Ethereum is considered as one of the most promising and prominent cryptocurrencies, which was created to overcome the limitations of Bitcoin and push the boundaries of blockchain technology. The most well-known component of Ethereum is Smart Contract, which also brought DAO (Distributed Autonomous Organizations), another computer code, functioning as a governance mechanism connecting a set of smart contracts.
However, Ethereum also has vulnerabilities and limitations. The most famous one is the DAO hack in 2016. The DAO was popular launched in April 2016 with 28-day funding. By the end of the funding period, The DAO had raised over $150m from more than 11,000 enthusiastic members, which was far more than its creators expected. But in June, it was announced that a "recursive call bug" had been found in the software. While programmers were working on fixing the bug, ether that collected from the sale of The DAO tokes were being hacked and stolen.
In July 2016, the Ethereum developer team modify the Ethereum software codes. In Block 1,920,000, the team split The Dao into two, and transfer all funds in the DAO to a specific refund contract address, so as to take back the ether that controlled by hackers. Thereby, two blockchains are formed, one is the origin ETH, the other is the new ETC (Ethereum Classic), representing different communities.
All the above is also known as the hard fork of Ethereum.
Ethereum vs Ethereum Classic
Ethereum Classic, as the first hard fork of the original Ethereum blockchain, runs on the same protocol as that of ETH, but it has some distinct differences in its community. We will compare ETH and ETC in the following aspects.
1) Tamper-Proof or Variability
ETH: Support most of the people in the community agree to modify the chain, then the records and the contracts in the blockchain can be modified.
ETC: Records and contracts in the blockchain are temper-proofed.
ETH: The blockchain core decisions are made up and developed by Ethereum Foundation with the participant of the community.
ETC: The blockchain decisions are made by the whole community.
ETH: Focus on eWASM, aiming at providing a platform for more and more developers.
ETC: Focus on helping developers create more secure contracts.
4) Transaction Speed
ETH: 25 seconds on average.
ETC: 14 seconds on average.
ETH: Discuss in Reddit.
ETC: Discuss in Slack.
-Keep the immutability of the blockchain.
-Gain the support of some big players recently.
-Not access to all the new updates made in the ETH chain.
-All the heavyweights of Ethereum have moved on to ETH.
-Fast development at an exponential pace.
-Resist the DAO hack.
-Constantly updated with the latest changes.
-Has a higher hash rate than ETC.
-Ethereum community comes together to solve a problem.
-ETH is backed by the Enterprise Ethereum Alliance (EEA), grouped by over 200 corporations, aiming to use blockchain technology to run smart contracts at Fortune 500 companies.
-Goes against immutability.