudonyms. The public key in the transaction will remain open, and the name and other identification details of this person will not appear in the settings. The design ensures that specific details remain private.

Does the Ethereum Classic (ETC) follow the Ethereum Classic (ETH)?

Ethereum Classic (ETC) does not follow the same price trajectory of Ethereum (ETH). ETC transaction price is $26, and ETH transaction price is $2800. One of the main reasons for the price difference is that ETC has a fixed supply and ETH does not.

Does Ethereum Classic (ETC) have a future?

At present, ETC mainly focuses on supporting the concept of code, that is, law. In essence, code is a law, which only means that no one has the right to review ETC's implementation of blockchain code.

Ethereum Classics is still conducive to running smart contracts and providing benefits of decentralized governance. In other words, a contract can be executed without the participation of a third party and with the participation of a party.

In the final analysis, as the purchase, sales and creation of NFT Ethereum, it continues to surpass the Ethereum classics.

This does not mean that ETC has no future, but it means that the blockchain may continue to be more trusted and popular in both.

What is the relationship between Ethereum and the Ethereum Classics? When the DAO is attacked by hackers and loses 50 million dollars, ETH needs a reliable technology to replace the old technology. So the hard fork was born. However, many traditional supporters of Ethereum do not want to use hard forks, but continue to use the old blockchain technology. Therefore, the Ethereum Classic was born. The biggest difference between Ethereum and Ethereum Classics is that Ethereum (ETH) is constantly improving its technology and developing more and more widely in the original blockchain technology.