Ethereum Vs Ethereum Classic Vs Bitcoin

First Bitcoin was the Buzz word, Then came the blockchain (actually blockchain came first but bitcoin got popularity first) followed by Ethereum and now comes the new one Ethereum Classic. What is common among these and what is the difference, this is something that has baffled many who are new to the crypto World. I would try to explain the similarities and the differences.

Similarities First What is common between the three -

1. BLOCKCHAIN
   BlockChain is the ledger on which everything is recorded and it is recorded in blocks of information. Every block is connected to its previous block thus forming a chain. This chain that is formed in uncomfortable and unchangeable so the information stored on it stays forever and it is for everyone to see, i.e open to all at all times thus giving highest level of transparency. Now Blockchain is the technology behind Ethereum, Ethereum Classic and Bitcoin. Each of them have their own blockchain.

2. Peer to Peer system
   What is this Peer to Peer system ? let me put this in simplest of terms. call it Laptop to Laptop system - Currently most applications that are running on the internet run from servers what are located somewhere in the data centers, but when we say peer to peer that means there is not central server or authority. So it runs from one laptop to another laptop which can be anywhere in the world connected to internet, which also means it cannot be shut down by any central authority. Which makes it censorship free. All 3 Bitcoin, Ethereum and Ethereum Classic are peer to peer system

3. Mining
   I have heard of gold mining, coal mining etc, what is this bitcoin mining. - It is very similar to Gold mining the only difference is the gold is mined from the ground but bitcoins are mined over the internet in the block chain. A block of bitcoin/ethereum/ethereumClassic is mined after every some seconds and new currency comes into existence. This way bitcoins are born, this way new Ether (currency of ethereum) is born and it is this way ETC Ethereum classic is born.

Differences Bitcoin Vs Ethereum Vs Ethereum Classic Supply:

1. Bitcoin has maximum supply of 21 Million of which 16M + are already in existence. all bitcoins will be mined by the year 2140. Ethereum and Ethereum Classic has no mining Cap i.e unlimited supply.

Platform Vs application

1. Ethereum and Ethereum Classic are platforms over which N no of applications can be build where as bitcoin is a currency application of blockchain.

Smart Contract

1. Smart contracts can be written over Ethereum and Ethereum Classic but not on bitcoin.
   what is a smart contract - Smart Contracts are self-executing contractual states writen in computer programing language, stored on the blockchain, which executes when certain conditions are met. This is not controlled by anyone person or authority, so you do not have to trust anyone but Math behind it.
   RootStack is an application which is working on enabling Smart contracts on Bitcoin blockchain.

2. Ethereum Vs Ethereum Classic - In the beginning there was only one ethereum blockchain. In May 2016 there was an application called DAO (Decentralized Autonomous Organization) build on Ethereum blockchain. DAO collected funds from investors to invest in future companies that will be formed on ethereum blockchain. It collected approximately 150M $ worth from crowd sale. Few days after crowd sale was over the DAO got hacked and 50M funds were stolen. But the Hacker could not pocket the money as there was condition of 25 days of money in separate account before it can be withdrawn. To get that money back from the Ethereum Organization with the help of majority of Ethereum miners (about 80%) did a hard fork (change in the code). The money was recovered and returned to the original investors. But all the miners were not on board to do the hard fork and they continues with the original initial Block chain (this is Ethereum Classic). The Block chain formed after the hard fork is called Ethereum.
   I am watching Crypto currencies since 2013 when bitcoin was the only game in the town. I am more confident with every passing day that Blockchain is the biggest invention since internet. I honestly believe it has the potential of changing the way we live.

Questions are welcome : No question is a stupid question.

Disclaimer: - At the time of writing this article i hold Bitcoin, Ether and Ether Classic in my portfolio.