Understanding Ethereum Classic: How does it differ?

Introduction to Ethereum Classic

Ethereum Classic (ETC) is a blockchain-based distributed computing platform that came into existence following a hard fork of the Ethereum network in 2016. This digital asset stands out for its commitment to maintain the original Ethereum blockchain history, which is based on the principle of immutability. This aspect sets Ethereum Classic apart from Ethereum, which decided to alter its blockchain history following the DAO hack.

Key Differences between Ethereum Classic and Ethereum

While Ethereum Classic and Ethereum share common origins and features, there are some substantial differences between both platforms. These differences revolve around aspects such as immutability, consensus mechanism, supply, and transaction fees.

Immutability

The concept of immutability is one of the most notable distinctions between Ethereum Classic and Ethereum. Ethereum Classic maintains the original blockchain history, demonstrating its commitment to immutability. In contrast, Ethereum decided to alter its blockchain history after the DAO hack, departing from the principle of immutability.

Consensus Mechanism

The consensus mechanism employed by Ethereum Classic and Ethereum is another area where these platforms differ. Ethereum Classic employs the Proof of Work (PoW) consensus mechanism. On the other hand, Ethereum has moved away from PoW and now operates using the Proof of Stake (PoS) consensus mechanism.

Supply

The supply dynamics of Ethereum Classic and Ethereum also differ significantly. Ethereum Classic has a capped supply of about 230 million ETC. In contrast, Ethereums supply is not strictly capped, which means it can theoretically continue to increase indefinitely.

Transaction Fees

Finally, when it comes to transaction fees, Ethereum Classic offers lower fees compared to Ethereum. This factor could make Ethereum Classic a more attractive option for users who perform a large number of transactions.