“Ethereum Vs Ethereum Classic” is one of those controversies surrounding the world of blockchain, specifically, the Ethereum community.
This controversial divide between these coins has led to confusion among the investors as to whether they both are one and the same or there’s anything that differentiates the two.
Although Ethereum and Ethereum Classic are similar to a convincing extent, there are two different versions of the blockchain network although. Therefore, before choosing to invest in either of these coins, you should understand how they compare and contrast.
This read will help Investors understand the basic notions that stand in between both coins before deciding which one is a better investment. So let’s dive right in.
Ethereum is a blockchain platform having its own cryptocurrency known Ether (ETH) or Ethereum. It also has its programming language called Solidity.
Ethereum as a blockchain network is a decentralized public record for validating and documenting transactions. The network’s users can create, distribute, use and monetize applications on the platform, and employ its Ether cryptocurrency as the payment.
Ethereum is an open-source blockchain platform that generates and shares business, financial actions, and entertainment applications. Ethereum has its cryptocurrency called Ether or ETH. As of May 2021, In the cryptocurrency space, Ethereum is number two in market value to Bitcoin.
By May 2021, Ethereum was behind Bitcoin as the second-largest cryptocurrency on the market, The quantity of ETHs in circulation exceeded the 100 million mark.
Contrary to Bitcoin, there is no end to the quantity of ETHs that can be generated. Ethereum is presently undergoing a long-awaited upgrade tagged as Ethereum 2.0. It is aimed at allowing the network to scale up while dealing with congestion issues that have stalled it in the past.
In Short, Ethereum, like any blockchain, is a database of information that is built to be unhackable. Ether (ETH) is the cryptocurrency used in carrying out transactions on the blockchain.
What Is Ethereum Classic
Ethereum Classic (ETC) is a cryptocurrency as well as a decentralized, blockchain-based, open-source estimating platform, as well as a cryptocurrency. It enables the designers to build and deploy smart contracts—autonomous, self-executing code blocks capable of triggering certain activities based on predefined conditions.
The ETC network does not require any permission. This implies that anyone can engage and perform transactions, as much as they have a compatible crypto wallet.
Ethereum Classic (ETC) was built in 2016, owing to an ideological and technical rift within the Ethereum community, due to the famous DAO attack. It is an unchangeable blockchain. It keeps the records of the 2016 scandal as well as the whole chronology of the network.
The developers of the project are regardlessly working hard to extend it into a universal payment network. The Ethereum Classic community has an idealist perspective of blockchain. They strongly believe that no changes should be made to the blockchain. In the end, we will recollect that the technology was particularly created to avoid human manipulation.
The ETC idealists oppose the notion that resulted in the hard fork of 2016 and invokes the already well-known modification “Code is law” to preserve the immutability of a system that was designed to be fundamentally distinct from the traditional global system.
The ETC community criticized the choice of the hard fork. They point out that it’s a precedent to potential future forks that might be considered worthy enough to break the rules for any reason.
Learn more about these blockchains in our article on Understanding Cryptocurrency Market Capitalization
Ethereum Classic Review
The Ethereum platform, being blockchain that forked to produce Ethereum Classic, is the best known smart contract platform.
Smart contracts on Ethereum Classic are employed to offer the benefit of a decentralized governance system. Through the use of smart contracts, Ethereum Classic ensures that there is no likelihood of any external interference, manipulation, monitoring, or censorship in its governance system.
This was the original objective of smart contracts. Thus, Ethereum Classic uphold it even after the June 2016 break in the Ethereum blockchain that generated Ethereum Classic. That split arose as a reaction to the DAO hack that witnessed $70 million looted in minutes.
Ethereum Classic is the continuation of the history of the actual Ethereum chain. The ETC network stands to conserve the principle of “Code is Law“.
Some Notable Review Of Crypto Experts
- #1. Donald McIntyre: Founder of EtherPlan and Collaborator at ETCDEV
- #2. Emin Gun Sirer: Associate Professor of Computer Science at Cornell
- #3. Charlie Lee: Creator of Litecoin
- #4. Arjun Balaji: Founder of Shomei Capital
- #5. Ankur Kumar: Product Manager at Exchange Union
- #6. Tushar Jain: Managing Partner at Multicoin Capital
- #7. Alex Van De Sande: UX Designer at the Ethereum Foundation
- #8. Spencer Noon: Investor at DTC
Ethereum Classic Vs Ethereum Which Is Better?
Although, the essence of Etheruem Classic blockchain Is the main value of an indisputable and permanent ledger. its future however appears to generate a series of worries regarding scalability and security.
While Ethereum Classic delivers smart contracts just as the Ethereum network. it is struggling to attain the same popularity as Ethereum. It has several things missing that have impeded its long-term development. A few of them include vision, support, and the huge developer backing that the standard Ethereum receives.
Many originators lost hope in the success of the network after the succession of 51% attacks. Analysts believed that Ethereum Classic ought to adopt the Proof of Stake consensus mechanism to scale the transaction threshold and eliminate the danger of future attacks.
At the moment, Ethereum is better. ETH is now a crypto powerhouse and is second only to Bitcoin when it comes to market cap. It’s also the backbone of the burgeoning Decentralized Finance (DeFi) and non-fungible token (NFTs) sectors.
Taking all these into consideration we recommend ETH as a better investment.
Ethereum Classic Vs Ethereum- Price
As of September 2021, the Ethereum Classic Blockchain has a market cap of about $9.5 billion — a percentage of Ethereum’s $460 billion value. This is partly due to how ETC decided to follow in the footsteps of Bitcoin by limiting the supply of coins to about 210 million.
The Ethereum developer ecosystem is one of the major reasons behind many ETH bull theories. The top three DeFi codes are designed on the Ethereum network or layer 2 scaling solution Polygon. Which have a total value locked (TVL) of over $45 billion, nearly half of the TVL ($99 billion) kept in DeFi, as of Sept. 2021.
Furthermore, the recent buildup in non-fungible tokens (NFTs) is built on Ethereum with over $7.3 billion total sales value.
At the moment, the all-time high for ETH is $4,362.35, while the all-time high for ETC is $176.16.
However, Ethereum Classic blockchain has got a different story. Without much backing, vision, or strong fundamentals, it has struggled a little. ETC’s price actions in 2021 profited from the meme coin movement as investors searched for very cheap coins to pump. This has brought about the price soaring and giving massive returns for investors.
Ethereum Classic Price Prediction
Will it rise and will it not? Since hitting an all-time high of $176.16 in May, the price has not risen above $100. September was perhaps a very unstable month for all cryptos. With an ETC coin price forecast for the rest of the year, it remains to see how sufficiently the market recovers from recent bears. As of the time of writing on the 4th of November, the ETC coin was trading at about $53.45.
So now, is it feasible to make an ETC coin price projection for the remainder of the year?
The list below contains some of the predictions of the Ethereum Classic price.
- DigitalCoin’s Ethereum Classic foresees that it will reach $126.55 by October 2025, and its ETC coin price prediction over the longer-term sees it reaching $201.31 by 2028.
- However, Long Forecast’s Ethereum predicts that the price will be $44.32 by the end of 2021, then rise to $78.75 by October 2022. The site has an Ethereum Classic price prediction of $45.80 by the end of 2023 and $35.18 by October 2025. This shows a downward movement.
- Furthermore, Cuptocurrency price predicts that by 2030, Ethereum Classic could be worth as much as $7,119.78. While Coin Price Forecast gives a sober forecast of $1,218.70 in the second half of 2030. A gain of +1,709%.
Note that 2030 is still years away. Therefore these forecasts should not be regarded as trading goals for ETC. The market is prone to change in the space of a decade.
Why Is Ethereum Classic So Cheap?
The price of Ethereum Classic (ETC) initially met a lot of supply-side pressure. This is because all ETH holders also got ETC tokens for free after the hard fork. Thus, the future of Ethereum Classic looks less promising than that of Ethereum. Since Ethereum is considered the more legitimate of the two networks, especially with the security concerns of Ethereum Classic.
Ethereum Classic Price heavily depends on what BTC does. Since BTC is not making big moves, it is hard for ETC to do them either.
The price will possibly experience slow depreciation or appreciation depending on the team actions, likely technological breakthrough or high-level alliance.
Is Ethereum Classic A Good Investment?
Oddly, the answer to this question is connected to another cryptocurrency. Since Ethereum Classic is an offshoot of Ethereum, the success is in having investors in Ethereum Classic.
Hacks on Ethereum Classic’s network have been the major reason for its struggle. Nevertheless, the developers are aiming to prevent other attacks. Yet, it still makes users worried to use the network.
Such attacks can only be prevented if Proof of Stake is used in place of Proof of Work. However, it has been working hard for months to transit from PoW to PoS.
Thus, if Ethereum is getting a bit too expensive, then ETC can be seen as a good alternative, seeing as it is used in very similar ways.
It is believed that the future of money is cryptocurrency. Example of such Crypto Blockchain includes Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), and so on.
When comparing Ethereum Classic with Ethereum, the cheaper price is the main enticement for the former. But the absence of a real plan to cause growth and development sets it back and tags Ethereum Classic as a poor investment.
While the adoption of PoS will ensure a greater acceptance of Ethereum. This will enable Ethereum to increase the number of trades while lowering fees.
Read Also: Best 21 Cryptocurrency Books To Learn About Digital Currencies
FAQs on Ethereum Vs Ethereum Classic
Is Ethereum the same as Ethereum classic
No, though they share the same history
Does ETC price have the potentials of outrunning ETH
Following the present trend, it might be difficult.
Does ETC have any hope of a massive pump in the future?
The crypto market is very unstable, so it is almost impossible to say. Market price has the tendency to fluctuate.