“Ethereum is the second largest cryptocurrency in the world next to Bitcoin and is becoming an extremely popular blockchain as thousands of DApps and DeFi protocols are being built upon its secured network. In 2016 due to a hack that resulted in $50 Million loss to the investors, led to a Hard Fork that resulted in the Ethereum that we know today and Ethereum Classic is the actual ethereum Blockchain that originated in 2015”.
Ethereum Classic: The Origin
Many people are not aware of the fact that the Ethereum that we know today is a hard forked version of the real Ethereum that was founded in the year 2015 by Vitalik Buterin. In 2016, a hack on the Ethereum blockchain resulted in a loss of 50 Million to the investors in the project. To strengthen the security of the blockchain and to repay the stolen funds back, Ethereum had an upgrade that resulted in a Hard Fork making two chains – Ethereum Classic (ETC) and Ethereum (ETH). Thus, Ethereum Classic is the original Ethereum blockchain whereas the Ethereum that we know today is the new and improved chain.
Ethereum: The Clear Winner
The ethereum blockchain was built to remove the loopholes and to strengthen the security of the blockchain and thus is an improved version of Ethereum Classic and is a clear winner when we compare both. To understand the winning factors we must dive deep into the fundamentals as well as the tokenomics of the blockchains:
At the time of writing the market cap of Ethereum is $481 Billion when compared to the market cap of Ethereum Classic which is a mere $4.6 Billion. This means that Ethereum is 100 times larger than the Ethereum Classic blockchain. This places Ethereum at the 2nd rank of all the cryptocurrencies when compared to ETC which is placed at rank 38.
The token price of Ethereum is at $4,047 per ETH at the time of writing when compared to Ethereum Classic which is priced at $35.63 per ETC. This shows that Ethereum is a clear winner in the price.
In terms of security, the Ethereum network is the clear winner with an extremely large ecosystem and thousands of nodes connected creating a highly secured blockchain. On the other hand, the number of nodes connected to ETC is very low in comparison making it a less secure blockchain.
Smart Contract Capability
Though both Ethereum and Ethereum Classic have the capability of executing smart contracts on their blockchains, due to security constraints in ETC, not many developers and businesses are working with ETC. ETH on the contrary has thousands of partners in its ecosystem.
Though, Ethereum Classic is not dead and it is being continuously improved by a number of developers and a strong community, Ethereum with its huge ecosystem and unmatched popularity has turn out to be the clear winner as it is a 100 times bigger ecosystem in comparison.
Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as financial advice. Own research on the topic is advisable.
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