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In world of cryptocurrencies, Ethereum Classic (ETC) is a term commonly discussed, yet many individuals remain uncertain about it and what it represents. Some ask, whether is it a variation of Ethereum or it sets apart from popular Ethereum (ETH)? In this comprehensive guide, we will unfold the mysteries around Ethereum Classic, helps to explore the origins, its key features and how it is different from Ethereum.
Basics of Ethereum Classic
Ethereum Classic is often abbreviated ss ETC, is a decentralized blockchain platform that came up as a result of a contentious hard fork from the parent or original Ethereum blockchain network in 2016. To understand this, it is important to revisit and explore the chain of events that lead to its creation.
What Leads to Ethereum Hard Fork?
In 2016, the Ethereum community faced a tough decision about how to handle a significant hack that affected the project called DAO( Decentralized Autonomous Organization). This DAO was an ambitious crowdfunding project built on the Ethereum blockchain, but it had some vulnerabilities and was exploited by some attackers. As a result, the theft of a substantial amount of Ether (ETH), happened.
In response to this security breach, the Ethereum community decided to divide for a decision. Some of the members of the community advocated for a hard fork, to reverse the effects of the hack, and return the stolen funds to their rightful owners. Others argued that blockchain immutability was the paramount feature, and the code must not be changed irrespective of the consequences.
How the Split Happened?
This controversy and indecision among the community members lead to the split of the Ethereum network. The majority of community members supported the hard fork, resulting in the creation of Ethereum (ETH), which continued with the altered form of Blockchain. Meanwhile, a minority of users and developers remained committed to the original chain that is now known as Ethereum Classic (ETC). Ethereum Classic maintained a belief in the “code is law” concept and hence refused to reverse the transactions associated with the DAO hack.
Ethereum Classic vs Ethereum (ETC vs. ETH)
Understanding the salient differences between Ethereum Classic and Ethereum (ETH) is crucial to appreciate their particular differences within the crypto space.
Philosophical Differences
A most significant distinction lies in the philosophical viewpoints. Ethereum Classic is adhered to the principle of blockchain immutability, meaning that once a transaction is recorded on the blockchain, it cannot be reversed or altered. Even in the cases associated with security breaches and major hacks. This commitment towards immutability is a core tenet of Ethereum Classic’s technology and network.
In contrast to the Ethereum (ETH), it embraced a more flexible approach. This hard fork, resulted in Ethereum allowing the network to reverse the effects of DAO hack and demonstrate a willingness for making changes to the blockchain when deemed important and necessary.
Network Security
Ethereum and Ethereum Classic also differs in terms of network security. Ethereum’s larger user base and market capitalization have made it more attractive and an appealing choice for miners and developers This has lead to more secure and robust network security. Ethereum Classic, on the other hand, has a smaller and dedicated community with fewer resources allocated towards its development, that makes it potentially more susceptible to attacks.
Community and Development
Ethereum promotes a thriving ecosystem with multiple decentralized applications (DApps) with smart contracts built on its blockchain. It has attracted significant attention and investment from both individuals and institutions which has helped in accelerating growth.
Ethereum Classic’s community and its development team are more limited in terms of choices as well as resources. However, they maintain a dedicated following, with ongoing challenges for competing with Ethereum’s broader adoption and resources.
FAQs
Is Ethereum Classic a Cryptocurrency?
Yes, Ethereum Classic (ETC), is a cryptocurrency. It has its own native token, also called as Ethereum Classic which is used for various purposes within the Ethereum Classic ecosystem.
How One Can Buy Ethereum Classic?
One can buy Ethereum Classic (ETC) on various cryptocurrency exchanges such as Coinbase, Binance, Kraken, and many others. You have to create an account on one of these exchanges, complete the necessary requirements, and then you can successfully buy ETC using fiat currency or other cryptocurrencies.
What is the Current Price of Ethereum Classic?
The price of Ethereum Classic (ETC), is highly volatile and also can change rapidly. You can check its current price on cryptocurrency market data websites such as CoinMarketCap or CoinGecko.
What are the Use Cases of Ethereum Classic?
Ethereum Classic’s primary use case included the support of decentralized applications (DApps) and the execution of smart contracts. it provides a platform to many developers for building applications with a focus on blockchain immutability factor.
Conclusion
Ethereum Classic ( ETC) has emerged from a contentious split in the Ethereum community, driven by a significant hack resulting in the community’s philosophical differences over blockchain immutability. While Ethereum (ETH) has since been a prominent blockchain, Ethereum Classic continues to uphold its commitment to the immutability concept. As one delves into the world of cryptocurrencies, understanding the nuances between Ethereum Classic and Ethereum is essential. Each has its strengths, weaknesses, and philosophies, meeting the different choices of the crypto community. Whether you align with the “code is law” ethos of Ethereum Classic or its adaptability towards Ethereum, both platforms, have left a significant mark on the ever-evolving landscape of blockchain technology.
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