Ethereum vs. Ethereum Classic – What’s the Difference?
Ethereum (ETH), and Ethereum Classic (ETC) are among the most popular cryptocurrencies offered by cryptocurrencies brokerage firms. The UFX platform, for example, enables traders to use a wide range of tools and advanced professional charts to make more effective trading decisions and profit from the price movements of the leading digital currencies.
Apart from their similar names, Ethereum and Ethereum Classic share a number of common features. Both platforms can be used to created and run various types of distributed applications, or dApps. The premise of the entire Ethereum ecosystem is to offer users the opportunity to exchange smart contracts for work requiring shared computing resources, such as 3D modelling, Artificial Intelligence and data storage. The contacts are built around an “if/then” statement, whose outcome will be automatically activated depending on the completion of certain pre-agreed conditions.
Ethereum Classic was launched in July 2016 after a fork in the Ethereum blockchain community that happened following an attack in which a hacker stole Ethers worth around USD 50 million. Ethereum’s founders and other heavy hitters wanted to offer refunds to the defrauded users by creating a new version of the cryptocurrency, which caused a major controversy. The people against this decision refused to adopt the new blockchain, preferring to continue using the old version, which was renamed “Ethereum Classic”.
According to its official website, “Ethereum Classic is a continuation of the original Ethereum blockchain - the classic version preserving untampered history; free from external interference and subjective tampering of transactions”, and this is the essential criterion followed by this new cryptocurrency: applications have to be “programmed without any possibility of downtime, censorship, fraud or third party interference.” Any future hard fork should only be used to correct real bugs in the platform, or to enhance the speed and stability of the system, not to erase what has already been done, whether right or wrong.
The ETC/USD pair is currently trading above its 100-day moving average on the daily chart at about USD 30, following a recent uptrend which began on February 7th, when prices bounced back from an important support level at USD 14. If prices continue to rise, then the next important levels will be USD 38, USD 40, and USD 42. However, if prices head back downwards, they will move towards the support levels at USD 30 and USD 28.