Ethereum’s Berlin fork is officially live. The successful deployment of the “Berlin” upgrade boosted ETH’s price to a new all-time high of $2,544. This upgrade includes four Ethereum Improvement Proposals – EIP-2565, EIP-2929, EIP-2718 and EIP-2930. Such an upgrade is a hard fork. This article will mention Ethereum Classic and Ethereum Fork
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What Is A Hard Fork?
A hard fork is “a permanent divergence in the blockchain, commonly occurs when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules”. In order to do effective mining and discover new valid blocks, upgraded nodes need to switch to a news chain and continue mining by following new rules. The newly produced chain is the result of the hard fork. Put it simply, a hard fork will split one blockchain or one kind of cryptocurrency into two.
Why Create The Ethereum Forks?
Ethereum is considered as one of the most promising and prominent cryptocurrencies, which was created to overcome the limitations of Bitcoin and push the boundaries of blockchain technology. The most well-known component of Ethereum is Smart Contract, which also brought DAO (Distributed Autonomous Organizations), another computer code, functioning as a governance mechanism connecting a set of smart contracts.
However, Ethereum has its vulnerabilities and limitations.
The most famous one is the DAO hack in 2016. The DAO was launched in April 2016 with 28-day funding. By the end of the funding period, the DAO had raised over $150m from more than 11,000 enthusiastic members, far more than its creators expected. But in June, a “recursive call bug” had been found in the software. While programmers were working on fixing the bug, ether that collected from the sale of The DAO tokens was hacked and stolen.
In July 2016, the Ethereum developer team modified the Ethereum software codes. In Block 1,920,000, the team split The Dao into two and transferred all funds in the DAO to a specific refund contract address. By doing so, the ether controlled by hackers was taken back. As a result, two blockchains are formed, one is the origin ETH, the other is the new ETC (Ethereum Classic), representing different communities.
What Is Ethereum Classic?
Ethereum vs Ethereum Classic
Ethereum Classic, as the first hard fork of the original Ethereum blockchain, runs on the same protocol as that of ETH. As a result, ETC has its distinct features and we will compare ETH and ETC from different aspects.
1) Tamper-Proof or Variability
ETH: when most of the people in the community agree to modify the chain, the records and the contracts in the blockchain can be modified.
ETC: Temper-proofed records and contracts.
ETH: The blockchain core decisions are made up and developed by Ethereum Foundation with the participant of the community.
ETC: The whole community make the blockchain decisions.
ETH: Focus on eWASM, aiming at providing a platform for more and more developers.
ETC: Focus on helping developers create more secure contracts.
4) Transaction Speed
ETH: 25 seconds on average.
ETC: 14 seconds on average.
ETH: Discuss on Reddit.
ETC: Discuss in Slack.
-Keep the immutability of the blockchain.
-Gain the support of some big players recently.
-Not access to all the new updates made in the ETH chain.
-All the heavyweights of Ethereum have moved on to ETH.
-Fast development at an exponential pace.
-Resist the DAO hack.
-Constantly updated with the latest changes.
-Higher hash rate than ETC.
-Ethereum community comes together to solve a problem.
-ETH is backed by the Enterprise Ethereum Alliance (EEA), grouped by over 200 corporations. It aims to use blockchain technology to run smart contracts at Fortune 500 companies.
-Goes against immutability.