Asking yourself this question is one of the smartest and most foresighted things you can do, so I will try to be as clear and brief as possible with this explanation so you have a more informed idea of what each one is.
In this way, whatever you decide when it comes to investing or speculating, at least you will do it more informed.
Are they the same? 🤔
Ethereum (ETH):
It is a blockchain platform created to run decentralized applications (dApps) and smart contracts.It is the most used project in this field, known for its constant innovation and massive adoption.
It is the modification/evolution of the original network after an incident that led to a fork. (the Hard Fork)
Ethereum Classic (ETC):
It is the original network of Ethereum, created to preserve the principle of immutability on the blockchain, meaning that records cannot be modified under any circumstances, even if there are errors or hacks.
The reason for the split (Hard Fork)
In 2016, a project called The DAO, based on Ethereum, was hacked and millions of dollars in ETH were stolen. The Ethereum community decided to split into two:
Ethereum (ETH):
A new version of the blockchain was created that "reverted" the hack, returning the funds to those affected. This change was achieved through a network update (hard fork).That is, the ledgers were falsified so that it "appeared" that the theft had never happened and thus continue as if nothing had happened.
Ethereum Classic (ETC):
Some community members rejected this decision, arguing that the blockchain must be immutable (it should not be changed for any reason).Therefore, they continued to use the original network, now known as Ethereum Classic.
This crypto was born from those people who firmly refused to falsify the ledgers, believing that the project's liquidity would be smoke and would bring problems in the long run.
Since the immutability of the blockchain was being forcibly altered, they decided to proceed with the real ledger.
Operation of each one
Ethereum (ETH):
Proof of Stake (PoS):
Ethereum recently switched to this system, which allows transactions to be processed more efficiently and with lower energy consumption.Smart Contracts and dApps:
Allows for the mass creation of decentralized applications (financial, games, marketplaces, etc.).Innovation:
Constantly introduces updates (like Ethereum 2.0) to improve scalability and reduce costs.
Ethereum Classic (ETC):
Proof of Work (PoW):
Continues to use this mechanism, similar to Bitcoin, where miners solve mathematical problems to validate transactions.Smart Contracts:
Also allows decentralized applications, but has less adoption and development compared to Ethereum.Philosophy of Immutability:
The network preserves all original records, even those from the 2016 hack.
Purpose of each project
Ethereum (ETH):
To be the main platform for decentralized applications and smart contracts.
Improve global adoption of blockchain technologies with a focus on scalability, sustainability, and practical use in the real world.
Ethereum Classic (ETC):
Maintain the original principles of the blockchain: immutability and decentralization.
To be an alternative for those who value the original philosophy of cryptocurrencies.
Main differences in summary
In summary, Ethereum (ETH) is more popular and constantly evolving, while Ethereum Classic (ETC) is a project that preserves the actual accounts of the original network and its philosophical principles.