While ETH’s current market value is way higher than ETC’s, ETC has a handful of fiercely loyal investors and miners who believe in ETC’s philosophy and are willing to hold the currency and campaign for it to get to its former glory. ETH boasts a higher hash rate (processing power) than ETC, and a bigger group of around 200 investor corporations called the Enterprise Ethereum Alliance. ETH has with it most of the original creators of the platform, including Buterin and Wood. To ETC holders and investors, “code is the law.” ETC has a Proof of Work (PoW) consensus mechanism, while ETH is currently pivoting to a Proof of Stake (PoS) algorithm. Feature-wise, here are the major differences between ETC vs ETH: ETC stays true with the philosophy of the immutability of the blockchain, in other words, the inability for the blocks to be tampered with through modification or deletion. ETH has vastly outperformed ETC in terms of price. Looking at the historical market cap of both coins, one sees the most obvious difference between the two coins: their performance. The Difference Between Ethereum and Ethereum Classic This resulted in millions worth of losses, and in ETC being removed from mining pools. However, in August 2020, Ethereum Classic suffered from a series of 51% attacks (attacks involving a group of miners taking control of more than half of the network’s computing power, compromising the integrity of transactions). Disrupting the network would require a significant amount of effort and resources. Both ETC and ETH utilize the Ethash proof-of-work protocol, a trial, and error process that helps establish the longest chain since the longest chain of data is the most believable. The goal is to validate transactions through agreement. ETC Token SecurityĮTC utilizes a Proof of Work (PoW) consensus mechanism, a cryptographic protocol that requires one party (provers) to prove to another party (also known as verifiers) that they have expended a certain amount of labor to complete a task. ETC started out with a meager price of $0.93 in July 2016 (around $45 million market cap). Market Cap is often used to determine the size of a particular currency. Market capitalization or market cap is the total circulating supply of crypto, multiplied by its current price. In July 2016, ETC was officially listed on Poloniex, signaling the official split. Ethereum classic, to quote the description on its official homepage, is the “continuation of the unaltered history of the original Ethereum chain.” For those who support the Ethereum classic, the hard fork - and by extension, the creation of Ethereum - clearly violates everything that Ethereum stands for. Ethereum (ETH) is the hard fork that happened on the 1,920,000th block, the one that allowed for the return of all of the funds that DAO was able to raise. The attempt to correct the hack brought forth the fork that separated Ethereum into two: the old chain that didn’t favor any changes to the code became Ethereum Classic. The hack led to nearly $50 million worth of ether being stolen from users' wallets. On June 17, 2016, Ethereum suffered a hack on DAO (decentralized autonomous organization (DAO), a $150 million third-party project built on the platform. Gavin Wood, and together they started working on the design for what would eventually become Ethereum Virtual Machine (EVM). Here's a brief Ethereum Classic timeline: In 2013, Vitalik Buterin first conceptualized the Ethereum blockchain in a white paper to provide a platform for building decentralized applications (Dapps). Stay tuned for pertinent information on the ETC blockchain, Ethereum Classic price to AUD, and ETH Classic price chart, as well as ETC price predictions. The Top Coins’ goal is to provide Australians with up-to-date information on Ethereum Classic and other cryptocurrencies. It also shares many features with its sibling, including being built on an open-source blockchain platform and having a token called "ether." Ready to know more? We got you. Similar to the original Ethereum, it allows developers to create decentralized applications and smart contracts. What is Ethereum Classic (ETC)? To put it simply, Ethereum Classic is a fork of Ethereum currency that occurred in July 2016.
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