What is Ethereum Classic and how is it different from Ethereum?

By
Tokeneo
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3 min reading

Find out everything about the Ethereum Classic cryptocurrency. What it is, when it was created and how it is extracted. Learn the differences between Ethereum Classic and Ethereum.

What is Ethereum Classic?

Ethereum Classic is obviously similar to Ethereum. It was established in 2016 and its creator is Vitalik Buterin. It is an open source platform based on blockchain networks available to all. It has its own ETC cryptocurrency. It is based on the Proof of Work consensus algorithm. Ethereum Classic is a platform for creating smart contracts and decentralized applications. It comes from a controversial split that took place in 2016. Back then, hackers managed to breach Ethereum's security and steal around $ 60 million in ether. Eventually, the network code was changed, the money was given to investors, but some nodes opposed the fork and did not update the software. These nodes continued to operate and mine the ethereum blockchain. This is how ETC was born.

How to mine Ethereum Classic?

ETC works like any cryptocurrency based on Proof of Work. First, make sure you have an ETC wallet. The next step is the right processor and graphics card. Then download a mining program such as PhoenixMiner or Claymore's Dual Ethereum GPU Miner. Then edit the bat file, set up the ASIC, rent the mining equipment and start mining.

What is the difference between Ethereum and Ethereum classic?

Ethereum Classic is derived from Ethereum so these two cryptocurrencies are similar to each other. It is true that ETH operates on a completely new blockchain, and ETC still on the same. Many users and miners have switched to the new system, but about 10% of them are still in the shadows working on ETC. Moreover, ETH today is more like a software company with big capital. From the market point of view, investing in ETH is more profitable than ETC.

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