Ethereum Vs Ethereum Classic: Which one trumps the other?
Ethereum Vs Ethereum Classic: Which one trumps the other?

By jordanjnr | Crypto Digest | 7 Dec 2019


This post took quite some time and effort to put together. I'd love a tip and follow to encourage my work. Cheers!

I'll go ahead and say it.

I've always wanted to write this post.

But what really got me to start writing it was this funny post by @cryptofunny on twitter.

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It got me thinking: Is Ethereum Classic that bad?

So let's look at the fundamentals of both these cryptocurrencies to see which is better,and why.

WHAT IS ETHEREUM?

Ethereum was created by Vitalik Buterin,a Russian programmer. He created it in late 2013 to , quote,"do what bitcoin couldn't do".

Ethereum is a decentralised smart contract platform,and wants to be a global computer.

It has its own Blockchain on which smart contracts can be executed and on which decentralised apps,called dApps can be programmed using the platform's language called Solidity.

The ethereum platform is fueled by the platform's own token called Ether,which is used as 'gas' to pay for the activities carried out on the blockchain.

The rise in activities on the blockchain can lead to the rise in the price of this token.

Many conspiracy theorists claim that Ethereum is centralised because 61.6% of its nodes run on centralised servers,and its biggest shareholder is Jeff Bezos,who owns a highly centralised company.

With the information given above,I also highly believe that Ethereum is centralised. But that's just my own opinion.

WHAT IS ETHEREUM CLASSIC?

Ethereum Classic(ETC) is a hard fork of Ethereum that came about as a result of the hack of the DAO platform's codes which led to the theft of 50 million dollars.

This hardfork was carried out in Block 192000 of the Ethereum blockchain to make up for the loss of the money.

And this,ETC was born.

ETC has all the characteristics of Ethereum,ranging from its decentralisation(or lack thereof) to the fact that it is traded on exchanges,can execute smart contracts and who's blockchain dApps can be developed on.

The only thing is that Ethereum Classic is own Ethereum's old Blockchain.

That's literally the only difference(apart from its price,market cap and value,all of which are lower than Ethereum's)

So,what makes ETC different from ETH?

  • ETC is limited in number. There will only ever be 230 million ETC tokens produced. ETH has no end to it's creation.
  • The block reward of ETC is reduced by 20% for every 5000000 blocks mined(a really dumb decision in my own opinion)
  • Currently,ETH trades for $148,while ETC trades for $3.86.

So let's REALLY compare them now to see who wins.

1. Purpose of creation

ETH aims to be the world's first global computer which can execute automated smart contracts and on which dApps can be programmed. ETC on the other hand aims to use smart contracts to develop dApps,but distribute the information about those apps to every more on the ethereum blockchain,rather than store it on a central server.

On this note,ETC wins this round because it respects the decentralisation characteristic of Cryptocurrencies. Ethereum,as stated before runs 61.6% of its nodes on centralised servers,making it majorly centralised.

2. Price and Market cap

Ethereum costs more,and will probably always cost more than ETC. Even though ETH is majorly centralised,many of it's investors don't really care. It's a great investment to have in your portfolio,and it really delivers on its promises.

That said,ETC is also a pretty good investment in itself,as long as you believe in what it stands for. It wants the decentralisation of Cryptocurrencies to be brought back to the Ethereum network,and it also believes that 'code is not law'.

With all this said, let's refer to the meme I listed earlier.

Is ETC really the laughing stock?

Only to those who don't know its purpose(which is basically 90% of Ethereum investors)

ETC is a great investment and all,but ETH takes this one for the longer term.

This post took quite some time and effort to put together. I'd love a tip and follow to encourage my work. Cheers!


jordanjnr
jordanjnr

Hello! I am a Blockchain enthusiast,bitcoin investor,CEO of BigTycoon group and I love crypto! Hit me up @TycoontechBlog on twitter!


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