Ethereum and Ethereum classic are two cryptocurrencies with the same base. The first to evolve amongst the two is Ethereum that appeared in the crypto industry in 2015. Ethereum is called the second-generation cryptocurrency because of the popularity and support that it possesses.
One more feature that is probably most talked about is the smart contract. Ethereum is the first currency that brought the feature of smart contract and so many other currencies have followed this feature in their respective currencies. Ethereum was initially started as an initial coin offering done to the public to buy tokens of Ethereum.
Whereas if we talk about Ethereum classic, it has come out as an offshoot of Ethereum. Ethereum Classic is a hard fork of Ethereum that provided a security feature to Ethereum’s network after it was attacked and a huge sum of 60 million dollars was stolen.
Both the currencies use different tokens for exchange and have been listed as per their token name on the exchange platform. Ethereum’s token is ETH whereas Ethereum classic’s token is ETC. There is no doubt that both the currencies are somewhat similar but they are not the same in their operation and workings.
Let’s talk about the similarities and the disparities that both these currencies share in their respective workings. To know more about bitcoin, you can visit the official bitcoin code app website .
SIMILARITIES SHARED BETWEEN BOTH THE CRYPTOCURRENCIES
The foremost similarity between Ethereum and Ethereum classic is the usage of DApps. DApps are called decentralized apps that exist digitally and are functional on the blockchain of Ethereum.
These decentralized apps are becoming popular in cryptocurrency as per the recent trends. The reason for such popularity is the usage of peer-to-peer network that eliminates the central authority of any third authority.
Secondly, both the currencies share a common and most discussed feature that is SMART CONTRACTS. Smart contracts are those contracts that run and operate on their own without any third party to execute them. After a transaction is complete the contract is executed by itself.
These decentralized apps also use this feature of smart contract in both these cryptocurrencies namely Ethereum and Ethereum classic. The feature of the smart contract can be applied on other platforms as well be it a shopping website or any other application on your phone and computer.
The other feature of non-fungible token which is also used in Ethereum is also being launched on the Ethereum classic’s platform as well.
DISPARITIES BETWEEN ETHEREUM AND ETHEREUM CLASSIC
- Ethereum classic is more seen as a speculative currency whereas the other has reliability in its usage.
- Market capital is another point of difference between both currencies. Ethereum’s market cap is way too high than Ethereum classic.
- Another difference is security related. In terms of security, people have shown their interest and confidence in Ethereum only.
- If we see the popularity difference, Ethereum is more popular and the reason is the support that it has got over time. Ethereum after Bitcoin has been said to be the second-largest currency and ever since it has shown the capability to stand on its position. Whereas Ethereum classic is more or less like a speculative cryptocurrency. It has severe fluctuations that form a doubt in the mind of the investors.
CONCLUSION
The topic discussed above talks about the two similar cryptocurrencies with different workings of their own. It talks about both the currencies in brief with the similarities and differences they share. I hope the topic proved beneficial for your journey in the cryptocurrency industry.