What are the key differences between Ethereum and Ethereum Classic and what implications do they have for the future of the Ethereum network?
there are several key differences between the two platforms:
Origin: Ethereum was created in 2015 as a result of a hard fork from the original Ethereum blockchain, following the DAO hack. Ethereum Classic, on the other hand, continued on the original blockchain and refused the hard fork.
Purpose: Ethereum's purpose is to be a decentralized platform for the creation of applications and smart contracts, while Ethereum Classic aims to preserve the original vision of Ethereum as a decentralized platform that is resistant to censorship and interference.
Consensus Algorithm: Ethereum has switched from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus algorithm, while Ethereum Classic continues to use PoW.
Development Team: Ethereum has a large and active development community, while Ethereum Classic has a smaller, but dedicated team.
Token: The native token of Ethereum is called Ether (ETH), while the native token of Ethereum Classic is called Classic Ether (ETC).
Adoption: Ethereum has a larger user base and is more widely adopted, while Ethereum Classic has a smaller but dedicated community.
Upgradeability: Ethereum has a flexible architecture that allows for frequent updates and upgrades, while Ethereum Classic aims to maintain a more stable and unchanging codebase.