Difference between Ethereum and Ethereum Classic

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Ethereum vs Ethereum Classic

Welcome to this article about Difference between Ethereum and Ethereum Classic via Afrokonnect.

By market capitalization, Ethereum is the second-largest cryptocurrency behind Bitcoin (bitcoin trading software).

On the Ethereum blockchain, anything from financial products and games to sophisticated databases is now operational.

Its potential for the future is only constrained by developers’ creativity.

It is most generally recognized for its native cryptocurrency, Ether or ETH.

Among the first to consider blockchain technology’s full potential, beyond merely providing a secure virtual payment system, were the Ethereum creators. Many things should be known by every trader involved in the trading process like Transferring Bitcoins From One Wallet To Another.

What is Ethereum Classic?

The Ethereum Network’s older member or version is known as Ethereum Classic.

Even though it has seen highs and lows in the cryptocurrency market, it still has an enthusiastic community that works hard to keep it on course.

And for this reason, despite there being thousands of other cryptocurrencies, Ethereum Classic is still one of the most popular in the world.

Since the split, the Ethereum Classic program has undergone several updates and additions:

  • The goal of the project is to create an international payment system based on intelligent contracts that can function decentralized.
  • Like other cryptocurrencies, Ethereum Classic is likely to strive to become a digital store of wealth that can be used for both savings and exchanges while sustaining value.

Comparison: Ethereum vs Ethereum Classic

Ethereum vs Ethereum Classic

Ethereum

Classic

It was officially announced in January 2014

Was introduced in the market in May 2016

It is being run on a more advanced technology

Uses the same blockchain technology

It has an unstopped full supply along with a static supply per year

Has minimized the block reward by twenty percent around the fifty millionth block number and twenty percent for every 5 millionth

Although it existed before the hard fork. However, it gained more power after the hard fork

It came into existence after the hard fork. Most people believed that it would advance based on the same old technology.

It plans to migrate from proof-of-work to a new system called proof-of-stake.

There is no plan to migrate.

 

  • Transaction Processing Speed

Although the two networks’ maximum TPS is similar around 15-20 their actual TPS levels differ by a factor of fifteen.

A sign of the network’s popularity is that Ethereum now processes about 15 TPS, close to or at its maximum capacity.

The actual TPS rate for Ethereum Classic is about one, which is far less than its maximum rate.

  • Transaction Fees

One area where Ethereum Classic excels above its younger sibling is in this.
On Ethereum Classic, transaction costs are only a few hundredths of a penny on average and median.

This stands in stark contrast to Ethereum, where network congestion has recently caused transaction prices to skyrocket.

On Ethereum, the median and average transaction costs are currently $18 and $41, respectively.

The Ethereum blockchain was first constructed in 2015 as a single blockchain,

However, in June 2016, there was a hack that resulted in the theft of $60 million in cryptocurrency.

Due to the need to safeguard the network, a hard fork was conducted, leading to the emergence of the new Ethereum and the creation of two distinct versions.

The hard fork led to the restitution of all the embezzled money to its rightful owners in addition to safeguarding the network.

Ethereum Classic network has continued to get improvements since the split,

The price trajectory of Ethereum Classic (ETC) differs from that of Ethereum (ETH).

ETC is currently at $26 while ETH is about $2,800. The fact that ETC has a limited supply whereas ETH does not is one of the primary causes of the price disparity.

Difference between Ethereum and Ethereum Classic

Is there any future for Ethereum Classic (ETC)?

ETC’s primary objective now is to reinforce the idea that the code is the law.

Code is law just means that nobody has the authority to regulate how code is run on the ETC network.

The advantages of decentralized governance and running smart contracts are still possible with Ethereum Classic.

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Conclusion

In other words, the contracts are enforceable without the assistance of a third party like a lawyer or another regulating body.

In the end, Ethereum continues to dominate Ethereum Classic as the most popular blockchain for producing, purchasing, and trading NFTs.

That is not to argue that ETC has no future; it just indicates that ETH is more likely to remain the more well-known and reputable of the two blockchains.

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