Understanding Bitcoin-Ethereum Versus Ethereum Classic-Lesson 17 :
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Author : Bitconnect
Ethereum Classic stands as of 02-09-2016 at $ 1.44 USD. It made up 10% of network hashing power at the time of the fork, but this increased afterwards, especially after a major Ether pool owner threatened to use his pool’s mining power to 51% attack at http://www.
coindesk.com/dao-attacked-code-issue-leads-60-million-ether-theft/. This was met with joy by some, but criticism by others due to the modifying the immutable record of what had happened and trying to reverse it, when the problem was in the poorly coded smart contract rather than Ethereum itself. The change penalized the attacker by preventing them withdrawing funds on this version. The fork achieved at the time 90% hashing power consensus from major mining pools, although Ethereum classic increased in its power. The price of Ethereum at http://coinmarketcap.
com/currencies/ethereum/ is $ 11.30 at the time of writing on 02-09-2016.
Which is better?
This is hard question due to the nature that surrounds the reasons for the fork. If you believe in an immutable blockchain not to be modified under any circumstances when nothing was wrong with the blockchain, currency or protocol, Ethereum Classic is suited to you in terms of ethical considerations. In monetary and investment situations Ethereum Classic is priced lower than Ethereumand its current market should be considered before investing. It works to execute smart contracts as the system was intended to do. This followed the rule of the blockchain being immutable no matter what happens, as there was no fault with the blockchain, or the Ethereum protocol.
Ethereum is good if you feel that the fork was the right thing to do to deprive the hacker of his funds, at the expense of modifying the blockchain based on consensus decision. Its current investment price stands higher than Ethereum Classic. It functions as intended for smart contracts, and potentially with a higher security margin due to more hashing power, but the community is more likely to potentially try forking again in the future should a similar situation arise, so is the blockchain immutable in this case? (if it grew with plenty of separate nodes with large hash power, it would be much harder to manipulate, at the time of the fork over 90% of the mining power was from major mining pools so only a few nodes, even though the number of miners was much higher). The fork did however return lost money to investors, so this aspect should be considered in your decisions.
Would they bail a large contract out again? Or is it just a one-off? Not enough information exists on this issue, but this should also be considered.
Summary. Based on the above, careful research should be done when you decide which coin to invest in. Both are present for their own reasons, and you should consider both your financial, and ethical stance and beliefs and then choose the version of Ethereum you would like to support. The forked Ethereum holds the higher price so looks like the more promising investment at present, but there are many factors which should be considered, and due to the volatile nature of such a market, never invest what you cannot afford to lose and the situation is liable to change with little notice. This article has been written from an impartial stance. Both Ethereum and Ethereum classic nodes have different views on what the consensus rules should be, and act accordingly. Ethereum nodes reject Ethereum Classic blockchain entries, and vice-versa. Conclusion.
Can a blockchain be immutable apart from when the system does not work properly? Or should consensus come to the agreement to implement such a hard fork during times like the DAO hack? This is the question bought up in this article. With information on both sides, only you as the reader can make the decision of which version of Ethereum you wish to support, or if you even want to invest at all.
Make your decisions with proper research, and never invest what you cannot afford to lose. And happy investing! If you are a developer of a contract for the Ethereum platform, decide accordingly and good luck.
Read more about Bitcoin and The BitClub Network at https://mypr.co.
za/understanding-bitcoin-ethereum-versus-ethereum-classic-lesson-16/ .
From: Clyde Thorburn
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