Treasury sanctioned Tornado Cash, a virtual currency mixer that helped obfuscate the origin and destination of funds on the Ethereum blockchain.
The Treasury accused Tornado Cash of facilitating money laundering. This news speaks to the ideological divergence between Ethereum and Ethereum Classic.
Ethereum (ETH) vs. Ethereum Classic (ETC): How the Split Happened
Crypto purists favor a libertarian, censorship-resistant, decentralized model, whereas crypto pragmatists point toward the more adaptable and malleable nature of Ethereum as the way to go. Advantages of Ethereum vs.
Ethereum Classic Most of the Ethereum community has backed the proof-of-stake conversion via the merge. Also, Ethereum Classic will have a total supply of around million coins, unlike ETH, which has no limit. It also completed the building and deployment of sidechains while Ethereum was still experimenting with the concept.
A brief history July Ethereum mainnet goes live May A vulnerability is discovered to the code for a venture capital fund on Ethereum known as The DAO. Disagreement among the best course of action leads to a hard fork of Ethereum creating Ethereum Classic. March Ethereum Classic community agrees to adopt fixed monetary policy like Bitcoin, capping ETC supply at million.
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December Developers use "MESS" to fight against attacks. Conclusion When Ethereum initiated a hard fork, it took most of the key influencers with it.
But according to one trader, choosing where to invest shouldn't come down to picking one over the other. I think they're separate asset classes and should be viewed as such.
This included the Enterprise Ethereum Alliance, which is made up of massive companies like Microsoft who want to increase adoption of Ethereum.
At its peak, the DAO attracted 14 per cent of all the Ether in circulation. There were several security flaws with the DAO code which were repeatedly pointed out in May and June of Project backers had to buy DAO tokens with Ether.
Once the splitting function was initiated, the holder would receive their Ether back and the network would update the public ledger.
The holder would then have to hold Ether for 28 days without being able to use it. The only stipulation was that the funders had to hold their ether for 28 days before they could spend them.
Some people claim it was a hack, but to call it a hack would severely overestimate the technical prowess necessary to break into this poorly guarded platform.
In other words, the system could have been broken into by anyone with a few basic skills. The DAO Hack — The ETC vs ETH Origin To exit the DAO, all someone had to do was send a request and the splitting function would then refund the user their Ether in exchange for their DAO tokens, and update the ledger with the transaction and update the internal token balance.
The hacker made a recursive function in the request, which essentially allowed them to repeat the request multiple times for the same DAO tokens before the transaction could be registered. To further emphasize how big of a loophole this was, keep in mind that the recursive function was able to run and run until a THIRD of the DAOs funds were siphoned out. They rapidly started scrambling for solutions to this problem. The majority decision for a solution was that Ethereum needed to create a fork, or stop the blockchain entirely and create something new from scratch.
Ethereum Classic ETC is, as the name would suggest, the first Ethereum still using the original blockchain. ETC vs ETH — The Differences Ethereum ETH functions on a brand new blockchain, and the vast majority of miners, users, and protocol from the previous version of Ethereum use this new version.
ETH Classic (ETC) Lags Behind Its More Successful Sibling
Ethereum is actually a fork of Ethereum Classic. Ethereum Classic ETC runs on the same protocol doing a similar function, but it does have some distinct differences in its community. The Ethereum chain is also planning to update from proof-of-work PoW to proof-of-stake PoS algorithm in the Ethereum 2.
This will make it faster and more efficient than ETC. From these points alone, you can already see that ETH is the better investment. Crypto asset investing is highly volatile and unregulated in some EU countries.
No consumer protection. Tax on profits may apply.
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Ethereum vs Ethereum Classic: Price History Being the second-largest cryptocurrency in the world, Ethereum price is one of the most analyzed. Comparing these two coins is a bit interesting because there is a huge price gap from when they split.
As you can see, ETH has had one of the most dramatic growth over the years. The coin grew much quicker compared to other altcoins and was able to significantly grow against predictions. This growth was in a big part powered by the excitement surrounding ICOs back then.
Ethereum Classic Explained
As wannabe investors rushed to back the next big thing, the Ethereum platform became the center of attention as it was holding most of these ICOs. As you can see, ETH has had more promising growth over the years compared to ETC. Ethereum Classic Vs Ethereum: Price Predictions There is a glaring difference between the price predictions of ETH and that of ETC.
According to data from Longforecast. Ethereum Classic ETC price continued rising on Thursday as the recent cryptocurrency rally regained steam.
Ethereum Shapella upgrade There are three main catalysts moving the ETC price this week.
- Ethereum vs. Ethereum Classic? Metacade (MCADE) Seems to Be the Better Crypto Investment
- Ethereum Vs Ethereum Classic Comparison Ethereum vs Ethereum Classic: What Are Their Differences?
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- The DAO was a series of smart contracts designed to function much like a venture capital fund, but with total transparency and shareholder governance.
- Here’s why Ethereum Classic (ETC) price could jump by at least 12%
First, there is the ongoing Bitcoin price rally that we wrote about here.