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Ethereum (ETH) vs Ethereum Classic (ETC) in Blockchain

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Ethereum is an open-source, decentralized blockchain platform with smart contract functionality. Ether (ETH) is a native cryptocurrency of the Ethereum blockchain platform. Ether is used to pay transaction fees and computational services. Developers can write smart contracts that receive, hold, and send Ether.

  • It is a transactional token that facilitates operations on the Ethereum Network.
  • It is the second-largest virtual currency by market capitalization.
  • It holds market value and is exchangeable for fiat currency on cryptocurrency exchanges. 
  • Ether is given to network participants randomly chosen as validators through proof-of-stake consensus. 
  • Ether is needed to pay for the transaction and secure the blockchain.
  • Approximately 5 ethers are created every 12 seconds.

What is ETC?

Smart contracts are executed on the Ethereum Classic platform, which is a blockchain-based, open-source, decentralized, distributed cryptocurrency. With Ethereum Classic being the oldest of the two and Ethereum being the newest, it divided the original Ethereum blockchain into two pieces. ETC is a cryptocurrency that was launched in 2016 as a hard fork from Ethereum (ETH).

  • ETC’s main function is as a smart contract network, with the ability to host and support DApps.
  • ETC uses PoW mining algorithm.
  • ETC block reward decreases with time, with the next drop due at block 15,000,000 in April 2022, from 3.2 ETC to 2.56 ETC per block.  

ETH vs ETC

Below are the differences between ETH and ETC:

ParametersETHETC
Created On20142016
FounderVitalik Buterin and Gavin WoodVitalik Buterin and Gavin Wood
Blockchain TechnologyEthereumEthereum Classic
Total SupplyIt has an uncapped total supply with a fixed supply per year.The policy is changed, reducing the block reward by 20% at the 5 millionth block number and 20% every 5 millionths.
Hard ForkBefore the hard fork, Ethereum existed, but it has become more powerful after the hard fork.ETC was born after the hard fork.
Mining AlgorithmProof of StakeProof of Work
Max SupplyNA210,700,000

Last Updated : 02 Feb, 2023
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