Ethereum Classic is a blockchain computing platform. The platform is open-source and offers smart contract functionalities. Its native token is ETC. It is considered as the purest decentralized project in the entire crypto space.
In the simplest terms, Ethereum Classic is the first version of Ethereum.
- The aim of developing the ETC was to support the funding of future projects on the Ethereum blockchain.
- The tokens issued on the platform were interchangeable with the Ethereum tokens. They executed the smart contracts using the Proof-of-Work mechanism.
- Hackers stole about $50 million of ETH from the blockchain. And this resulted in Ethereum in the future shift towards the Proof-of-Stake mechanism.
Meet The Team
Formed as a result of a hack in the original Ethereum network, Founders Vitalik Buterin and Gavin Wood decided to split the blockchain in two, Ethereum and Ethereum Classic. ETC was the original one, while ETH remains the newer blockchain.
ETH Vs ETC
You might have been confused between the two terms; Ethereum and Ethereum Classic. Let’s understand the differences between them.
The difference lies in the consensus algorithm. ETC is stick to proof-of-work, while ETH will make a shift to proof-of-stake in the upcoming ETH 2.0.
Ethereum classic offers fixed monetary policies. While these policies will be variable for Ethereum 2.0.
The market cap and user base of ETH are much higher than ETC. While ETC offers high security than Ethereum.
Which One To Invest?
Looking at the future possibilities, we can see Ethereum has better projects and prospects. Ethereum classic is outdated. Most of the dApps, smart-contracts are leveraging on Ethereum. Till now, ETC has suffered from 51% attacks. Hackers have gained major control of the platform. They are altering the blockchain, and this can lead to various problems. And for similar reasons, ETC may not be best investment choice.