Cryptocurrencies get complicated if you can’t tell the difference between them.
Everyone runs into the gamut of assuming one coin to be another at times. With over 5,000 coins now active and selling, no one can currently keep up with them all.
The diversity of crypto options in the market is the result of disagreements at times. When developers work on successful projects together, it’s not unfounded for the same people to have personal or professional conflicts.
Due to the potential for developers to enter disputes, we currently have two versions of bitcoin competing against each other.
Likewise, you might have heard of the two Ethers out there. If you’ve ever confused ETH for ETC, then you’re not alone. The cryptocurrencies developed from known coins often require the same blockchain and name but with a few twists.
You need to learn about these nuances, or you might buy into a crypto coin that you didn’t intend to.
The Ethereum Theory
The world is certainly in need of blockchain, but developing this code is not a simple walk in the park. In this conflict is the potential for a single developer to supply code for the demands of a modern world.
Ethereum’s theory is to enable blockchain development by creating the tools and platforms from which blockchain can be written. Ethereum is essentially a digital infrastructure that enables developers to shortcut blockchain creation, testing and modeling.
The smart contract revolution
Smart contracts are what truly position Ethereum to build the modern world of blockchain. These contracts are code structures already programmed to achieve certain objectives. Since these contracts relate to blockchain, they can determine contractual clauses, parties involved and where to store data.
The resources that a modern world needs to create blockchain solutions are fully established via Ethereum. The Ether coin, thus, continues to rise in value.
Ethereum Versus the Ethereum Classic
Like bitcoin’s debut controversy, members of Ethereum decided to part ways. They literally created what’s called a fork from the original Ethereum.
Likewise, bitcoin cash was created from a fork from bitcoin’s original algorithm. The success of the Ethereum fork created Ethereum Classic. What’s unique with ETH and ETC is that they still call Ethereum their mother blockchain. Even more, the price changes that ETH goes through are often mirrored by ETC’s price action.
In a typical fork, the idea is to recreate something but with better specs. This was the objective of bitcoin cash, resulting in a faster and more cost effective bitcoin. Enthusiasts, however, look at the relationship between ETH and ETC with a “classic” view in mind.
Though ETC actually came after the original ETH, it is called classic because it preserves key points from Ehtereum’s first debut. Their mirroring prices today suggest how similar the two really are.
Smart investing in crypto begins when you have a sound knowledge base. Be ready to learn without end. A simple error can lead to spending money on assets you never intended to buy.