Ethereum vs. Ethereum Classic. If you're new to digital currency, seeing Ethereum and Ethereum Classic could confound you.

24 Jun 2022, 08:00

Ethereum vs. Ethereum Classic If you’re new to digital currency, seeing Ethereum and Ethereum Classic could confound you. You could either go for Ethereum or Ethereum Classic. What’s the distinction between them? What are the distinctions between Ethereum and Ethereum Classic?Ethereum Classic is viewed as the traditional Ethereum for specific reasons. On the off chance that you are much of an observer, the name ‘Ethereum Classic’ would have hinted to you the contrast between them, as classic means traditional. If you speculated thus, you guessed correctly. What Differentiates Ethereum from Ethereum Classic?CURRENCY: These two Ethereum versions have distinct native currencies. Ethereum’s coin is called ETH, while Ethereum Classic is called ETC.HISTORY: The historical backdrop of the creation of these two variants is fascinating. It’s even more intriguing to know that Ethereum was only a single currency when it was introduced. However, in 2016, an unknown hacker looted millions of ETHs from a smart network under Ethereum called DAO (Decentralized Autonomous Organization) after discovering a loophole in its blockchain.It steered the creators to take a huge decision. They resolved to reverse the hack by splitting the network into two, generating a new blockchain. However, some users perceived this to be a betrayal of the doctrine of ‘code is law,’ meaning that a blockchain is inflexible. This faction of miners refused to elevate to the new blockchain, causing a hard fork; thus, creating two currencies; Ethereum and Ethereum Classic. Ethereum became the new network, while Classic is the original.