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Review on Ethereum Classic by Akamar Hunter
Philosophical disagreements among Ethereum users led to a fork that gave rise…
Philosophical disagreements among Ethereum users led to a fork that gave rise to it in 2015. Despite the contentious nature of its conception, Ethereum Classic has defied all hurdles to become one of the top ten cryptocurrencies. Its cryptocurrency token or altcoin “classic ether” is used to pay for fees incurred when using dapps and smart contract.
Pros
- the problem with modern centralized databases is that they have a single point of failure which when attacked or hacked, irreversible harm could happen. With Ethereum Classic’s decentralized blockchain, several nodes share transaction records such that if there is a problem, a comparison of files is done and a discrepancy is revealed and ultimately reversed. This means, any hacker that wishes to part with valuables on this network will have to attack 51% of the nodes to win, which is impossible as it’s a demanding process.
Cons
- In the eyes of most market movers, Ethereum (the parent company) looks more promising to them than Ethereum Classic. This has left the latter struggling to gain mainstream usage.
