Are you puzzled between the concepts Ethereum and Ethereum Classic? If yes, then terminate your surfing because you will be aware of ETH’s difference after you finish reading this blog. Are you familiar with the most zestful space in todays’ time? Right, it is the Crypto space at bitcoin era login. Ethereum and Ethereum Classic come under the altcoins (currency other than Bitcoins). Recently, these had some major changes, but this has always remained the choice of investors and crypto traders.
Know All About Ethereum
Ethereum provides you blockchain-based stages that can be used for making decentralized apps backed with the help of smart contracts. The cord that has been created to automate actions like financial transactions is called Smart Contracts.
Know All About Ethereum Classic
When the Ethereum based DAO was hacked in the year 2016, Ethereum Classic came into play. While this happened, two rooms were created under the same roof. ETC served as an immediate backup plan for ETH while solving major issues.
The Purpose Of ETH & ETC
- While weighing these two on the same scales, ETH marks itself an irreplaceable source and platform for creating decentralized applications globally. Ethereum can drastically solve and adopt loopholes that other cryptos had.
- ETC provides you an efficient path for handling digital assets without any permissions and ensures transactions by the smart contract. ETC mainly focuses on preserving the early methods as backups rather than changing them.
What Makes ETC Different From ETH?
- Coins Supply: Before the changes were made, ETH had restrictions on maximum supply due to the mining process. As alterations in algorithms have occurred, there are no limitations when block producers release new coins.
- Mining: New coins are raised with the help of mining in ETC as this stands on the Proof of Work (PoW) consensus algorithm. On the other hand, ETH produces coins through mining, as the Proof of Stake consensus supports this.
- Transaction Fees: The agreement fee for Ethereum is 0.0026ETH, as compared to 0.0001ETC for Ethereum Classic.
- Transaction Speed: 13 seconds is the maximum any block would need to get validated and added to the blockchain.
In Which Should You Invest? ETH, ETC?
- Choose Ethereum while you are aiming for long-term investment. Similarly, Ethereum Classic for short-term goals.
- Several catalysts can shoot up the ETH value steadily, despite rising stipulations for exchange and finance markets.
- If you are heading to expand your cryptocurrency investment registry with asset holdings, then lead towards ETC.
- Before investing in any of them, decide your aim and the amount you are about to invest in and choose accordingly.
Although the difference between Ethereum and Ethereum Classic may seem minor, even while making investment plans, they both serve differently in supporting the broader blockchain. This marks the end, and I will catch you in the next one. Also, just one friendly reminder that any information in this article should not influence your financial decisions.