Ethereum is a kind of cryptocurrency supporting platform that has been using Ether (ETH) as its currency. With this currency, the transaction making process as well as the power to compute is provided to different developers. With its strong network, it lets the developers build an app that supports a smarter way of contracts.
If you did not know this earlier, then you must note now, that both Tether and Augur are a part of the same network i.e. Ethereum. So, with that known, let us begin our discussion on Ethereum vs Ethereum classic.
However, if you are new to the world of crypto, then the concept of a smart contract might seem complicated to you. But to understand this concept in simpler terms, you must understand that it is an agreement made between two parties. But the catch is, the contract is written in the form of codes. In this contract, there are mentioned the important points related to the agreement. And, for the purpose of the agreement to take place, blockchain technology needs to be involved.
The background of the Ethereum network
Before we take our discussion further on Ethereum vs Ethereum classic, we should have a look at the brief history of the Ethereum network. According to Vitalik Buterin, there was an urgent need for a programming language. It was needed for the execution of different tasks related to the automation of Bitcoins. And, for the same purpose, Ethereum came into existence.
At first, the debate made on Ethereum vs Ethereum Classic was held only on an ideological basis. However, these two are very different if we look at them from different perspectives. Most importantly, they differ on the functional level. Both of them provide developers with the ability to facilitate smart contracts. They also let you build a decentralized application to work in the same manner as you want it to be.
But, the main difference only emerged after the hard fork came into existence. Rather than looking at the differences from the technical point of view, you must look at it from the qualitative viewpoint. The Ethereum network is highly supported by Enterprise Ethereum Alliance which has more than 200 members.
When we compare both the platforms Ethereum vs Ethereum classic, we can conclude that there is a better future for ETH than Ethereum Classic in the world of cryptocurrency. The former one has seen good growth in the field of decentralized apps. Apart from this, ETH also has a dominant space when it comes to daily transactions. And, if we look at trends, we get to know that Ethereum Classic is not as strong as Ethereum. This is because ETC failed to appeal to people with its distinctive features.
Pros and Cons of Ethereum and Ethereum Classic
- It is the original form of ETH crypto
- This one is the best example to demonstrate the immutability of blockchain technology.
- Lately, ETC has got the support of several big players in the market.
- Whenever an update is released in the ETH chain, ETC does not get access to it.
- Has been seeing exceptional growth.
- Has been backed by the biggest of the players.
- Is known for reversing the DAO hack.
- Also, help the respective owners to get hold of the long stolen money.
- Comparatively has a higher hash-rate.
- It does not follow the policy of immutability of the blockchain.
While the discussion on Ethereum vs Ethereum classic has come to an end, it is now you who can decide which one is stronger and better than the other. In my personal opinion, ETH is comparatively better because it is seeing outstanding growth in the market.