Are you ready to invest but confused between Ethereum and Ethereum Classic? If yes, then you are at the right place to end your confusion. We understand that even avid cryptocurrency buyers can find it hard to distinguish between these two tokens. So, first of all, we would like to clarify that these two tokens actually came into existence from the original Ethereum Blockchain created by Vitalik Buterin.
Events that Led to the Creation of Ethereum Classic
In 2016, hackers stole $50 million worth of ETH from a Decentralized Autonomous Organization (DAO) project launched on the Ethereum blockchain. It led to a discussion among Ethereum decision-makers. After a long debate, the involved parties decided that if they could hard-fork the network, they could recover the lost money. As a result of the hard fork, Ethereum Classic was born.
Ethereum Classic vs. Ethereum
Although Ethereum and Ethereum Classic have the exact same origins, one of the most significant differences between the two is the move to Proof of Stake (PoS). While Ethereum will move to PoS following its V2 update, Ethereum Classic will remain a Proof of Work (PoW) cryptocurrency like Bitcoin.
In terms of price, both cryptos differ day and night. While Ethereum Classic is trading currently at $ 14.82, Ethereum is trading at $1,068.
The native currency of Ethereum Classic is called ETC, while the native currency of Ethereum is ETH.
Is it Safe to Buy Ethereum Classic?
It is worth noting that the money hacked was returned to the original investor’s account after the hard fork. Moreover, Ethereum Classic has undergone many security updates to eradicate vulnerabilities.
Last but not least, one should keep in mind that ETC has 210,700,000 coins. On the other hand, ETH has an unlimited supply.
Which Blockchain is the Best to Invest in?
In today’s time, Ethereum is way ahead of Ethereum Classic in terms of use cases, value, and future proof. But there is one defining factor of Ethereum Classic that Ethereum does not mirror. ETC supports the code of law, which means it stands by the principle that no person has the right to censor code execution on the Ethereum Classic blockchain.
Ethereum Classic Prediction 2025 and 2030
Ethereum Classic might not show the appreciation of Ethereum, but it still has a lot to offer in terms of returns. ETC (Ethereum Classic) will remain a Proof of Work token, which means it would be more trustworthy than cryptocurrencies utilizing other consensus mechanisms such as Proof of Stake and Proof of History. There have been many forecasts and predictions about the Ethereum Classic price in the near future. Below are the price predictions for 2025 and 2030:
Ethereum Classic prediction 2025 forecasts that the price will be $69.98 in the first half and rally close to $179 in the second half.
If the trends stay the same, Ethereum Classic Prediction 2030 states that the price will reach $195 in the next eight years.
Conclusion
Ethereum network went live on 30 July 2015, but it was hacked in 2016 for ETH worth (at the time) 50 million US dollars. To save face and return money to investors, Vitalik Buterin hard-forked the network and created two cryptocurrencies: Ethereum Classic and Ethereum.
Both Ethereum Classic and Ethereum are circulating in the crypto exchanges simultaneously. So, before investing in either of the two cryptocurrencies, it is essential to understand their value, fundamentals, and strengths. While Ethereum holds more significant value and plans to move to PoS, Ethereum Classic supports the code of law and would keep using the tried and tested PoW consensus mechanism.