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Ethereum Classic is a quite well-known digital currency. It was created as Ethereum’s offshoot and both these currencies have similar blockchains, which act separately and independently.
In general, Ethereum Classic has the same features as Ethereum, including smart contracts and decentralized apps. Moreover, it functions the similar way, having such specifications as size, reward and block time within the network.
The act of slipping is peculiar to the largest cryptocurrencies and a “calve” is called a hard-fork. However, hard-forks are controversial issues for the crypto community: some users say that slippery modifies the blockchain, which should stay untouched by human no matter what; the others claim that hard forks actually fix the issues of original coins and bring some element of social consensus to the local community.
Ethereum Classic was created to let the smart contracts act as they were made to, without any interruptions. However, the slippery opponents argue that the smart contracts were already working as they should and nobody has a right to censor the contracts.
The main feature of both Ethereum and Ethereum Classic is supporting decentralized applications. The goal is to create a platform that works on the basis of blockchain and allows programmers and developers create apps that don’t need a single server owned by an organization/person to store their databases and transactions. Instead, these applications settle in the users’ nodes connected to the Ethereum (or Ethereum Classic) network.
Why is it important? Almost everything you use on the web today works on the basis of centralized database, which is stored on one server. If some genius black-hat hacker decides to break this server and change the data on the database (for example, to put $10 million to his pocket), validating this data would be impossible.
Trying to avoid this, some companies create backups of the information they store. Using the backup, they can compare current situation and a backup version to make sure that everything is okay or notice the divergence.
Ethereum Classic works differently. They share database operations with all users connected to the network. This way, database doesn’t depend on a single location and hackers face a real problem here: now they have to hack the databases of at least 50% of network users to prove that they can have their $10 millions.
When Ethereum Classic was launched, some miners were against implementations. Thus, they disagreed to update their programs and decided to mine on the old version of the blockchain. The hard fork creates difference between old and new blockchain and miners, who preferred the original version, were separated. Those users, who are against double blockchain, say that it creates a dangerous situation: investors and casual users face confusion about it and, what is more, a possibility for double-spending grows.
The main argument usually made by those who are against double blockchain is that if a user signs a transaction in the first blockchain, this transaction will appear on the second blockchain without the confirmation of a key holder. They believe, that this innovation rather brings more danger than improves the way the network operates.
Ethereum and Ethereum Classic are different cryptos, despite the fact that the latter one appeared from Ethereum’s loins. These coins are independent from each other, despite the fact that they share the same features and use the same principles of work. When the hard-fork was introduced, miners split down the middle on the issue. However, hard-fork might be perceived in various ways. On the one hand, double blockchain may cause controversies and undesired operations. On the other hand, double blockchain tries to solve problems and limitations that exist in current network.
As for the Ethereum Classic, this coin is still too far behind its bigger brother Ethereum and other popular currencies. Comparing prices for these coins, Ethereum Classic has to make a long way to compete ETH. However, we believe that this currency will attract more users and grow in price in the nearest future, so keep up with the updates.