Ethereum vs Ethereum Classic is both an ethical and ideological battle that started as an attempt to rescue investor’s funds after a high profile hack attack. While the split is not psychological, it is technical in a way, given that the two cryptocurrencies have competing visions in real blockchains.
Ethereum (ETH) and Ethereum classic (ETC) are two different cryptocurrencies even though they share similarities.
Ethereum vs Ethereum Classic: The DAO Collapse
Initially, there was only Ethereum, founded in Late 2013 as a brainchild of Vitalik Buterin. The cryptocurrency came into being as a way of addressing some of the things that Bitcoin could not do. Ethereum has since grown to become a smart contract platform, powered by native cryptocurrency ether.
Two years after its formation, the ethereum team thought of forming a Decentralized Autonomous Organization DAO that was to act as a venture capital fund for decentralized crypto projects. The DAO went on to raise $150 million in a crowd token sale.
Shortly afterward, the DAO code was exploited forming the genesis of the Ethereum vs Ethereum Classic battle. The hack attack resulted in more than $50 million in DAO funds being drained. After the hack, the ethereum community held a vote with the majority agreeing that the Etherum code had to be changed to get the stolen funds back.
The majority agreed that blockchains should be altered, if enough people agreed, as the minority disagreed. The standoff resulted in the creation of a new blockchain that is now known as Ethereum.
The minority instead of making the switch on the creation of the new blockchain, continued to mine the old version of the blockchain resulting in the creation of Ethereum Classic.
Ethereum vs Ethereum Classic: Protocol Difference
Following the DAO, Ethereum switched to a new blockchain that has a vast majority of miners and users. Unlike Ethereum Classic, ETH operates more like a software company that wants to grow. What this means is that the community is open to future changes in the form of forks.
Ethereum classic, on the other hand, runs on the same protocol that was in operation before the DAO hack incidence. Ethereum classic community is made up of 10% of people from the original Ethereum, as they remain loyal to the concept of an immutable ledger.
Ethereum vs Ethereum Classic: Pros
One of the things that makes Ethereum stand out has to do with the fact that its community is made up of the original big dogs, which explains its exponential growth rate. More than 200 corporations are currently using the blockchain technology to run smart contracts backed by ETH.
ETH also has a higher hashrate than ETC and is continuously updated with the latest changes in the blockchain space.
Ethereum Classic on its part has remained true to the philosophy of Immutability that attracted people to Ethereum in the first place. The fact that its blockchain cannot be altered in any way has seen it receive backing from a few big players in the recent past.
Ethereum Classic vs Ethereum: The Cons
A lack of access to new updates made in ETH chain is one of the reasons why Ethereum Classic has appeared to lag behind, when it comes to growth and acceptance among developers. The fact that all the heavyweights of Ethereum have moved to ETH all but explains why ETC has a slightly lower market cap.
The only major con associated with Ethereum has to do with the fact that its blockchain is not immutable as some people would have loved.
Ethereum appears to have an edge in the Ethereum vs Ethereum Classic tussle, as it has continued to grow from strength to strength from an absolute disaster with the DAO. The fact that the Ethereum has all the lead developers means it can only continue to get better when compared to Ethereum classic.