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What Led To ETH And ETC Hard Fork: Here's The Difference And Back Story
Blockchain and Cryptocurrency are the two huge words which can leave you flabbergasted if you don't know anything about it. Yes, believe me, I was also in the same position where you are, also among the ones who don't have a clear picture of it. It says that if you're not getting regularly updated in this sector then you can find yourself in a leap. So before getting into the details, we should know a little bit about the basics of ETH and ETC.
What Is Ethereum?
ETH which is also known as Ethereum is a platform which is responsible for decentralizing application, utilizing the power of smart contracts by pre-programming code which is self-executing. ETH doesn't require a third party for its operations. In simple terms it an automated platform which helps users to build their application on Ethereum blockchain.
Moreover, it's an open-source ledger open for the public to use. You can use this platform to create a smartphone application which users can easily access from the device which sits in their pockets.
Where Does It Start?
Ethereum took birth as a single Blockchain similar to a lego tower which has scope to rise continuously. Similar to that, Ethereum is also a base on top of which developers can build various applications. DAO (Decentralized Autonomous Organization) is among one of them which was built on ETH.
DAO acted like a barrier fund which was responsible for collecting funds for investing in the development of other application. However, due to some vulnerability, it got hacked by the attackers and a tune of more than $50 million was stolen. Yes! This was the turning point for ETH.
At this point, developers were left with only two options and both were tough to take.
- One, they can continue the chain because the nature of the Blockchain was unchangeable, which will make the risk remain the same.
- Second, reverse the transactions to restrict hackers from gaining profit from the stolen money and return the money to investors.
What Is Ethereum Hard Fork
So as a collateral decision of developers' team and the majority of participants in the system the second option was chosen as a solution. However, to execute the second option a hard fork was required.
In case you don't know hard fork is the process of breaking or dividing an original Blockchain into 2 chains which include original chain and the new chain. So Ethereum Class becomes the original chain and Ethereum represents the new chain.
Ethereum Classic is widely known as ticket ETC and Ethereum is known as ETH. Hope so far you have got a clear picture about the chains.
The small community which remains with the original ETC was opposing against the new chain, claiming the argument that nature of the original chain is still immutable and it's still prone to attack.
ETH Vs ETH Hark Fork
Coming to the difference, we must say that the functionality of both the chains are similar because both are from the same chain, but we can't ignore the fact that the new chain is equipped with more tools and latest updates which makes it more secure.
The developers are continuously improving the ETH the new chain to make it more progressive. As a user, everyone wants constant monitoring from the developing team for better enhancement.
However, traders have a different perception towards the chains. For them, both the chains are good whichever is providing better profit to them.
Most traders prefer ETH over ETC because it worth higher in July this year and the market price of the ETH was $15 approximately.
So that's all about the difference and the back story of ETH and ETC hard fork. Hope, we made over points clear to the readers, if you have any question you can comment down below.