Ethereum Classic has rallied in recent weeks, taking the Cryptocurrency communiy by storm. With a $1.5B market cap, I am going to explain how ETC works, how it is different than regular Ethereum, and why it has spiked in price and in popularity recently.

Why are there two Ethereums?

Ethereum Classic is not a completely new Cryptocurrency, but rather a split from existing Ethereum. There was a split in the block-chain due to DAO or the decentralized autonomous organization writing code that would become law and would stand at all times. They believed that people should have a say rather than any organization or companies. The ETC community wants Ethereum smart contracts to run the way they were created to. A smart contract is an element of the Ethereum algorithm that essentially governs and automates a contract between two people with no central authority or third party involved. See my article called “Why I Think Ethereum Will Go Parabolic” article for more specific information on the elements of Ethereum.

What is the difference between the two?

Ethereum Classic has the exact same features, block times, block sizes, and block rewards as regular Ethereum. ETC and ETH are not compatible because of a hard fork. A hard fork essentially splits a coin in two based on a certain aspects all users must follow. It is similar to someone not agreeing with a law in their country and instead creating their own country. They might have the same people and very similar rules, but that one law caused them to leave, so they are technically not the same. Like I said above, the people in the Ethereum Classic community chose not to obey the rules DAO put forth, so two different coins were created as a result. The ETC community chose to stay on the original block-chain that Ethereum that was created on.

Will ETC be valuable?

I think Ethereum Classic has potential to become valuble in the future. However, from an investors standpoint, it might be confusing to them if they see both ETH and ETC. In my opinion, ETC is great in terms of the actual intent of Cryptocurrency. To have automated transactions not being controlled by a central authority. This will be great for any casual users as well as regular people. I think ETCs recent rise in price is mostly due to the Ethereum name. People on the news are starting to build up hype for Ethereum and people are buying anything with the Ethereum name stamped on to it. Overall I think Ethereum classic will be a niche coin, great for the people who want to use it to make transactions with no authority. But from a business standpoint, I think Ethereum will be great for businesses to use, as it has a larger community, market cap, and more press coverage. This is just my opinion, if you do not like it there is no need to hate, only a rational conversation will be able to change peoples perspective on all issues. I hope that was a good little introduction to Ethereum Classic. If you liked this article you can donate to the wallet addresses below. You can also click on the affiliate links to get us both free Bitcoin and Dogecoin. Donate to keep frequent posts coming!

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Sources

http://coinmarketcap.com/currencies/ethereum-classic/

https://www.cryptocompare.com/coins/guides/what-is-ethereum-classic/