Even before its appearance, the Ethereum cryptocurrency had received the support of the crypto community. Working through smart contracts, and creating the conditions for maximum convenience of using the coin, the Ethereum quickly climbed to the top places in the ratings of the cryptocurrency. Check out our Ethereum wallet to use it.
On the wave of Ethereum success, the DAO project was created. At its core, the project was an investment fund whose internal resources were served by its own tokens. It was supposed that the fund would become a financing center for projects through Ethereum. The DAO immediately became the cause of discord - a hacker whose name has not yet been established was able to transfer to his account a huge amount of money. The most interesting thing about the theft was that he did it perfectly legitimately - finding a loophole in clever contracts. The consequence was a sharp drop in the Ethereum.
Vulnerability and the need to make a decision to restore damage were the main cause of discord. For the return of funds and the elimination of security problems, most voted for Ethereum's improvement (in fact, the creators had to make a rollback at the time before the launch of The DAO, thereby completely devaluating the scam's catch). But this step was contrary to the basic policy of the cryptocurrency, which states that a blockchain cannot be changed. Crossed Ethereum convictions and destroyed the policy of coin, which was so proudly displayed, the code was changed.
A new branch of the block, working on the original platform, was called Ethereum Classic, and the hardfork started working under the name Ethereum.
The main diffrences between ETH and ETC
| Ethereum | Classic | |
| Blockchain alteration | It is possible to make changes in the record in blockchain and contracts if the majority agreed | records in the blockchain and contracts cannot be changed |
| Development | Decisions are mainly made by the Fund of the Etherium with the submission of the community | Decisions are mainly made by 3 development teams. Less involvement of the community |
| Compatibility | Focused on eWASM for the openness of its platform to the large number of developers. Safer contracts are the secondary task. | focuses on enabling developers to create more secure contracts, while sacrificing a common base of available developers |
| Block capacity | 500,000 transactions per day. This may lead to the same growth problems for transaction fees recently noted in Bitcoin. | Currently a lot of free space in blocks. As in the case of the Efirium, this will change with the growing popularity of the Classic chain |
| Average transaction speed | 25 seconds. It is likely to be reduced in the upcoming update (Metropolis). | 14 seconds. Upcoming updates are likely to remain between 10-14 seconds (ECIP-1010 and ECIP-1036). |