What is Ethereum Classic?
Ethereum Classic is the name of the original version after the hard fork operation on Ethereum network in 2016.
We’ve prepared this article to help you learn exactly what Ethereum Classic is, which is often confused with Ethereum, and the differences from Ethereum.
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Ethereum Fluctuation Begins Due to DAO Attack
First of all, this term, which stands for Decentralized Autonomous Organization, refers to structures that operate and control a set of business rules without any human involvement. Organizations such as DAO work with Blockchain technology and are based on coded rules. Blockchain is preferred for transaction logging of financial data and program rules.
After this massive attack on the Ethereum network, the DAO community was divided into two. After the attack, the Ethereum community attempted to correct the situation and reinstate it. The other group in the DAO community decided to continue with the current situation on the network without doing anything. After this decision, they called themselves “Ethereum Classic”
Differences between Ethereum and Ethereum Classic
– They both work on different networks.
– Both work on the same technology but are developed by different teams.
– Both currencies move along with different updates and improvements.
– Although Ether Classic and ETH are two different currencies, they can be stored in the same wallet.
-The ETH block award is 3 ETH and the ETC block award is 4 ETC.
-While ETH plans to switch to PoS, the Ethereum Classic continues with PoW.
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