But what, exactly, is the difference between ETC and ETHW?
What is their purpose, and are they useful?
What Is Ethereum Classic (ETC)?
As the name suggests,Ethereum Classicwas the first Ethereum blockchain to be developed.
The Ethereum community could not agree on how users should be compensated for the loss.
In the end, a compromise was reached, which led to the Ethereum Classic hard fork.
Image Credit: Satheesh Sankaran/Flickr
This blockchain’s native currency is also known as Ethereum Classic (ETC).
Instead, Ethereum will use validators to secure the blockchain.
The Ethereum merge also gave way to a new blockchain known as Ethereum Proof of Work.
So, how does this differ from Ethereum Classic?
What is Ethereum Proof of Work (ETHW)?
Ethereum Proof of Work (ETHW) came as a result of the long-anticipatedEthereum Merge.
The main Ethereum blockchain used the proof of work consensus mechanism, which required miners to work.
Miners would solve complex mathematical problems to verify blocks containing transactions and would be rewarded for doing so.
Gas fees are paid to make up for the computational power required to trigger the data pipe.
On top of this, switching to proof of stake can help Ethereum become more environmentally friendly overall.
So, along with Ethereum Classic, Ethereum Proof of Work can also be mined for a profit.
Ethereum Proof of Work has a native coin, known as ETHW.
Such is the nature of the cryptocurrency industry!
An array of ETHW mining pools have already been created for new miners.
Most notably, Binance now allows users to mine Ethereum Proof of Work via Binance Pool.
ETHW mining rewards can be converted to Binance USD or Tether via Binance Convert, which are both stablecoins.
2miners also now offers an ETHW mining pool.
However, Binance has not yet listed Ethereum Proof of Work for trading.
Most other well-known crypto exchanges have also not added ETHW for trading.
At the moment, ETHW seems to be solely a mining reward coin above all else.
