If you are much into cryptocurrency, then you must be aware of the battle between Ethereum and Ethereum Classic. This ideological and ethical combat between two digital currencies is a pretty interesting one but we need to understand its history before we jump into the details.
Ethereum Classic is a result of a hack and a surprising disagreement in the Ethereum community which has now elevated into one of the most successful cryptocurrencies in the digital market. Beginning its journey as Ethereum, Ethereum Classic is a person-to-person and an open source computing stage based on blockchain technology with the original Ethereum code. It provides a value token or an altcoin called the ‘classic ether’. This is used to pay the users for products and services and as a transaction fee when utilizing decentralized applications and smart contracts.
Ethereum Classic is at this point in time the 5th most expensive cryptocurrency in the world with market cap standing at approximately $1.5 billion. It has been taking advantage of the blockchain technology. It aims to generate a decentralized computing system on top of the blockchain.
However, the main vision and objective of Ethereum still remain in Ethereum Classic. It targets to establish a platform that enables software developers to build applications whose transactions are stored not only on a single serve possessed by a particular company but on all nodes and users connected to the blockchain.
Many investors and merchants consider this currency as an opportunity to make profits. It can be purchased on many online currency exchanges and is owned as an investment and also as a way to increase the value of the currency in eyes of merchants and service providers.
Investing in this currency is as simple as holding on some Classic Ether. Developers build more and more decentralized applications for this blockchain as more users buy and use this currency. Hence, more and more confidence is ingrained in the platform and the end product is a rise in the currency’s value.
Pros and cons of Ethereum and Ethereum Classic
Ethereum is growing at a rapid pace and is being constantly updated with recent changes. It has a relatively higher hash rate than Ethereum Classic and is an ideal example of what the community is capable of. It is even backed up by over a number of corporations which aims to run the smart contracts with maximum effectiveness. However, it goes against the policy of immutability.
On the other hand, Ethereum Classic supports the policy of immutability and has got the back of big players as well. But in the same manner, it is considered as an attack on the Ethereum community with less access to new updates.
The bottom line
Ethereum and Ethereum Classic both the currencies are successful in its own way and are considered to reach the pinnacles in the term of monetary value in future. The future seems bright and it will keep on growing given the positive trend continues.