Assets, Ethereum

What Is Difference Between Ethereum and Ethereum Classic?

When it comes to Ethereum and Ethereum Classic, both are blockchain networks that are similar in many ways but there are also some key differences between the two. Both platforms offer a decentralized way to build and run apps and smart contracts, but Ethereum Classic focuses more on immutability and security while Ethereum focuses more on flexibility and innovation.

Here is a more detailed breakdown of the key differences between Ethereum and Ethereum Classic:

Ethereum vs. Ethereum Classic: History

Ethereum was launched in 2015 by Vitalik Buterin and has become the most well-known and widely used blockchain platform. Ethereum Classic was created in 2016 after a hard fork in the Ethereum network.

The hard fork was caused by a hack that resulted in the loss of millions of dollars worth of Ether.

Ethereum vs. Ethereum Classic: Philosophy

Ethereum’s philosophy is to be a world computer that is flexible and can be used for a variety of applications. Ethereum Classic’s philosophy is to be a digital asset platform that is immutable and secure. Ethereum Classic: Technical Differences

NOTE: WARNING: It is important to note that Ethereum and Ethereum Classic are two distinct, separate blockchain networks. Ethereum is the newer version of the two and has undergone more changes, while Ethereum Classic remains largely unchanged from its original form. As such, they have different consensus rules, tokens, and other features. Therefore, it is important to understand the differences between them before making any decisions about which network to use or invest in.

Ethereum has a Proof-of-Work (PoW) consensus algorithm while Ethereum Classic has a hybrid consensus algorithm that uses both PoW and Proof-of-Stake (PoS).

Ethereum plans to switch to a PoS consensus algorithm eventually while Ethereum Classic plans to keep its hybrid PoW/PoS consensus algorithm.

Ethereum has a block time of 15 seconds while Ethereum Classic has a block time of 30 seconds. This means that transactions on the Ethereum network are confirmed faster than on the Ethereum Classic network. Ethereum Classic: Token Differences

The native token for the Ethereum network is called Ether (ETH) while the native token for the Ethereum Classic network is calledClassic Ether (ETC). ETH can be used to pay for transaction fees and gas costs on the network.

ETC can also be used to pay for transaction fees but it cannot be used for gas like ETH can.

ETH is also used as a currency that can be traded on exchanges or used to purchase goods and services. ETC can also be traded on exchanges but it is not as widely accepted as ETH.

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