The comparison between these two cryptocurrencies is complicated enough for the new people coming in. Here is the Difference between Ethereum and Ethereum classic. ETH or ETC !!! Which currency is the best for investment and mining?
AtoZForex – New to the world of cryptocurrency? Don't worry!!! When it comes to the crypto market everyone heard about the BTC or Bitcoin but very few about Ethereum and Ethereum classic. All though Bitcoin is the most popular one, ETH and ETC is not still behind. As we know Ethereum is the second most popular cryptocurrency after Bitcoin. It's hard to determine the future of Ethereum and Ethereum Classic but both the digital currencies are performing well.
Difference between Ethereum and Ethereum classic
The Difference between Ethereum and Ethereum Classic is both an ethical and philosophical one. Though they have lots of things in common like the innovative development teams, long-term scope and great technologies behind it. But, Here I am going to tell you the Difference between Ethereum and Ethereum Classic in terms of investment, mining, volume by currency, volume by exchange, the blockchain, supply, platform & applications and smart contracts.
Mining:
According to my research, NVIDIA GTX 1070 is the best GPU available in the market for ETH and ETC mining. Although miners can also use AMD rx470 and rx480 but you might not get better hash rates as compared to GTX 1070 GPU. There is actually very less difference in terms of profitability in mining between these two.
Keeping the hashing power, power consumption and cost per KW/h same the profit ratio per day for ETH is 726% and for ETC it’s 692%. Also, the profit per month for ETH is 4.07 $ more than ETC, which is quite nominal.But the market cap of Ethereum (ETH) is more as compared to Ethereum classic (ETC) ie. Approximately $ 28 B for ETH and $ 1.5 B for ETC.
ETH vs ETC Volume by Currency
According to the data, we came to know that South Korea is the biggest market for Ethereum and Ethereum Classic. Approximately 50% of the ETH is been traded in South Korean Won (KRW) and 25% in USD and 40% of the Ethereum classic is been traded in KRW and remaining in USD, BTC, and EUR.
ETH vs ETC Volume by exchange
Approximately 60% of the Ethereum (ETH) is traded in Coinbase and Bitfinex and more than 70% of the Ethereum Classic is traded using Bitfinex and Poloniex. Also, the market space for Ethereum Classic is limited to few of the exchanges like Bitfinex, Poloniex, Kraken, BitTrex etc as compared to Ethererum (ETH) which is almost traded in every major exchange.
Now the big questions asked by various investors: Why there are two Ethereum? – Ethereum (ETH) & Ethereum Classic (ETC)
In some websites, you have noticed that Ethereum classic is sitting below the Ethereum. But the fact is Ethereum (ETH) is the fork of Ethereum Classic. Yes, the fact is everything started from Ethereum Classic. For most of the investors, Ethereum seems to be the winner but if you check the graph Ethereum classic surged approximate 703.6 % in 1 year.
Why there was a split between these two?
The long time ago there was only one Ethereum network then something catastrophic happened. The event was a cyber-attack. This event was a digital attack. At the time, few big investors had invested in the original Ethereum blockchain. The cyber-attack took the form of one individual withdrawing these funds and moving them to a different account. To tackle the situation, the Ethereum developers proposed that the blockchain network should be modified in such a way that the money could be recovered.
Hence, the blockchain was cloned so the original Ethereum could remain intact. But there were few members in the community who didn't agree with the change. They are insisting that for the safe and attack-free blockchain network, it could not be reoriented.
Finally, the cryptocurrency technology was forked into two parallel block chains network- the ETH & ETC.
Historical Price
ETH- In the last 1 Year the price of Ethereum surged by $288.18 (2,358.27%) with a total volume of $ 20.74 B. The highest price, $417.21, was on Monday, 12 June 2017 at 03:00 (1 month ago). The lowest price, $5.97, was on Tuesday, 06 December 2016 at 02:00 (8 months ago).
ETC- In the last 1 Year the price of Ethereum Classic surged by $13.58 (703.63%) with a total volume of $ 1.39 B. The highest price, $23.80, was on Sunday, 18 June 2017 at 03:00 (1 month ago). The lowest price, $0.7100, was on Tuesday, 29 November 2016 at 02:00 (8 months ago).
Mission/Vision Statement
ETH- ‘’The Ethereum Foundation’s mission is to promote and support Ethereum platform and base layer research, development and education to bring decentralized protocols and tools to the world that empower developers to produce next generation decentralized applications (dapps), and together build a more globally accessible, more free and more trustworthy Internet.’’
ETC- "We believe in decentralized, censorship-resistant, permission less blockchains. We believe in the original vision of Ethereum as a world computer you can't shut down, running irreversible smart contracts. We believe in a strong separation of concerns, where system forks are only possible in order to correct actual platform bugs, not to bail out failed contracts and special interests. Moreover, we believe in censorship-resistant platform that can actually trusted - by anyone."
In conclusion, it’s hard to say that which cryptocurrency is going to outperform in future. But I must say Ethereum (ETH) is still the best in terms of mining and investing.
What do you think about these Difference between Ethereum and Ethereum classic? Let us know in the comments section below.