Ethereum vs Ethereum Classic Comparative Table
| Ethereum | Ethereum Classic | |
|---|---|---|
| Symbol | ETH | ERC |
| Formation | 2015 | 2016 |
| Purpose | dApp development. Smart contract functionality | dApp development. Smart contract functionality |
| Supply | Unlimited | 230 million |
| Consensus Mechanism | POS | POW |
| Mining Reward | Transaction fees | Transaction fees |
Ethereum vs Ethereum Classic – What are the Differences?
Ethereum Classic has a 210 million coin hard cap while Ethereum has an unlimited coin supply.
The other major difference between the coins focuses on consensus mechanisms. Ethereum is in the middle of a gradual switch from a Proof-of-Work to a Proof-of-Stake mechanism to boost scalability and performance. Ethereum Classic still remains on a Proof-of-Work mechanism.
How Are Ethereum Classic and Ethereum Similar?
Both networks permit software developers to build decentralized applications based on smart contracts. Ethereum Classic and Ethereum also have identical blocks up to 1,920,000 (the hard fork).
Ethereum Classic also does its best to keep up with Ethereum functionality. For example, the coin’s Magneto update followed in the footsteps of Ethereum’s Berlin upgrade to slash gas fees. High Ethereum gas fees have long plagued the network.
Ethereum Classic vs. Ethereum Price
Despite the similar-sounding name, Ethereum and Ethereum Classic do not follow each other price-wise. Ethereum Classic traded between $13-$17 in mid-June 2022. In the same time range, Ethereum traded between $900-$1100.
Ethereum or Ethereum Classic: Where Do Both Projects Stand Today?
Ethereum continues to be much more popular than Ethereum Classic due to the blockchain’s versatility and many use cases as a foundation building block.
Right now, ETC’s main focus remains to adhere to its ‘code is law’ mantra and ensure the enforcement of contracts without a third party.
Does Ethereum Classic (ETC) Have A Future?
In late March 2022, the price of ETC surged nearly 80% in a week amid speculation from some experts that PoW miners were shifting over to Ethereum Classic amid Ethereum’s planned ‘Ethereum 2.0’ PoS upgrade.
However, many still express concerns about the security infrastructure of Ethereum Classic and the potential risks of hacks. As a result, ETC’s future is most likely limited and will certainly be much smaller in scope than ETH.
Should You Invest In Ethereum or Ethereum Classic?
Moving forward, it looks like Ethereum will still remain as the blockchain trusted and used by more people. However, ETC still has a place and role within the vast crypto ecosystem. Ultimately it comes down to investor preference and risk tolerance when it comes to choosing a coin as an investment.
Bottom Line
Ethereum Classic and Ethereum are two coins with a shared history and ones that have made an immense impact in the crypto world. While their names are similar, both are vastly different coins.
Kevin O Brien
Author | Web3 & DeFi Writer
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