Ethereum (ETH) and Ethereum Classic (ETC) both has the name “ Ethereum”. This is not a coincidence. The two currencies not only share the same name but they also share a common history. Originally there was only one Ethereum. Ethereum and Ethereum Classic used to be one single currency until there was an ideological disagreement which resulted in chain split.
It all started with a project called DAO. The Decentralised Autonomous Organisation is built on the Ethereum blockchain. DAO is an organisation which has no real head figures. It is a self-steering company ruled by a computer code. Ethereum DAO has raised 150 million dollar worth of Ether through crowdfunding. However, a flaw in the DAO’s code enabled a group of hackers to steal $50 million worth of Ether. The Ethereum community started a debate on how to return the stolen Ethers back to the investors and the majority of them agreed on to create a complete new Ethereum blockchain. But a smaller group didn’t want to join them, so they stayed with the old blockchain.
This created two different Ethereum blockchains. Ethereum Classic (ETC) is the old blockchain of the original Ethereum blockchain which is not so popular within the Ethereum community. The new improved version of the Ethereum blockchain (ETH), which returned the funds back to the investors, is the Ethereum, the second biggest cryptocurrency we know today.
ETH and ETC have different prices. The price of Ether is much higher and it’s more commonly traded than Ethereum Classic.