Ethereum vs Ethereum Classic- What is the difference?

  In today topic I’m going to talk about Ethereum and Ethereum Classic. What is the difference? Because a lot of people are complicated. It's complicated enough within the cryptocurrency space might as well be people coming in understanding bitcoin using bitcoin and also understanding Ethereum and to realize oh there's something called the theorem Kostic and there it is. I would say confusion among the general populace about this. So hopefully right now and explain to you in a very high-level simplistic way why there are two Ethereums. So what is the difference between the two? So, let's rewind back say a year and a half ago where this whole thing started. OK so before there were two Ethereums there was obviously regular Ethereum. And basically, what happened was this. A body year or a short year and a half ago something was created called DAO (Decentralized Autonomous Organization). Think of it as a crypto hedge fund or crypto or venture capitalist find online. It raised about 150 million dollars at its peak worth of American value. I don't know how many Ethereum of tokens I was back in the day. However, there's a huge problem because of The code itself. Wasn't that well-built? Let me put it that way. OK so not to raise 150 million dollars of U.S. currency in Ethereum and that is. And how does virtual crypto fine. And along came an individual we don't know who this person or persons were and they took about 50 million dollars. But people call it a hack more or less it wasn't a hack per se. I always say Imagine if you keep your house and you leave that key outside on the sidewalk because a person hacking your house no you gave them the key they opened up your door they got it.  

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 That was kind of. What happened with the data. A person saw faulty door or a side entranceway that wasn't programmed quite well. And let's call them Dave for the sake of this video because we don't know that person they went in and it took 50 million dollars. Now the community went crazy absolutely crazy. Think about you just invest in this thing. Fifty million dollars gone. And at that time the DAO the HUGE percentage of the total supply of a Ethereum. So, I forget the percentage number but a massive amount of all circulating was in this DAO and that's like the lifeblood of the protocol or through a protocol. So, they have to come up with a proposition. What do we do with the 50 billion dollars of stolen? How do we get our money back? All of these people are trying to think of different ideas etc such as they came to the conclusion finally that they need to create a fork. They need to stop that they have right now currently and create something fresh from scratch. Now a lot of people were up in arms about this and a lot of people didn't like this approach but they had a consensus. People were voting on this and the majority voted let's for a Ethereum, now let's pause for a second and talk about a fork because I was confused at the beginning and let me summarize what a fork is, for example, a Blockchain and we know that the Blockchain responsible for authority.  

  That's what's really good and that's why it eliminates middlemen. We want a third party that's unbiased that's not connected to anything that's not centralized which is a Blockchain that determines value and that determines authenticity. So, if we're looking at any Blockchain was that a Ethereum Blockchain. So, for example that's a Blockchain when a fork happens meaning they actually stop supporting the longest chain. Miners, Users, the protocol will don't that chain and go to a new chain. That's why it's called a fork.  

   So, what happened with the Ethereum of work was the longest chain through consensus through the miners voting through the user go through everybody coming together they said to get our 50 million dollars back from the DAO and to see all the Ethereum tokens we have to stop supporting this long chain. So, they forked it however a small subset of people they didn't want to fork. And so they created their own. They stayed on the Ethereum passing that's why it for names. You have to think in classic which is like I say 10 percent or something like that was that people who said I don't want a fork. I'm going to continue with the longest chain. So, we're looking at this. So, I made this quick drive for you. So, the Blockchain the longest chain is always the one with the highest authority the one that's validating everything the one that people look for trust.  

  So, we're lucky the longest chain that was a Ethereum before the Dow. So, the Dow had 150 million dollars raised. Then you had 50 million dollars that was hacked. And so for them to get the money back it got through consensus. All right. We've got to stop this chain is starting the new chain. This started the chain got the money back. However, a small subset of people said screw that I'm going to start my own. So, they started their own chain which was the original Ethereum chain called Ethereum Cosic.   

  Now some people say this is bad. I don't think so. This is bad. I think this is a good thing because the whole beautiful thing about Blockchain is through consensus. So, if a group of people wants to come together and they want to commit to a Blockchain and they want to add value and if users want to add value you can do so. It's not centralized. So, I actually think Ethereum classic provides value towards a Ethereum. It's just a different currency running on the same type of protocol doing pretty much the same different things. However, there are key differences between a Ethereum and Ethereum Classic. Ethereum Classic The main leaders are kind of in the shadows. People don't talk about that. Plus, there are more or less I guess you can call them maximalist and stay pure the immutable ledger. However, Ethereum more must like a software company they want to grow. They probably have hard forks in the future even with proof of stake that maybe another hard for their planet's Guddu global scaling.  

     Now, why does Ethereum Classic have value speculatory market at the moment? Like anything you look at stocks, a majority of stocks have value because of speculation if you look at Silicon Valley the VCs through speculation. Wires are the companies with hundreds of billions of dollars when they don't have revenue yet. Speculation, Ethereum Classic is speculation. Ethereum, on the other hand, yes there is a speculatory market but the actions use case scenarios. You know they just announced Ethereum alliance development of the United Nation wants to use it. Smart contracts on the rise are actually big enterprises that are physically using the technology to benefit their company. So, to summarize Ethereum Classic is just the old Blockchain of the original Ethereum and it has its own currency and the Ethereum. Which is what the Cosic just a Ethereum is a new Ethereum and Blockchain. But part of the Ethereum Foundation, The Ethereum protocols has most of the hashing power and has a majority of the miners on them. So, there you have. That's a Ethereum vs Ethereum Classic.   

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