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LogoutDespite the fact that both Ethereum and Ethereum Classic provide smart contracts and target the same market, Ethereum has grown in popularity as the more trustworthy of the two networks. In addition, Ethereum’s ETH is the world’s second most popular cryptocurrency, after only Bitcoin. One of the main worries about Ethereum Classic is its possible scalability constraints. The network can typically manage 15 transactions per second, which is much fewer than payment networks like Visa, which can handle over 1,000 transactions per second. Despite several software updates, the scalability of Ethereum Classic’s payment mechanisms remains one of the project’s major difficulties in the future.
Security is also likely to be a concern with smart contracts, especially because Ethereum Classic has already been hacked and millions of dollars stolen. These issues may prohibit Ethereum Classic smart contracts from being used in significant financial and real estate transactions.
The cryptocurrency market’s regulations are still evolving, which may or may not affect how Ethereum Classic—and other networks—operate. Because of their decentralized networks, the Securities and Exchange Commission (SEC) does not consider Ethereum or Bitcoin to be securities.