Ethereum vs Ethereum Classic

  • Mining methods: Ethereum will soon move to a Proof of Stack (POS) mining process while Ethereum Classic uses the more traditional method of a Proof of Work (POW) process. POS is much more energy efficient as it involves staking instead of solving complex problems.
  • Circulatory Supply: ETC has a finite number of coins,i.e. 230 million coins, while ETH does not have a fixed number.
  • Blockchain functionality: Smart contract-enabled applications can be built using both Ethereum and Ethereum Classic networks.
  • Immutability: Modifications can be made to an Ethereum blockchain but transactions are immutable in the Ethereum Classic network.
  • Market capitalization: The market cap of Ethereum Classic is $5 billion, while Ethereum has a market cap of $188 billion currently.
  • Developer usage: Nowadays, the Ethereum blockchain (ETH) powers most of the decentralized apps and NFTs. Some of these apps have a total value lock (TLV) of $7 billion. Some prominent D-Apps run their day-to-day operations on the Ethereum blockchain, such as Curve Finance, Uniswap, Compound & Maker. Due to the series of hacks and a lack of effective security protocols, ETC has very few use case studies. As a result, developers lost trust in the ETC network.
  • Prospects: Ethereum Blockchain will soon be more efficient as it will migrate to Proof of Stake from Proof of Work. The POS model will have more operations per unit as the transaction speed of the network is faster than the POW model. Programmers will build more apps due to this faster method. ETC is energy-consuming and slow as it still works with the Proof of Work method.

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