A decentralised blockchain app platform. Coin Market Cap Rank: 2 Current Market Cap: $48,155,898,679 Website:…
Ethereum Classic – A cryptocurrency which is:
“Decentralized. Immutable. Unstoppable.”
Coin Market Cap Rank: 20
Current Market Cap: $554,466,115
Ethereum Classic is the result of a hard fork which was branched from the Ethereum blockchain after a major Ethereum project was hacked.
The History of Ethereum Classic
Ethereum Classic exists as an open-source blockchain-based project because of a hacking incident project based on Ethereum’s blockchain was hacked.
In May 2016, the Distributed Autonomous Organization (the DAO) raised over $160 million in Ether during a public crowd sale. The crypto project had hoped to invest the funds into different projects through the use of smart contracts.
One month later, a hacker took advantage of one of the security vulnerabilities in DAO’s system and 3.6 million Ether – which translated to approximately $50 million at the time – was stolen. In July, it was decided by the DAO and Ethereum community to create an Ethereum fork and move the Ether which was stolen in the attack to a new smart contract. Through this process, the Ether would be recovered and then reimbursed to the investors.
What happened with Ethereum?
Ethereum – in the sense as we know it today – continued to introduce the change and compensate the investors and thus the hard fork kept the original name. The original blockchain has become known as Ethereum Classic and still has a team of developers dedicated to working on the platform. Now, Ethereum Classic acts as a blockchain which differs from Ethereum in distinct features with a focus on immutability.
According to the Ethereum Classic website, the team and network of supporters have a vision fixed on the irreversible contracts made on the blockchain:
“We believe in the original vision of Ethereum as a world computer you can’t shut down, running irreversible smart contracts.”
Ethereum Classic vs Ethereum
There are pros and cons of both blockchains.
Pros of Ethereum Classic
- The platform retains the original philosophy of Ethereum as an immutable blockchain; which is an important ideology for many cryptocurrency supporters
- Ethereum Classic has received attention and support from heavyweight investors such as Greyscale Investments LLC
Cons of Ethereum Classic
- The original platform does not enjoy the benefits of the updates made on the Ethereum blockchain
- Many of the original figureheads, such as Vitalik Buterin, moved from Ethereum Classic’s blockchain and took a lot of support with them
- The community for Ethereum split when the hard fork happened and most of the support went to the new blockchain
- The community backing Ethereum Classic does not boast a welcoming or positive reputation
- Many think that those who support Ethereum Classic are insulting Ethereum because they are supporting the network which faced the attack
Pros of Ethereum
- Ethereum holds the title for the leading altcoin
- The platform sees the benefits of the original heavyweights leading the development of the blockchain
- Ethereum orchestrated the reversal of the DAO attack and allowed the stolen funds to be returned to the investors
- It has a great deal of support from large companies such as Microsoft and Toyota
- It displays that a solution for a hack is possible
Cons of Ethereum Classic
- It does not maintain the original philosophy of immutability that the Ethereum community set to achieve
The basic details of NEO are that there is a capped supply of 210,000,000 ETC that will be produced with a current market cap of $518,240,982 USD. The average block time is approximately fourteen seconds.
Buy, sell, store and send ETC with a free Coindirect ETC Wallet. The ETC wallet can also be used to keep track of the ETC price.