What is the difference between Ethereum and Ethereum Classic?
The main difference between Ethereum and Ethereum Classic is the way in which they handle the DAO hack.
Ethereum was created as a result of a hard fork of the original Ethereum blockchain, which was implemented in order to reverse the effects of the DAO hack. This hard fork created two separate blockchains, one that continued on with the original code (Ethereum Classic) and one that had the changes made to reverse the effects of the hack (Ethereum). The main difference between these two blockchains is that Ethereum Classic continues to follow the original code and does not accept any changes made after the DAO hack.
This means that any transactions or contracts made on Ethereum Classic are immutable and cannot be changed or reversed. On the other hand, Ethereum has implemented changes to its code in order to prevent similar hacks from occurring in the future. In addition, there are also differences in terms of consensus algorithms, token supply, and transaction fees.
Ethereum uses a proof-of-work consensus algorithm while Ethereum Classic uses a proof-of-stake consensus algorithm. The total token supply for Ethereum is unlimited while for Ethereum Classic it is capped at 210 million tokens. Lastly, transaction fees on Ethereum are higher than those on Ethereum Classic due to its higher demand and usage.
