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Ethereum Classic is hailed to be the 6th largest PoW in the cryptocurrency space. Bitcoin (BTC) is the most popular blockchain using the PoW. In fact, BTC introduced PoW. Ethereum (ETH) follows PoW ever since it was created, but they are soon switching over to PoS (Proof of Stakes). The PoS has high throughput, but it is less secure when compared to the PoW network. For example, Digibyte (DGB) uses PoW.
For clarity, Proof of Work (PoW) is a decentralized consensus mechanism that requires members of the network to spend their computational energy to solve an arbitrary mathematical puzzle to prevent anybody from cheating the system. Proof of work is used widely in cryptocurrency mining, for validating transactions and mining new tokens. When a transaction passes this consensus test, it is valid and is added to the block.
There are several variants in PoW protocols like Challenge-response and Solution-verification, which can be CPU-bound, memory-bound, and network-bound. There are also PoW systems, which provide for short-cut computations.
And, it is well known that ETC hard forked from ETH.
Ethereum Network was created to enable developers to build and publish smart contracts and distributed applications (dApps) which can be used without the risks of downtime, fraud, or interference from a third party. Thus, with Ethereum, Buterin’s goal was to expand the possible use cases for cryptocurrencies to applications beyond money.
Ethereum Classic (ETC) is seeking to continue the vision of ETH. However, ETC should not be confused with ETH. They are both different after the fork. Ethereum Classic was born because of the contentious 2016 debate in the pre-hard-fork Ethereum community about a malicious hacker who stole $60 million worth of ether.
Sometimes, a hard fork should simply happen. It always happens organically with a controversy. After the hack, there was an idea-logical difference in the community. To reverse the hack and return the stolen ETH to original owners. The fork which reversed the clock does not have the record of the hack, and it is known as the edited blockchain in order to preserve the Ethereum moniker.
For clarity, a moniker is a nickname or pet name for a person. The edited version retained the name Ethereum Network.
However, the fork that retained the record of the hack in its records is the non-edited blockchain and, therefore, the classic version of the blockchain, known as Ethereum Classic.
ETC is prospecting to remain PoW while ETH is looking to shift to PoS.
