Although currently ETH and ETC are two different cryptocurrencies, they both started together as a single token. Eventually, the bifurcation of the cryptocurrency would take place after the hack of the DAO, (Decentralized Autonomous Organization) which also constituted a smart contract of a complex nature. It was adopted in order to return lost ether to their rightful owners, at the rate of one ether for every 100 DAOs.
The solution was adopted by the community, taking advantage of the condition of the contract to be part of DAO, which required for the separation of the contract that the ether earned during the subsequent 28 days could not be spent.
The soft fork proposed as a solution, ended in a hard fork based on philosophical reasons. This happened because part of the community believed that the proposed soft fork went against the immutable foundations of the blockchain. For this, a new lagoon detected in ADDOS was added, which put at risk the possibility that the former could obtain “gas” for their activities.
The consequence was that the majority of the community adopted the retro-convertible soft fork, adapting the cryptocurrency to what currently constitutes Ethereum, including all the heavyweights of the project and proceeding to return the stolen ethers to their rightful owners.
On the other hand, another part of the community refused to apply the updates in the currency, and continued mining on their own- Eventually, they would set up a voting to decide the future of the project and end all disagreements. In this vote, it was evaluated whether to eliminate the transaction files and deliver the stolen funds to the owners. The result was that 100% of the consensus was not obtained and motivated the separation of a small group and the birth of Ethereum Classic.
Ethereum and Ethereum Classic, are reflected as ETH and ETC. These two cryptocurrencies operate independently of each other, while sharing the same origin. The difference between one and the other is that the work of Ethereum Classic is to be the fuel of the network.
On this occasion, we will analyze some of the differences that these cryptocurrencies present in their guidelines:
- ETH: Blockchain files and contracts could be reviewed if the majority of the community agrees.
- ETC: Files and contracts are never modified. In fact, this was the main reason for the division among the Ethereum community.
- ETC: The Ethereum Foundation is the one that designs and arranges mostly the main issues of Blockchain with the collaboration of the community.
- ETH: The main issues of Blockchain are carried out mainly by 3 groups with little coordination and with some input from the community.
- ETH: It is currently taking 15 seconds on average to complete a transaction. This circumstance may change shortly by reducing this time.
- ETC: it takes 18 seconds on average. Likewise, this time may be reduced to 10 or 14 seconds soon.
If we were to choose between one cryptocurrency and the other, it is necessary to know that both cryptocurrencies act on different Blockchain or chain of blocks; and at the same time, they do not present any competition. In this way, the choice will depend on the needs or interests of each one based on the characteristics that these cryptocurrencies present.
Both ETH and ETC have their unique advantages and principles, but for someone who is trying to get profits from these cryptocurrencies, he will be able to do so regardless of which he chooses, as they are both quoted in the crypto market and tend to fluctuate enough to get significant returns.