Distinguishing between ETH and ETC - HollywoodsMagazine

Distinguishing between ETH and ETC

ETH stands for Ether/Ethereum. ETC stands for Ether/Ethereum Classic. It would be
reasonable to believe that the same coin/token carried two names. However, it is not so.
Both, ETH, and ETC are pointing towards different coins. Visit the website of Bitcoin
Revolution for more information on bitcoin trading.

An Introduction to ETH

Ethereum points towards a technology. Technology comes into play for various things. They
include applications, cryptocurrencies, and global payments. Anyone, with the Internet, may
access this platform.
Furthermore, it is a decentralized technology, which exists 24 x 7. In other words, it is
possible to receive or send funds anywhere across the globe. You can also lend or borrow
money. The lender may even earn interest on a loan.
The community-built technological platform is an open-access one. It is perfectly compatible
with digital money. It offers data-friendly services to users, worldwide. A user’s geographical
location or background, does not matter.
Ethereum is responsible for launching ETH (ether). It is also responsible for providing the
crypto community with 1000s of DeFi applications. At the same time, ETH does not stand
for digital currency alone. It has the capability of representing anything that a user owns, in
the role of an NFT (non-fungible token).
Best of all, it is possible to access the Ethereum platform, without parting with sensitive
personal information. The only thing that any user would need, is a wallet.

An Introduction to ETC

As mentioned earlier, Ethereum refers to a technology/network. The crypto world labels it as
a blockchain, too. This blockchain/network sustained a split, some time ago. He occurrence
was the work of hackers. TAs a result, a single platform was divided into two. In crypto
language, this is hard forking. One platform became the new Ethereum, from the old one.
The other part of the split became Ethereum Classic. Thus, there are two blockchains in
existence, now.
Now, Ether could not belong to two blockchains. Therefore, Ethereum Classic came up with
its own native token/currency. This was ETC, or the Ethereum Classic token. ETC has taken
up the responsibility of powering transactions. It is also responsible for handling smart
contracts. Both functions take place on the original Ethereum network.
The splitting served a good purpose. It aided in making the network secure. Additionally, it
became possible to satisfy those customers, who had had their funds stolen. They got back all
their money!
The owners of the Ethereum network also began to use the hard forking to their advantage.
They have been adding new features to the Ethereum Classic network, since then.

For instance, Ethereum Classic prefers to concentrate on immutability. This quality is
commonly expressed as Code is Law. No one will have the authority to censor the code’s
execution on the blockchain. This way, it will become possible to prevent fraud and other
activities by cybercriminals.

Similarities and Differences
Origin

The original Ethereum blockchain was single. It came into being in 2015. However, in June
2016, hackers managed to penetrate it. They stole around $60 million in cryptocurrencies.
The authorities in charge had no option, but to secure this split. Therefore, they went in for
hard forking. Two separate versions of Ethereum came into being. The network became
secure once again.

Similarities

The public has access to two coins/tokens now – ETC, and ETH. Like they request ETH,
miners may request ETC, too. Both coins are issued into circulation. However, ETH has no
limit to its supply. ETC has a limit of 210,700,000 tokens/coins.

Differences

Since it has a fixed supply, people consider ETC as a speculative virtual asset. In contrast,
ETH is extremely popular and more acceptable. The reason is that its unlimited supply
permits wide and easy trading.
Another difference is the consensus mechanism. The Ethereum blockchain is used to operate
on proof-of-work (PoW). However, it plans to shift to proof-of-stake (PoS). In other words,
Ether will adhere to PoS in the future. In contrast, Ethereum Classic has no such plans. It
wants to carry on traditional mining on the same platform, as before. ETC will not change its
attitude, even after ETH’s migration.
Above all, the price trajectory is different for both. ETH is at $2,800, currently. ETC is at
$26. The reason for this difference is ETC’s fixed supply.

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